SmartBCH is not backed by VCs (at least not yet) as other smart contract startup networks are.
Despite that, it has already grown into a competitive Ethereum alternative, an efficient and cost-effective EVM-compatible smart contracts network.
With limited publicity but extensive developments, it has managed to achieve 100,000BCH locked in the network's protocol and maintains a loyal fan base of thousands of users.
SmartBCH competitiveness applies in the high throughput blockchain it utilizes, while consensus is based on a mixed PoS & PoW system of stakers and BCH miners.
The Economic Model Of SmartBCH
Grafana
SmartBCH is a tool that brings additional value to Bitcoin Cash. The main difference with similar smart contract platforms (Polygon, Solana, Avalance, etc.) is that smartBCH does not offer a native token.
The smartBCH founders did not proceed with the logic or incentive to create a new cryptocurrency and proceed with token presales or premint.
SmartBCH uses Bitcoin Cash instead.
Of course, the project has backing from some prominent members of the crypto community, and one of them is Jihan Wu (Bitmain's co-founder, Founder of Bitdeer and Matrixport).
The lead developer of smartBCH is Wang Kui, while the development of the network dates back to 2018.
Source
Initially the project alias was "Moeing Chain" and it was labeled SmartBCH (Or Smart Bitcoin Cash) right before its release in May 2021.
Multiple bridges exist today between BCH and smartBCH, yet the main development, SHA-Gate will be released this year (2022). SHA-Gate is a decentralized bridge between smartBCH, Ethereum, and the rest of EVM compatible networks.
SHA-Gate will be enabled some time after the May 2022 Bitcoin Cash upgrade that includes these improvements concerning smart contract capabilities of Bitcoin Cash:
- Native Introspection
- Bigger Script Integers
SmartBCH used Bitcoin Cash as gas for transactions and burns a percentage of these fees.
Until today in the few months smartBCH is active, 275BCH have been burned (send to a verified burn address). While the amount of fees burned currently is not much, perhaps with extensive use of smartBCH in the future, it will reach a considerable size.
SmartBCH transaction fees cost 1.05 gwei in BCH gas terms, which currently is $0.02 per transaction. Depending on the contract gas demands fees can reach up to $0.10 on rare occasions.
Breakdown of smartBCH developments
SmartBCH has excelled so far in Defi and NFT developments and manages with limited resources and volunteer donations to compete with networks backed by VCs for billions of dollars (Polygon, WAX, Solana, Fantom, etc.).
Bridges:
The top bridges between the Bitcoin Cash blockchain and smartBCH sidechain are:
- Coinflex (CEX, requires registration, no KYC up to $10,000)
- MistSwap Bridge (DEX operated bridge)
- Hop.Cash (Decentralized bridge)
Users can transfer BCH in and out of smartBCH using these services.
DeFi:
DefiLlama
So far seven DeFi platforms operate on smartBCH offering decentralized finance options such as yield farming and staking.
- MistSwap
- BenSwap
- TangoSwap
- MuesliSwap (renamed to CowSwap)
- Tropical Finance
- 1BCH.com
- SmartDEXBCH
NFTs:
OASIS is the only NFT marketplace on smartBCH. It is a Web3 exchange, connecting with Metamask and offering similar to OpenSea options.
In January 2022, OASIS reached a milestone of 1000BCH in total trading volumes.
Plenty of NFT collections are selling out thousands of NFTs during the mint phase in days or even minutes, as was the case of the Gambling Apes Club Collection. Some of the collections that sold out thousands of NFTs are:
- LawPunks: Mint Phase 100 BCH (read more)
- Poolside Puffers: Mint Phase 7.35 BCH (read more)
- CashCats: 500 BCH
- Thrones-Queens: 300 BCH (read more)
- Reapers: 500 BCH (read more)
- Gambling Apes Club: 400 BCH in 5 minutes! (read more)
- Pandaland: 300BCH
- Pixel Guy Club: 150BCH
The fan base of smartBCH is increasing and reaching many hundreds of collectors today, with most collections trading the NFTs in profit on OASIS.
For NFT traders smartBCH is rather profitable, and often we witness rare NFTs trade for amounts hundreds of times higher than the mint-phase prices, while in most NFT collections the floor price of common NFTs, is higher than the mint price.
Blockchain games
Currently, two blockchain games are under development and soon will be going live for the smartBCH gaming community to enjoy:
Both are high-quality blockchain games offering play-to-earn features with NFTs and token rewards.
Both these games are highly anticipated and present entertainment and play-to-earn features that can lead to considerable adoption by part of the blockchain gaming fan base.
Tokens (SEP20)
SmartBCH is the home to 80 tokens (at the time of writing).
MarketCap.Cash, is an indexer, providing a list of smartBCH (SEP20) tokens in a similar approach to Coinmarketcap, and offers the option to purchase tokens directly using SmartSwap.
Some of the tokens are some popular tokens operating in multiple blockchains such as FLEX Coin and GoCrypto.
SmartBCH is also home to three stable coins:
- flexUSD
- lawUSD
- Smart BUSD
FlexUSD is a stable coin created and operated by the CoinFLEX exchange, with a considerable market cap and trading volumes on the exchange.
In Conclusion
While smartBCH did not receive billions in funding as other networks with similar (or perhaps less) capabilities and efficiency, it still managed to attract thousands of users and operate uninterruptedly.
Transactions take seconds to validate since the block time for new smartBCH blocks is 6 seconds on average.
Airdrops, giveaways, and multiple opportunities to participate in smartBCH projects are available for users. Many projects have hired users of smartBCH in their teams for various positions.
Of course, smartBCH is one of the best platforms for developers that want to create Web3 projects and tokens with certain purposes, and Ethereum can't assist them because of high fees.
In smartBCH fees are insignificant, so users do not take them into account.
Currently, there is no automated process for NFT creation by OASIS, but it is an expected development at a later stage. Some developers and artists are available, offering their skills and services to those interested.
NFTs will certainly succeed when they bring a unique concept and a secondary use case (staking, gaming, etc.).
Originally Published at Hive (LEO FINANCE)
Cover Photo: by geralt on Pixabay (modified)
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