Bitcoin Cash Launching smartBCH Sidechain
For a time, I was a bit disappointed at the decisions made by some of the projects that are running on the Bitcoin Cash network. I'm still a fan of read.cash in the sense that I would throw some articles up there, but the engagement on smaller author posts has always been scarce. I have been disappointed with noise.cash as they made it very difficult for smaller users as well and were rewarding specific topics more than other's on their platform.
Despite this, I have still stayed up to date on the happenings of the network and am actually really excited for the latest project that is being put out there: smartBCH
Here is a link to their website/whitepaper.
Here's a small excerpt from the conclusion of their whitepaper that sums up the goals of the project:
Smart Bitcoin Cash provides an EVM & Web3 compatible sidechain for Bitcoin Cash, staking its hash power while utilizing BCH as gas. What’s more, by incorporating hardware-friendly components, scalability is unlocked. We believe that it will provide the same benefits of ETH2.0 in a much shorter time, achieving a block gas limit of one billion.
Essentially, they want to make DeFi and Web 3.0. possible on the BCH network by using BCH as the gas for transactions.
I have always been a fan of BCH as a method of payment. Though it doesn't have absolutely zero fees like Hive does, it currently a more recognized currency and is transactable for very small fees. It is also quite fast as they have the ability to process secure transactions, even with zero-confirmations. If this sidechain attracts the eye of some builders from the Bitcoin or Ethereum networks looking for a cheaper place to develop with a well-known name, it could be a boost to the demand for BCH.
The nuances of the project are a bit above my pay-grade as much of it is written for developers to understand, but from what I can understand they are seeking to streamline the development process into libraries that require less developer skill to utilize. I think that simplifying things so that financial experts with relatively no coding skills can build on the network is what will be most important for a successful DeFi concept; this is something I have been writing about for months all the way back to some of my articles on the Marlowe playground released by Cardano.
I have no idea if this project will attract the people it needs to for success, but the idea of using a coin that is already very low on fees to power a Web 3.0. conscious sidechain is brilliant in my opinion. I am also still of the belief that there will not be one winner in this game, so we should be rooting for all DeFi and Web 3.0. to succeed to increase the market size and interest. Who knows, maybe we see a Hive and BCH implementation one day soon!
NFA
@mariosfame gif once again, I love it:
@sgt-dan with this sick pic:
@gr33nm4ster made this awesome gif I needed to share, we thank him as well!:
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