What is SmartBCH?
Smart Bitcoin Cash, also known as SmartBCH, is a Bitcoin Cash sidechain. It aims to explore new ideas and unlock possibilities. SmartBCH can enable tokenization, DeFi, and smart contracts, a gap missing in Bitcoin Cash. It (SmartBCH) was developed to easily migrate DeFi applications into Bitcoin Cash's ecosystem to aid low running costs.
How Does it Work?
As a sidechain, SmartBCH is a separate blockchain attached to its parent blockchain (Bitcoin Cash) using a two-way peg. The two-way peg then enables the interchangeability of assets between the sidechain and parent chain. With the help of a sidechain, tokens and digital assets from a blockchain can be securely used in a separate blockchain and then moved back to the original blockchain if necessary.
SmartBCH is compatible with Ethereum's EVM and web3 API. By implication, users can leverage decentralized applications (Dapps) while paying a meager amount for transaction fees. This provides high throughput for DApps in a fast, secure, and decentralized way.
One would ask that since Bitcoin Cash already offers high speeds with 0-conf transactions and remarkably low fees (less than $0.01), why is a sidechain needed?
It is important to note that the goal of SmartBCH is not about providing scaling solutions or reducing fees; rather, it aims to fill the gap of tokenization, DeFi, and smart contracts, which are missing in Bitcoin Cash.
Also, it offers a solution to current Ethereum DeFi projects that suffer from high fees during congestion moments on the Ethereum blockchain. According to SmartBCH's whitepaper, Ethereum's storage engine, MPT, is to be blamed for the high gas fees. As such, SmartBCH will use "MoeingADS" to replace MPT. This is going to be faster and will result in cheaper fees.
The Tools and Offers of SmartBCH
SmartBCH's website and whitepaper state that the project is leveraging five tools that will benefit the sidechain's ecosystem. The tools are:
1. MoeingADS single-layer architecture
2. The MoeingEVM parallelized execution engine
3. The MoeingDB application-specific database
4. The MoeingKV storage
5. The MoeingAOT compiler for the EVM.
Also, SmartBCH is building a new playground for Bitcoin Cash's ecosystem and enlarge user base through the following offers:
- EVM&Web3 compatible and has short block interval to support DeFi applications
- The throughput will be as large as one billion gas every 15 seconds to allow more users to practice DeFi at a very low cost
- It has been developed from scratch and is made of several low-level libraries that fully leverage the hardware's potential, especially its inherent parallelism.
- Earn extra rewards for Bitcoin Cash's miners and holders, who can elect Smart Bitcoin Cash's validators with hash power and locked coins, respectively.
- Develop trustless non-custodian two-way pegged gateways, which can support any kind of side chains of Bitcoin Cash for securely transferring BCH bidirectionally. This enables Bitcoin Cash to include more side chains for a richer ecosystem.
The SmartBCH's Token
SmartBCH tokens are called Smart Evolution Proposals, or SEP20. Since its role is to support and explore the limitless possibilities of the Bitcoin Cash blockchain, SmartBCH's native token is still Bitcoin Cash or BCH. Therefore, it is unlike other sidechains running a separate native token.
Anyone who wants to invest in SmartBCH will have to invest in BCH.
Where can I buy BCH?
BCH token is listed on many crypto exchanges and can be purchased and traded on verified crypto exchanges like Bit.com. In addition, deposit and withdrawal of BCH are live and available on Bit.com.
Bit.com is a full-featured cryptocurrency exchange run by Matrixport, one of Asia's fastest-growing financial services platforms for digital assets. Bit.com is dedicated to offering services such as price discovery, trading strategy execution, and liquidity provision. Furthermore, Bit.com constantly promotes the development of new financial products, enhancing user trading instruments, and listing specific tokens. High-quality security and risk management measures are incorporated into the company's design to create an exceptional trading environment.
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