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SmartBCH-Not Just a Booster To BCH but Also a Game Changer

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Avatar for alberdioni8406
Written by   828
2 months ago

I spent a good part of the afternoon trying to find more info about SmartBCH and had almost everything said in the announcement by CoinFLEX, the bridge that will link the side-chain to the main Bitcoin Cash network. And not only that, from the announcement can also be seen that the CoinFLEX platform will use FlexUSD as the stablecoin across the entire SmartBCH network making it the main stable currency across the entire ecosystem of the Smart Bitcoin Cash network.

At the moment CoinFLEX works as a bridge [but centralized rather than DEX] whose main mission is to test the viability of the network and also ensure that all bugs are fixed when the network is launched in fully decentralized mode through the Portal [SHA-GATE ] that the SmartBCH team is developing. According to CoinFLEX everything has been going normally since the side-chain was officially launched on July 30, 2021 not registering any worrying incidents so far, except for small delays in the transaction of Bitcoin Cash for sending in standard SEP- 20 for users' private wallets like Metamask (which is completely decentralized where the user will store their Bitcoin Cash) but other than that nothing alarming can be pointed out.

The CoinFLEX platform reiterates that all withdrawals inherent to Bitcoin Cash and SmartBCH SEP-20 format are completely free of charge only the user paying the transaction for confirmation on the blockchain network, and not only that, the funds stored on the platform are well allocated with a top-of-the-range security. The CoinFLEX team has more than 9 years managing assets in cryptocurrencies and stores most of them in a cold wallet, and so far they have never had any problems caused by security breaches.

However, and according to adherence to SmartBCH, the team is forced to store more assets in the hot wallet and thus avoid delays in withdrawing Bitcoin Cash in standard SEP-20 which is the SmartBCH format, but doing so obeying the rules strict security measures to avoid failures and the consequent constraint that this may comply with.

SmartBCH semi-centralized and decentralized regime using CoinFLEX bridge

Also noteworthy in this initial and testing phase, CoinFLEX requires users to create accounts on its trading platform, it can be using the decentralized Metamask wallet and use anonymously or by registering using email and password to be able to enjoy the their services and be able to deposit as well as withdraw Bitcoin Cash in SEP-20 format for private storage.

With the launch of the decentralized portal implemented by the SmartBCH team [SHA-GATE] the network will be totally free from human interference, using only Smart Contract algorithms to make it operate and not only, more SEP-20 will be issued and it's here where it gets exciting:

  • Here it will no longer be necessary to create an account on the CoinFLEX platform

  • SmartBCH is a network of smart contracts and this will allow more tokens to be issued in a wrap token format and coins such as ether or even Bitcoin Core (BTC) can be seen on the Bitcoin Cash Smart network. Using the side-chain is possible, after all it's a network compatible with the Ethereum blockchain and everything that's there can very well be forked on the side-chain.

And not only,

Anyone who has taken a look at the CoinFLEX platform can very well see that the 'Transparency requirement' has not yet been implemented, as all Bitcoin Cash will be locked in the CoinFLEX bridge and everything issued in SmartBCH will have to be in the 1 :1, that is, if there are two thousand coins locked in the CoinFLEX platform then in the SEP-20 format it will also have to have this number. According to the team's announcement this page will be launched so everyone can follow live how many Bitcoin Cash coins are locked in the side-chain.

At this stage this number of coins locked in SmartBCH can be tracked using Grafana in the Smart Bitcoin Cash network.

Summary

The SmartBCH network has unlimited possibilities and ensures that the world of decentralized finances, DeFi applications will be a complete technological innovation. CoinFLEX has a leading role as it is the bridge that connects the side-chain and the mainnet of Bitcoin Cash. It is led by a team with more than 9 years without any problems with 'hacks' or even in terms of transparency in their transactions.

On a personal level, it opens doors for projects to be established and with that use SmartBCH paying very lower fees to interact with smart contracts, and remember that it already has the first BCHDEX platform headed by the benswap.cash team where users can already enjoy the advantages of use SmartBCH. However, fee collections are still a bit pulled at SmartBCH, which will be corrected in the next fork to be carried out to ensure that the side-chain is what we all expect,

'An inclusive platform that allows everyone to enjoy decentralized finance by paying extremely low fees and with very fast financial transactions'...

Don't forget, always Do Your Own Research [DYOR] and keep Updated.

Find me on noise.cashalberdioni8406

Also can read my latest articles featuring Bitcoin Cash & SmartBCH topics below:

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Written by   828
2 months ago
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Comments

Thanks for this article.

I don't fully understand something: assuming sep-20 is analogous to erc-20 on Ethereum, in what sense is bch the "native currency" o of smartBCH. Is gas really paid using an sep-20 token (sbch)? In other words: what is the analog to eth in smartBCH. Surely eth is not an erc-20 token.

I hope you can understand my confusion and maybe clear it up.

$ 0.00
2 months ago

The analogy is:

ETH = BCH in the SmartBCH chain ( it is called BCH even using addresses like 0xf1a3.....65ad , you called it sBCH).

The gas fees in the SmartBCH chain are paid with the BCH (you called it sBCH).

ERC20 token (like BAT) = SEP20 token (like EBEN)

More here:

https://docs.smartbch.org/smartbch/smartbch-evolution-proposals-seps/sep-20

Admittedly, the designations are confusing. I would also prefer to call the BCH in the sidechain sBCH.

It is similar to LN-Coin. It's not BTC because it's no longer in the Bitcoin chain. It has a different address than BTC. You can't call it BTC. Some call it LnBTC, I call it LN-coin.

$ 0.00
1 month ago

Thanks for the comment and the tip. Your question is quite pertinent and smart, assuming that a lot of people haven't noticed it, the BCH is not native to the SmartBCH side-chain but using the CoinFLEX bridge it will act as the crucial element to make the SmartBCH network work (pay fees per example) working on the SEP-20 model. That's why the issuance of Bitcoin Cash on the network depends on the BCH locked in CoinFLEX [I better understand that they have a custodial function and their task is to make a 'copy' of every BCH locked in their platform in 1:1 to the SEP-20 format ]. As they explain in the roadmap announcement in this first phase they have created token contracts in SEP-20 format but will also be doing development on looking for more coins in Wrap token after of course it is released in decentralized mode using SHA-GATE, so every action in the SmartBCH ecosystem will be in fact also happening proportionally in the BCH locked in the CoinFLEX. I quite excited to see their transparency page to increase my brain activity😎..

I liked the doubt and I will research more about it, as I see that there is still a lot to study in this new phase of Bitcoin Cash, Have a nice day.

$ 0.00
2 months ago

Thank you for the tips. You enlighten my mind.

$ 0.00
1 month ago

I am glad that I could help, i hope many other can be enlightened about SmartBCH

$ 0.00
1 month ago

I hope I can learn too . 😭

$ 0.00
2 months ago