Smart Bitcoin Cash testnet launched: a Bitcoin Cash sidechain compatible with Ethereum

For Hannah perez The Smart Bitcoin Cash testnet is available: an EVM-compliant Bitcoin Cash (BCH) sidechain that is ready to deploy a DeFi and dApps ecosystem.

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The testnet of Smart Bitcoin Cash, a new side chain of Bitcoin Cash (BCH) compatible con Ethereum, is available from this Friday. This was announced by its development team in a blog post.

This will allow for the first time Bitcoin Cash take advantage of Blockchain of BCH for the development of decentralized applications (dApps).

Smart Bitcoin Cash: what is it?

Smart Bitcoin Cash, also called smartBCH, is a sidechain project (sidechain) from Bitcoin Cash that provides compatibility with the Ethereum Virtual Machine (EVM) and Web3. The first sidechain of its kind for BCH opens up a whole new space of possibilities for Blockchain from Bitcoin Cash, which is not specifically equipped for smart contract functions.

An early fork of Bitcoin (BTC), Bitcoin Cash is a network focused on the transfer of value between peers, although with blocks larger than Bitcoin and therefore faster and cheaper transactions.

Being a side chain of Bitcoin Cash, SmartBCH take advantage of the casualties transaction fees of BCH, providing benefits tol decentralized ecosystem of Ethereum. In recent months, interest in dApps and the DeFi ecosystem has grown within Ethereum. However, this growth has led to higher rates and network congestion.

In the face of these problems, developers and users have started to turn to other blockchain of smart contracts with lower costs. Between them, Binance Smart Chain (BSC) has gained a lot of popularity on DeFi. The project SmartBCH hopes to provide an alternative network for the dApps currently suffering from the network problems of Ethereum, and even compete with rivals like BSC.

SmartBCH is poised to take some of the market share away from DApps and DeFi by using fresh attempts to scale far beyond what previous blockchains have managed to achieve..

Testnet launched

Now, with the launch of the testnet, any developer will be able to experience a sidechain of Bitcoin Cash high performance EVM compliant.

SmartBCH it supports EVM and Web3 and has a short block interval to support DeFi applications, the development team explained. In addition, they ensure that their performance “will be as big as a billion gas every 15 seconds“Which will allow more users to access DeFi at a very low cost.

In this network, BCH is used as token native for gas payment. The main developer of the project, Wang Kui, explained to the news portal Bitcoin.News.com how the network SmartBCH plan to speed up Ethereum by a factor of 100.

“By running EVM transactions in parallel, we can speed up execution about ten times. And by reducing the time consumption of each EVM instruction, we can speed it up even more by two to three times. So in general, we are confident of accelerating Ethereum 100 times. “

He explained that one of the main goals of smartBCH is to improve the performance of EVM and Web3 applications by allowing Ethereum DeFi may migrate to the sidechain. “In addition, we expect new applications to emerge at SmartBCH that require high performance and low gas prices to operate.“.

A promising solution

Up to now, although they have not yet been tested on a live public broadcaster, lsmartBCH capabilities are promising. The development team of CoinFLEX a few weeks ago ran a private testnet of smartBCH getting good results.

The CEO of CoinFLEX, Mark Lamb commented on this: “Metamask connects smoothly and robustness code works fine. We set up a DEX on our private testnet, create tokens, and everything is fine“.

BCH’s sidechain project is starting to get the attention of the community of Bitcoin Cash. In this aspect, Wang Kui revealed that smartBCH has already several companies confirmed to join the test network. They also have several new apps developed and dedicated to Smartbch and various existing applications that are being ported to the web.

We believe that smartBCH will provide the same benefits as ETH2.0 in a much shorter time frame, achieving a billion block gas cap.


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Sources: Medium, News.Bitcoin.com, News.Bitcoin.com

Hannah Estefanía Pérez’s version / DiairoBitcoin

Image from Unsplash

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Smart Bitcoin Cash testnet launched: a Bitcoin Cash sidechain compatible with Ethereum

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