CoinFLEX is the platform that connect the SmartBCH side-chain and enables it to Interact with decentralized storage [Metamask, Token Pocket, Imtoken wallet etc] to use Dapps on the network.
Using CoinFLEX users can deposit Bitcoin Cash to the platform and withdraw it to SEP-20 addresses allowing the use of decentralized platforms such as BCHdex to buy, offer liquidity, swap between tokens or even use the farm and stake functions present on the platform. In this initial phase only CoinFLEX can allow that connection between SmartBCH side-chain and dex apps to be implemented effectively.
It works as a door to feed the decentralized world of SmartBCH, for now, working as semi-centralised as users first must use the platform to make deposits in Bitcoin Cash and then withdraw them to decentralized addresses. For that, users must use the private mode, logging in with Metamask and desposit BCH on it, or signup with an email and password to be able to use the platform and interact with smartBCH.
What the platform plans to introduce in SmartBCH
Accordingly to their announcement, they will first work as door to facilitate the interaction on smartBCH [making users to deposit Bitcoin Cash and withdraw it to SEP-20, the tokens format in SmartBCH, also making users to deposit Bitcoin Cash using Metamask wallet to the platform and withdraw to Bitcoin Cash wallets] but they will do more than that in future!.
They plan to introduce the FlexUSD [already in use on smartBCH] as the biggest stablecoin in SmartBCH ecosystem. They will offer also the first DAO on smartBCH, allowing users to make some good profits staking their FlexUSD on the decentralized autonomous organization. With this step, users can effectively put their stablecoins working for them and earn money.
Not at all, as the whitepaper from CoinFLEX mention that prior to work for staking FlexUSD, the FlexDAO will have a lending platform where users could use it to borrow Crypto using their collateral (crypto) and be able to curb bureaucracy caused by traditional financial system in complete decentralized manner. The FlexDAO also will govern EVERY asset on the CoinFLEX ecosystem, of course in the future.
A platform combining the best of decentralized platform on centralised environment
CoinFLEX offer they users the possibility to use automated market maker [AMM] bringing the decentralized world to a centralised platform.
Automated market maker are practically the protocol that govern all Dex exchanges and eliminate the need of a cex exchange. It uses the autonomous mechanisms to enhance market making techniques also use pool liquidity form users and give price of assets using algorithms.
The benefits of an automated market maker is that users can effectively make money with it, offering deep liquidity, paying lower fees and maximizing their trading time, meaning that they don't need to be constantly on the platform to follow their trades as they can offer liquidity and earn money doing that.
This service is direct integrated with the CoinFLEX ecosystem and further information can found on the page, putting together the best of two worlds.
Summary,
CoinFLEX is the port that connect SmartBCH side-chain and Bitcoin Cash, it enables the decentralized platforms to interact effectively. The platform plans to offer the best of a stablecoin [FlexUSD] and the services of a DAO, dubbed FlexDAO, which will be a game changer to SmartBCH ecosystem.
The service will offer a staking, lending and governance system which will lead ever asset on the CoinFLEX ecosystem to relay on it. Using FlexDAO users can lend assets putting their cryptocurrencies as collateral, ending up with the bureaucracy caused by traditional lending platforms. The stake function will enable people to earn even more assets.
Keep in mind that FlexDAO will be launched on smartBCH allowing users to benefit from it in a complete decentralized manner.
It's important to remember that SmartBCH side-chain is working for now in a semi-centralised way, using the CoinFLEX as a 'door' to connect Bitcoin Cash to the ecosystem. Users soon will have it full decentralized with the introduction of SHA-GATE [with will be launched after the test phase is over] in few months to come.
______________________________________
Disclaimer: SmartBCH is growing and also people are getting into it, it's important to remember all Bitcoin Cash community that sBCH doesn't exist. People should stop calling SmartBCH using that acronymous, it like calling Bitcoin Cash 'BCash' which is not the coin we praise and support. The more we use the proper name, the more popular and known the side-chain will be.
Bitcoin Cash=SmartBCH in the decentralized finances, the currency of the people now in the DeFi ecosystem deployed to conquer the masses with lower fees and fast transactions!
Useful links:
