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CoinFLEX- a Portal To connect SmartBCH and BCH

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Avatar for alberdioni8406
Written by   828
2 months ago

There is still a lot to assimilate when it comes to SmartBCH, many particularities are still to be disclosed and learning about it may seem complicated for many, but with the daily use of the applications that will be part of the ecosystem it will be much easier to understand what is behind this new side-chain that will make a lot of talk.

But today particularly I will focus on the task that the exchange has to be able to interact between SmartBCH and Bitcoin Cash, using a semi-centralized portal as part of experiment to have a fully decentralized port in the future.

What is the role of CoinFLEX

I won't use technical terms too much because a lot of people have yet to assimilate much of what it is really about when it comes to SmartBCH, the bridge between Bitcoin Cash and the decentralized world of economic finance. In this ecosystem everyone has specific functions: the CoinFLEX exchange has a 'custodial' role, it will be the repository where all Bitcoin Cash currency will be stored and thus withdrawn from the market.

CoinFLEX is therefore a large public wallet where you can see all the Bitcoin Cash stored on the platform and which will later be transferred to the SEP-20 protocol, which is the currency standard that works with SmartBCH. This deposit will be made directly to Metamask wallets, which serve as a decentralized storage of SEP-20 coins.

Note: To login using the Metamask wallet and access CoinFLEX anonymously, you need to use the decentralized browser or create an account with email and password [if you want to use the regular browser] this on mobile, on PC you will have to download the Metamask plugin to interact with it.

CoinFLEX as I mentioned above in this whole process will serve as a semi-centralized port, because this, it does not work at all in a decentralized way, certain functions can still be carried out with human help. We can give an example, taking a small example here:

'A user for whatever reason transferred, after depositing of course, Bitcoin Cash on the platform to his Metamask wallet and he had technical problems [confirmed in Bitcoin Cash blockchain network, but has not received in SEP-20 wallet] platform yet can intervene and consequently continue the transaction,

But if it were an entire decentralized process, this transaction would have to obey mathematical algorithms and could drop, reject or confirm, all within the parameters established by the contract.

Therefore, CoinFLEX is the first instance where all Bitcoin Cash enters, stored, is exposed in a public wallet, then passes to Metamask, in the SEP-20 standard protocol, which is the SmartBCH side-chain. And it doesn't end here...

Next step,

Let's say that the process has already been carried out in CoinFLEX and all Bitcoin Cash is stored there, the next step will be 'transform' it, if you can say so, into SEP-20 tokens that will be transferred by each Bitcoin Cash holder deposited on the platform for direct storage to the decentralized Metamask application where it can be directly controlled by the user.

This Bitcoin Cash in SEP-20 standard is ready to be used and can pay fees on the SmartBCH network for example to create tokens and register contracts that can be used on decentralized SmartBCH platforms.

Summary

CoinFLEX has a great role as a 'host' in everything that concerns the operation of the SmartBCH side-chain because it is on the platform where the Bitcoin Cash units will be 'stored' that can be 'locked' and serve as a guarantee in the issuance of tokens in standard SEP-20 tokens. It's a semi-centralized port that will interact between Bitcoin Cash-smartBCH and vice versa.

This is a process that will further enhance the decentralized platform being designed by the SmartBCH team and deliver it as quickly as possible for the world to use, of course after successful testing with the CoinFLEX port.

Bitcoin Cash is entering the world of smart contracts through the SmartBCH door and CoinFLEX is the starting point for this world, and the good thing about it is that there is still plenty of time to learn and assimilate everything we need to enter into this ecosystem, the SmartBCH is a booster for Bitcoin Cash.

Useful link:

Disclaimer: the SmartBCH ecosystem still a novelty that needs to be assimilated step by step and learning in detail if necessary, I recommend that you do a detailed research on the subject, and everything in the article is of my particular understanding, of what is coinflex and what is the predominant role of the platform, DYOR.

Find me on noise.cash:

Username: alberdioni8406

Consider also reading my other Articles:

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Written by   828
2 months ago
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Comments

I was keep on asking the noise peeps regarding smartBCH and accidentally read this article. now, I am already enlightened about this. I don't know why they are not sharing this one with me. Thank you for this.

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1 month ago

Thank you so much for this. I'm still new here and still learning about crypto and because of this article of yours I am able to have some ideas regarding the SmartBCH.

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1 month ago

You welcome, thanks for passing by 🙏

$ 0.00
1 month ago

I know this article is great and helpful

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1 month ago

I know this article is great and helpful. btut I'm new in crypto world that I really need to learn so much. Have a good day.

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1 month ago

Nice

$ 0.00
1 month ago

Thanks for presenting it.

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1 month ago

Thanks for presenting it as simple as you could. I guess i have to add SmartBCH to my list of learning goals.

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1 month ago

Am glad I could help you

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1 month ago

Thanks for your efforts dude.....

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1 month ago

My pleasure mate

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1 month ago

Nice explanation Alberdioni! As it's quite new it needs many ways of explaining what can be done with SmartBCH, it will need some more I guess to really catch on. I think we also need some visual explanation, like on the video that make my fully understand bitcoin in early 2017 : https://www.youtube.com/watch?v=bBC-nXj3Ng4 Would be nice to have something like that! Thanks, take care

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2 months ago

Thanks for this comment Steve it really encourage me to dig more into SmartBCH as I believe it's a game changer for BCH

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2 months ago