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Network set-up for SmartBCH, creation of tokens and test products in the BCH side-chain

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Written by   828
2 months ago

Smart Bitcoin Cash side-chain was officially launched on July 30th and shortly thereafter the team which is developing the network published their first update to inform the progress that have made so far, where it became clear that they will first use a semi-decentralized bridge operated by Coinflex. This platform's task is to carry out crucial tests and then deliver SmartBCH fully in decentralized mode.

The developers' ambition is to make the network even more secure in order to definitely deliver a highly reliable product to the public, so they invited the Bitcoin Cash community to test it out.

But how to test it if it is still a 'complex' process and a little complicated?!

Enable SmartBCH network in Metamask wallet

The SmartBCH network will allow products on the Ethereum blockchain to be forked into the Bitcoin Cash side-chain, so the Metamask wallet will be used to connect the network that will interact with Smart Bitcoin Cash. And it may sound complicated but it's a very simple and easy process just follow the right steps and the 'SmartBCH network in Metamask' will be available for immediate use.

First, the user must download the Metamask wallet from PlayStore or access the direct Metamask website. After that you just have to follow the following steps:

  1. Go to settings within the Metamask wallet

  2. Then click 'add network' and when the window opens, just fill in the blanks with the following information,

Make sure when filling in the spaces that all the data is correct so that the network works 100% fine and it is always good to double check to avoid errors, if everything is in accordance with the SmartBCH mainnet it will be working very well.

How to create tokens on the SmartBCH network

Next, I will demonstrate how we can create tokens in the SmartBCH mainet and thus be able to perform some transactions on it using the coinflex bridge. First to say, is that will be necessary to have an account on the semi-decentralized platform or login anonymously using the Metamask wallet, then deposit some Bitcoin Cash into the account. Right after that, of course after verifying that the transfer has made some confirmations on the network, withdraw Bitcoin Cash to SmartBCH's private address [your SEP20 address from Metamask wallet] and then access the website https://smartbch.fountainhead.cash/smartslp in which you can create your tokens.

Bear in mind, creating tokens is just to test the SmartBCH network and not to gain anything from it, and one thing you will notice in this whole process is that the fees are a little high compared to what we are used to in the blockchain network of Bitcoin Cash, don't be alarmed, it still in the testing phase and 'reports' say that after the next hardfork the fees will be relatively low on the side-chain, so if you decide to test the network, take into account that you will pay more in this process at least for now.

The first bchDEX to test after enabling SmartBCH network in Metamask

The first dex (at least the one I had access to) is a benswap finance platform and is practically functional and can be tested on the link https://bchdex.benswap.finance/#/swap which, in my experience, was very practical to use at the moment offering liquidity in the pair of Bitcoin Cash, Spice tokens and WBCH,of course more pairs will be added in the coming days or weeks. Attention, always thoroughly research these products after all they are in the testing phase and may have bugs and their security compromised, always DYOR (Do Your Own Research).

To conclude, it could be said that developments in the SmartBCH chain are constantly advancing, but it is necessary to always use mainly third party products very carefully as they involve security risks in this initial phase of release. Doing a thorough due diligence on products that involve 'risk of loss of value' is always prudent, after all, no one wants or likes to lose money.

Test the products, but do it responsibly and always be aware of the developments on the official websites of each product launched on the market and also on the main SmartBCH website and all its social channels.

Useful links:

SmartBCH tool tracker [Grafana]-https://smartbch.fountainhead.cash/grafana/d/GUnTOBGnz/smartbch?from=now-5m&to=now&refresh=5s&orgId=1

SmartBCH explorer- https://www.smartscan.cash/

'Bitcoin Cash, the peer-to-peer electronic cash payment for the world always evolving and rising'...

Note: For all transactions in SmartBCH you have to use the Metamask wallet built-in browser when using in smartphone and install a plug-in on the desktop browser.

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alberdioni8406

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Written by   828
2 months ago
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Comments

Thanks for the simple explanation for accessing SmartBCH

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1 month ago

My pleasure Fexonice1 I got your back😎

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1 month ago

Bch is going up nowdays

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2 months ago

Is SPICE on BenSwap legit? I didn't see any announcement from the SPICE team, so it could be a token minted by anybody.

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2 months ago

Exactly, does why you need to DYOR

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2 months ago

Joined today, still learning. Thanks for the info

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2 months ago

It's my pleasure to share this amazing opportunity

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2 months ago

Maybe you can add that you have to use the built-in Metamask Wallet browser when using it on your smartphone.

A Metamask plug-in must be installed on the desktop browser to use it.

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2 months ago

Well seen i will definitely add it

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2 months ago

Smart BCH! I guess it can work in a similar way to ETH or BNB smart chain? Not sure if that's right. But if the fees are low and it works then it's a great step forward for BCH.

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2 months ago