The world of cryptocurrency on Thursday was greeted with the announcement of Smart Bitcoin Cash — a new website Smartbch.com built as a Bitcoin Cash (BCH) sidechain and compatible with Ethereum’s EVM and Web3 API — that reduces the cost of cryptocurrency transaction fees by providing improved decentralization for coin exchange.
Smart Bitcoin Cash (or SmartBCH for short), with its launch, would aim to facilitate more rapid exchange giving Ethereum a run for its money on Web3 with an estimated one billion gas per 15- second throughput. The website proposes using an innovative ‘low-level library’ instead of traditional cryptographic algorithms, which will run using five distinct efficiency hardware sub-libraries, namely – Moeing ADS, MoeingEVM, MoeingDB, MoeingKV, and MoeingAOT.
These five sub-libraries come as a huge advantage to the BCH’s fast-growing user base with hardware such as the MoeingADS providing effective single-layer architecture; the MoeingEVM handling parallelized executions; the MoeingDB specially dedicated to its database; the MoeingKV in charge of all storage; and the MoeingAOT, which would serve as a compiler for EVM. BCH says they are all structured to provide a decentralized ecosystem for present and potential users.
An added benefit to the new feature is the extra reward given to Bitcoin Cash’s holders who help elect Smart Bitcoin Cash validators using locked coins and Bitcoin Cash’s Miners. The trustless two-way non-custodian pegged gateways, which help support all kinds of side chains to be created for Bitcoin Cash, is another added advantage that would see users begin to securely transfer BCH bidirectionally. This means there is the possibility of including more side chains progressively as the new feature grows to accommodate new users.
In the SmartBCH team’s white paper, they describe their innovation as “……..(that) 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 as ETH2.0 in a much shorter time, achieving a block gas limit of one billion. The Smart Bitcoin Cash, to a large extent, can be viewed as a demo and an experiment of the novel and aggressive techniques we have been developing, which aim to optimize storage and execution engines for extreme throughput. Just like other open-source projects, there might be bugs and vulnerabilities in its design and implementation.”
There’s also a caveat for zealous first market responders to “please be aware of the potential risks and make sure that possible losses are affordable when transferring your assets (including BCH) onto the Smart Bitcoin Cash”
BCH, which is in itself a forked chain from the original Bitcoin — the first and the most popular bitcoin, was originally conceived as a proposed upgrade to BTC’s rising transaction cost and other mining hassles that began to plague the trailblazing cryptocurrency with its popularity in use. With more improvements centered on better user experience, BCH’s Smart Bitcoin Cash is poised to drive the crypto-coin up the ladder as one the most efficient and exchange-friendly digital currency — a position initially occupied by Ethereum.
Currently, the first version 0.1.0 of SmartBCH, is now on release, and developers can download the source code to help test the decentralization efficiency through a single node testnet.