SmartBCH is here to stay and to improve Satoshi's vision.
This article was initially written before SmartBCH launched, so read it and see what has come true and what has not.
Bitcoin Cash has been, for the longest time, in my opinion, the coin that has suffered many successful attacks, starting with the fact that Bitcoin Core supporters believe in censorship to keep the store of value narrative. They think only the rich and powerful with banks can save the Bitcoin project from a government attack.
They don't believe that people should use Bitcoin as a peer-to-peer currency because that will agitate states, and they may end up banning Bitcoin, and they think that the regular citizen can't protect the Bitcoin project. The source of this claim will be at the end of this article in a video format.
Vitalik Buterin wanted to code what Ethereum is now but in Bitcoin BTC, but the developers of Bitcoin Core didn't let him, so he had to go and create his project. The source to this conclusion is Wikipedia which says the following about this:
Buterin first described Ethereum in a white paper in late 2013. Buterin argued that bitcoin needed a scripting language for application development. But when he failed to gain agreement, he proposed the development of a new platform with a more general scripting language, which is now what we know as Ethereum.
What you now see in Ethereum will be exported to smartBCH. It means that you will be able to have the same functionalities, features, and tools that run on Ethereum today but now will run using Bitcoin Cash.
Bitcoin is a massive improvement because the community will have an actual peer-to-peer currency with a meager fee that is literately programmable money. It will be the ultimate store of value, as a direct result of being first a currency, second programmable money, giving you the full effect of the actual store of value currency.
It means that users, investors, and the whole community will have an interface with which they are familiar. It will be helpful for those already accustomed to using MetaMask on top of Ethereum. Still, this time, it will work on top of Bitcoin Cash.
So users will feel like using something they are already familiar with, except that it won't have high fees like it had when it ran under eth. It is not that Bitcoin BCH is copying other projects. Because of Bitcoin censorship and propaganda, people couldn't build on top of it. Everything had to be made again on what is now the real Bitcoin.
Bitcoin was meant to be more than just a peer-to-peer currency. It was suggested and made to have smart privacy contracts, be valuable, liberate humanity from fiat currencies, etc. All of that and more without compromising on decentralization, and smartBCH will bring DeFi to the Bitcoin name without worrying about fees. Without high fees, now people can get busy programming new tools instead of paying more heightened than ever fees.
What do I expect to see with smartBCH?
The first thing that I expect to see with smartBCH is a cheap transaction model, where DeFi will work better because users won't have to worry about high fees and will have instead to worry about building new tools. I expect to see a UniSwap like Dapp or Dex, and I don't know if Detoken will be the default Dex for smartBCH, but I would love to see functionality on the Detoken platform.
I expect to see the printing of a better stable coin that is not USD Tether, I don't know if FlexUSD will be the default stable coin for the Bitcoin Cash DeFi project, but I think Flex could be a good choice. I don't know if USDC will be added once smartBCH is out, but the more options, the better.
I think that many more tokens will be printed on smartBCH once it is up and running, so I will suggest that the community is on high alert because that will also mean scams will be popping out left and right, so don't buy the first new shiny thing you see and wait for official channels.
I am genuinely excited about DeFi finance, not the token, but the actual utility is the tools you will be able to lend and borrow. I think that smartBCH will allow you to earn interest on your Bitcoin Cash holdings, and I believe it will also get the opportunity to borrow against other assets.
It means that you will never have to sell your Bitcoin Cash, and also, if you have a better asset that will produce income for you, you won't have to sell it or borrow against using smart contracts. You will be able to borrow against your BCH, buy that asset you want, and collect whatever benefit you saw before making the transaction.
It will also mean that you must be careful with your Bitcoin BCH holdings, too, because if a Smart contract is poorly written, it can be attacked just like it happened in Ethereum. Before moving your satoshis to a smart contract, you must do your due diligence. In other words, you must make sure developers make an audit on their code before investing.
Having money parked on a smart contract will also mean that an attacker could try to drain the liquidity out of a smart contract, just like what has happened with ETH. Still, overall I do think that decentralized finances will bring more economic prosperity to all of us if we do our research before making any moves.
We could even see new features added to smartBCH once fully implemented and running on the mainnet. The possibilities are endless. We will need to imagine them to make them a reality, and we haven't explored all the unknowns about DeFi. And many more tools will be created from today to 30 years into the future. Still, one thing that will remain is that the transaction on Bitcoin Cash will continue to be cheap not just for a peer to peer use but for all kinds of things and all kinds of smart contracts.
My imagination can't reach too far into the future, but if you have other ideas that you expect to see on smartBCH, please let me know in the comment section below, and I will make sure I respond to your comments in kind.
https://en.wikipedia.org/wiki/Vitalik_Buterin
https://docs.smartbch.org/smartbch/deverlopers-guide/test-using-metamask
