Hi, Hope you are doing well!
As we all know that SmartBCH is live now and it open the gates for great possibilities for Crypto Lovers and especially Bitcoin Cash lover!
So, I thought why not make a article about SmartBCH and try my best to explain our community that how it will works and what's benefits we can get from it!
But before diving into the topic I would like to give the small introduction of Bitcoin Cash for the people who are new to Crypto and don't know what is Bitcoin Cash. Those who already know BCH, can jump directly to the Heading "Introduction to SmartBCH".
Introduction to Bitcoin Cash:
Bitcoin Cash is a Crypto Currency with a code name "BCH" and it is originally formed in 2017 when a split is made in Bitcoin (BTC) because Bitcoin (BTC) lost its main purpose which is peer-to-peer network system and Bitcoin team refuse to increase the block size from 1mb which means there will be only 7 tps (transactions per second) which cause a high amount will be charge for a single transaction.
For Example: If you buy a coffee with bitcoin you have to pay double the price for its transaction!
Then a couple of Programmers made a new Digital Encrypted Currency called "BITCOIN CASH"
Bitcoin Cash is a user friendly Crypto Currency because you can use it for your everyday purchases like buying groceries, doing shopping, paying your bills, paying for lunch etc. In simple, Bitcoin Cash is designed to be a transactional cryptocurrency that functions as an electronic cash payment system.
Now you all know what BCH is, we can jump to our main Topic.
Introduction to SmartBCH
SmartBCH is the short form of "Smart Bitcoin Cash" and it is define as side-chain for Bitcoin Cash to explore new ideas and to enable creation of NFTs, Dapps, and DeFi on the top of the robust Bitcoin Cash network.
The aim of Bitcoin Cash is to provide a decentralized, low cost and easy to use infrastructure for Cryptocurrency which they have already done but, to go further there are changes required to the mainnet and any change to the mainnet starts trial-and-error process.
So, they decide not to change the mainnet but to make a side-chain for exploring possibilities for Bitcoin Cash. SmartBCH will be compatible with Ethereum's EVM and Web3 API which means SmartBCH is a bridge between Bitcoin Cash Blockchain and Ethereum Blockchain.
Benefits of SmartBCH:
Okay, I understand SmartBCH is the bridge between Bitcoin Cash and Ethereum Blockchain but why we need to know about SmartBCH? How SmartBCH is beneficial for us?
There is your answer:
LOW GAS FEE:
People who have little knowledge of Ethereum Blockchain knows how much you have to pay for a transaction in Ethereum Blockchain. There is a time when ETH transaction fees hits $23.43 per transaction !!
While in SmartBCH, 0.00015BCH is charged as transaction fee for transferring 0.000203875225996754BCH which is high as compared to Mainnet of Bitcoin Cash but very low if we compared to Ethereum Blockchain and Wang Kui (Lead developer of SmartBCH) says that they will reduce the transaction fee upto 10x in next 2-3 months.
There are many benefits of SmartBCH but we can talk about that later, because this article is about the introduction to SmartBCH. I will make another Article on Benefits of SmartBCH and try to explain you as in simple words as I can. Let me know in the comments if you want me to.