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BCH miner, Bitcoin Cash BCH, dApps, DeFi, Ethereum, Ethereum (ETH), EVM, Moeing, MoeingEVM, sidechain, smart bitcoin cash, smart contract, Smartbch, Smartbch website, Web3
On Thursday, supporters of Bitcoin Cash were introduced to a new website featuring a project called Smart Bitcoin Cash or Smartbch. Essentially, the project is a sidechain of Bitcoin Cash, compatible with Ethereum’s EVM and Web3 API, which means that people will soon be able to utilize decentralized applications (dapps) without having to pay a large amount of funds to pay for transaction fees .
At the time of writing, Ethereum is the dominant chain of Web3 applications and decentralized finance. However, nowadays, Ethereum (ETH) fees for interacting with Web3-compatible dapps or some type of smart contract can be very expensive. The Smartbch project aims to change all of these situations, and the creators plan to generate a flux of up to 1 billion gas every 15 seconds.
The new website smartbch.org stated that the sidechain will essentially maximize the throughput of EVM and Web3 tools. The website allows people to fully understand the goals of Smart Bitcoin Cash through FAQs, documentation, community resources, and even work and rewards.
The project’s white paper pointed out that “the innovation of smart bitcoin cash lies in the library”. “We decided to adopt another method instead of inventing fancy consensus and cryptographic algorithms: develop low-level libraries to fully exploit the potential of the hardware, especially its inherent parallelism. Ordinary users and developers have a support for EVM and Web3 Therefore, the optimized low-level “close to metal” library itself is still obscured by this abstraction layer. In the implementation process, we used the code name “Moeing”, which was added as a prefix to the name of the library.”
Smartbch uses five tools that will greatly promote the ecosystem of side chains. MoeingADS single-layer architecture, MoeingEVM parallel execution engine, MoeingDB application-specific database, MoeingKV storage and MoeingAOT compiler for EVM. The project’s website states that programmers can “build a new place for the Bitcoin Cash ecosystem and expand the user base.”
Smartbch will also provide:
Bitcoin.com’s news desk was the first to report on the Ethereum and Web3-compatible sidechain that entered Bitcoin Cash in the first week of March. Of course, the BCH community on Reddit likes this idea, and many supporters have commented on the r/btc project.
“We are working with the Smartbch team and are running a test node. There should be a Uniswap contract going into effect this weekend,” a programmer wrote on the forum. The first version of Smartbch’s 0.1.0 version has now been released, and developers can help test dapps on Smartbch. Programmers can also download the source code and start a single-node testnet. At the time of publication, the transaction price of Bitcoin Cash (BCH) was $560 per unit, a 2.3% increase in the past 24 hours.
What do you think of the Smartbch project and the entry of Ethereum and Web3 compatible side chains into the Bitcoin Cash plan? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Smartbch
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