smartbch-nabox AMA recap

On June 24, 2022, the Nabox team supported Smartbch's mainnet in na Wallet，And participated in an AMA on Nabox's official TG channel.Ten of them received BCH worth $200.

nana:Let get it started! So today’s is about smartBCH, Can you tell us something about it? What is smartBCH?

summer:Let me introduce myself first.My name is summer huang the manager of BCH community and a long-time user and supporter of BCH products.

And then there’s your question.

smartBCH is a sidechain for Bitcoin Cash and has an aim to explore new ideas and unlock novel possibilities. A sidechain is a blockchain designed for fast and inexpensive transactions with a special relationship with the main chain because of a two-way peg; in this case between Bitcoin.

nana:

So smartBCH is sidechain for BCH mainnet, same like Polygon for Ethereum

What are smartBCH’s key features as sidechain then?

summer:

right,Smart Bitcoin Cash’s innovation lies in libraries to provide a compatibility layer supporting EVM and Web3 to users and developers. We are actively working on the following libraries: MoeingEVM, MoeingADS, MoeingDB, MoeingKV, and MoeingAOT.

nana:

Just a small reminder for y’all : the answers to the questions are hidden in the conversation, so pls be careful watching them

MoeingEVM, MoeingADS, MoeingDB, MoeingKV, and MoeingAOT they really look complicated, i’ve nerve heard of these terms before.Can you elaborate in terms of MoeingEVM, MoeingADS, MoeingDB, MoeingKV, and MoeingAOT?

summer:

Of course,MoeingEVM: MoeingEVM is a parallelized execution engine that currently manages multiple EVM contexts and executes multiple transactions. It adopts several novel techniques to allow transactions from several blocks to be mixed and reordered, such that independent transactions can run in parallel to maximize throughput.

MoeingADS: MoeingADS uses a single-layer architecture, accessing the file system directly without having to use any other databases. It is a KV database that can provide existence and non-existence proof. It can replace Ethereum’s MPT as an authenticated data structure. With MoeingADS, reading a KV pair requires one read to disk, overwriting a KV pair requires one read and one write, inserting requires two reads and two writes, and deleting requires two reads and one write. What’s more, the writes are appending, which is very SSD-friendly. Experiments show that MoeingADS is even faster than LevelDB. The cost is the larger consumption of DRAM: Each key-value pair demands about 16 bytes.

MoeingDB: MoeingDB is an application-specific database that stores blockchain history. It was developed with blockchain characteristics in mind, enabling it to suit a blockchain’s workload best. Based on its features, an open-source, high-QPS Web3 API can be built, benefiting both Smart Bitcoin Cash and Ethereum.

MoeingKV: MoeingKV is a KV storage module much faster than LevelDB in reading and writing, at the cost of removing iteration support. In underlying data structure design and code implementation, MoeingKV produces trade-offs and optimizations to speed up normal read and write operations. It can be used to store the UTXO set of Bitcoin Cash.

MoeingAOT: MoeingAOT is an ahead-of-time compiler for EVM. MoeingAOT can compile EVM bytecode into native code, which would consequently be saved as a dynamically linked library. When the EVM interpreter starts running a smart contract and finds its corresponding compiled library file, the library will be loaded, and bytecode interpretation won’t be necessary.

The last one,MoeingAOT: MoeingAOT is an ahead-of-time compiler for EVM. MoeingAOT can compile EVM bytecode into native code, which would consequently be saved as a dynamically linked library. When the EVM interpreter starts running a smart contract and finds its corresponding compiled library file, the library will be loaded, and bytecode interpretation won’t be necessary.

娜娜：

Thanks for explaining, definitely will need some time to process these information. Let’s talk about something less technical, after all not everyone is a developer.

So does smartBCH interoperate with Ethereum.

summer:

At present, all kinds of tokens can be exchanged across the chain through Mistswap (https://app.mistswap.fi/bridge )on Smartbch In the future, bridges based on smart contracts are also possible, with a scheme similar to rainbow bridge.

nana:

Mistswap! That’s noted, so user can bridge assets from smartBCH to other blockchains using this tool? Just confirming

And it got me wondering that does smartBCH have to modify Solidity to deal with a UXTO model rather than regular ETH wallet balances?

summer:

You should give it a try. He’ll give you a price, Different tokens, different assets.

nana:

Like the NerveBridge integrated within Nabox i see.So does smartBCH have to modify Solidity to deal with a UXTO model rather than regular ETH wallet balances?

summer:

SmartBCH, like Ethereum, uses an account model instead of a UTXO model.

nana:

If so, can I run any language that targets the EVM (like Vyper) on smartBCH or only specially modified languages?

summer:

It can use any language which compiles to EVM bytecode.

nana:

Well received! As you have already spoke before, smartBCH is a sidechain for BCH mainnet, so how does it synchronize with Bitcoin Cash consensus?

What’s smartBCH’s consensus model?

summer:

The voting process takes place on Bitcoin Cash’s mainnet and is totally permissionless because validators only needs endorsements from miners and/or holders.

An epoch’s end time is the largest timestamp of its blocks, and its duration time is the difference between the end times of adjacent epochs. The quorum elected during an epoch will stay in a stand-by state for about 5% of the epoch’s duration time. Then it takes its turn to be on duty until the next quorum leaves its stand-by state. This is necessary because any Bitcoin Cash reorganization may alter the blocks in an epoch.

Each validator must pledge some BCH as collateral, which would be slashed should it misbehave during its duty.

娜娜：

How does one become a validator?

夏天：

At smartBCH’s launch, the voting mechanism of “one block, one vote” will be adopted. That is, in the 2,016 blocks during an epoch, each mining pool will get one vote for every Bitcoin Cash block mined to vote on the smartBCH validators. You don’t need to submit any application for becoming a validator. It is only necessary to have adequate computing power and receive votes from Bitcoin Cash miners and later BCH holders.

娜娜：

Thanks and i also got this question that might be asked all the time. How will the gateway be realized between Bitcoin Cash mainnet and smartBCH?

夏天：

The gateway between Bitcoin Cash mainnet and smartBCH will start as a PoA gateway and we will continue to improve its functionality and precision. The optimized solution may not be like any existing solutions used by RSK, Liquid, ETH2.0, Cosmos, or Polkadot. Instead, it must fit into Bitcoin Cash’s infrastructure. After adding introspection opcodes, covenants will be much easier to implement on Bitcoin Cash, and we will very likely use them.

This is indeed a common problem.

nana:

There we go now let’s talk about DeFi, one of the most infrastructures in the ecosystem. What are the advantages for developers building their DeFi protocols on smartBCH?

And also you can tell us some of the most popular DeFi protocols that built-in smartBCH ecosystem. If anyone here wants to play around with it they will know where to go.

summer:

We have a lot of outstanding advantages over Eth

The most crucial advantage for building DeFi protocols on smartBCH is the inexpensive transaction fees. The demand for more ETH and Ethereum’s ability to execute smart contracts is why its gas fees remain high. However, smartBCH will utilize extremely high throughput to make sure the transaction fees are inexpensive even with a large userbase.

nana；

Can you also tell us some popular DeFi protocols built-in smartBCH? Where can they trade tokens and all that。

夏天：

Then I recommend DEXS, Mist and EBen on the BCH side chain.

nana：

Thanks so we know where to go now!

娜娜：

Can’t wait to test it out! Except for that, what does the throughput of smartBCH look like right now?

夏天：

This can be highlighted.Limited tests currently show that the underlying storage engine can support more than 600 times the throughput of Ethereum. However, there are still many factors to consider when running the whole chain, and there will be some challenges we might face. We hope that within 20 months, the throughput per second will be 100 times larger than ETH1.0. When smartBCH initially launches, we estimate a throughput 10–20 times larger than ETH1.0.

娜娜：

Thanks Summer! Here comes the last question for this part, can you share us some future plans of smartBCH?

夏天：

MoeingADS, MoeingEVM, MoeingAOT and MoeingDB are finished.

MoeingRollup and MoeingLink are being developed right now. By then, if the traffic of Smart Bitcoin Cash is congested, they will be deployed in a hard fork for further scaling.