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Understanding SmartBCH - what the latest update tells us
Smart Bitcoin Cash (SmartBCH, simplified) is a parallel network (side-chain) that gives access to the main Bitcoin Cash network to connect with projects and Dapps that are on the Ethereum network, leading them to become forks and can also work on the Bitcoin network with all the benefits it has: lower fees, fast transactions, transparent and totally secure.
The SmartBCH side-chain was launched on July 30, 2021 and brought an early gift to the entire Bitcoin Cash community that is eagerly awaiting to make use of its services and make the Bitcoin Cash blockchain much more multi-functional and enjoy all that the world of decentralized finance makes it available.
As expected, the SmartBCH team has gone 'hands on' and is making side-chain developments to allow all bugs to be detected, security and corrective measures to be established before going 100% to market and, this is where the community will also play an important role as for absolute success, tests are needed on the platform and who better to do the same than the community!
So, on August 10th the SmartBCH team made their first update and made the community aware of what was being addressed in the process:
Summarizing in layman's language: 'the team says it has created a mechanism that will make interaction between the Bitcoin Cash and the parallel (SmartBCH) network allowing Bitcoin Cash units to be transferred between them. The mechanism that will have this function of ensuring that this process happens will be known as SHA-GATE, which is basically a 'door' that will give access to the two networks to interact with each other.
The process will be completely decentralized, non-custodial storage with direct inspection of miners and will work within the parameters of the Bitcoin Cash network, however, in the testing phase SmartBCH will partner with Operator Coinflex before fully launching the service to the market.
In this initial phase of testing for SHA-GATE compatibility and its required security, Coinflex will act as a depository, where platform users will be able to allocate funds in Bitcoin Cash and withdraw from the SmartBCH side-chain and also allocate funds from SmartBCH and be able to withdraw on the Bitcoin Cash network. Coinflex (a semi-decentralized bridge) will also serve as a treasury storage, allowing amounts deposited and out of circulation in the main Bitcoin Cash network to be allocated to SmartBCH without any problems.
Coinflex's treasury storage will be publicly viewable and with its rebalancing between the Bitcoin Cash and the existing SmartBCH in use, control the amount of assets in the decentralized world of finance. Therefore, Coinflex will be a testing ground for the effective execution of SHA-GATE in the market, being a gateway that will interact between the two ecosystems.
Everyone can participate in the testing process and ensure that upon effective release to the market the SHA-GATE is in complete shape and its security is impeccable. Thus, the world of decentralized finance will have opened a new path for success in the Bitcoin Cash network, a door to the entire evolution process in which Bitcoin Cash will only gain and a lot!
A new stage in the history of Bitcoin Cash opens, after the SLP (simple ledger protocol) tokens, NFTs (non-fugible tokens) now it is SmartBCH's turn to make its contribution to the Bitcoin Cash network. This process of creating a parallel Bitcoin Cash network that will work with all parameters of the main Bitcoin Cash blockchain network will be an asset in the world of decentralized Finance.
At this stage everything is being composed to ensure that as soon as projects start to create their 'forks' on the Bitcoin Cash blockchain network, nothing is unsafe, impractical, but is at an excellent level of quality and can guarantee that a lot of people participate, after all it will be an ecosystem where people from all over can have an active participation as the fees for interaction with these projects and Dapps will be low cost assuming the fundamentals of the Bitcoin Cash network: extremely low fees, speed of transaction execution and confirmation, network security and transparent transactions.
The next few days will be extremely important for the viability of SHA-GATE and I believe the team is doing an excellent job to have everything in place upon delivery to the market of the decentralized system, non-custodial for the market of decentralized finance.
The future of Bitcoin Cash is bright and now like SmartBCH it is even more inclusive allowing people from all over the world to interact with Ethereum network projects at extremely low fees.