The project’s developers launched their smartbch testnet in early November. This public testnet allows for testing of the smartbch feature, including cross-chain transactions, the mainnet transaction, and the smartbch features, which include smart contracts, instant payments, and atomic swaps.
A new blog post appeared on the popular cryptocurrency news site The Onionpool, today. The post is titled “Smartbch Sidechain Testnet Is Now Public – Interview Bitcoin News” and is written by a new user, called “The Onionpool” (not to be confused with the actual Onionpool blog). In the post, the user interviews the CEO of Smartbch.org. Smartbch is an upcoming sidechain built to let bitcoin users enjoy the advantages of the smart contracts feature of ethereum, without disrupting the bitcoin blockchain or requiring any changes in its software.
On Thursday, the Smart Bitcoin Cash team announced the launch of the Smartbch test network, saying that developers and creators of decentralized applications can now experiment and scale with Bitcoin Cash’s powerful EVM sidechain. Next, Bitcoin.com News spoke with Wang Kui, the lead developer of the Smartbch project. The technical manager of Smartbch explained to our editors the workings of a sidechain that can connect to the Ethereum network.
Launch of the Smart Bitcoin Cash test network, a Bitcoin CashLayer 2 project.
The Smartbch project has been the subject of much discussion within the Bitcoin Cash (BCH) community in recent weeks. The reason for these discussions is that the Smartbch team has proposed a project that is compatible with EVM and Web3, but much cheaper in terms of transaction costs. Indeed, the Smartbch project is a sidechain built on Bitcoin Cash that takes advantage of lower transaction costs in the BCH chain. Bitcoin.com has reported on the project several times since the announcement, and the 29th. In April, the team announced that the smartbch test network was operational.
The Smartbch testbed network will enable developers of decentralized applications (Dapps) and programmers to test and execute experimental projects using the testbed framework. Before getting started, developers should read the recently published documentation on Smartbch testnet. An announcement from the Testnet team notes that the BCH community has been waiting for this project to launch and indicates that the project’s Telegram channel has added members.
For example, the Coinflex exchange had a development team testing a smartbch network when it was still private. Metamask connects easily, and the Solidity code works well. We’ve set up DEX on our private test network, created tokens and it’s going well, says Mark Lamb, CEO of Coinflex. The Smartbch team claims that this concept is the first sidechain for Bitcoin Cash, which has many advantages for BCH.
Bitcoin cash itself is not suitable for smart contract features, preferring use cases that revolve around peer-to-peer currency, the Smartbch team said Wednesday. However, as a sidechain for Bitcoin Cash, Smartbch aims to create a new playing field for the Bitcoin Cash ecosystem and expand its user base. Wang Kui, lead developer of Smartbch, discussed the protocol with Bitcoin.com News this week.
Wang Kui points out that the protocol provides an EVM- and Web3-compliant sidechain for Bitcoin Cash, leverages its hashing power, and uses BCH as a native token to pay for gas. In addition, the use of hardware-tailored components allows for greater scalability, Kui said. Moreover, the CTO of Smartbch discussed the project at length with Bitcoin.com News in an exclusive interview, the transcript of which is available below.
In-depth interview with Smart Bitcoin Cash’s CTO, Wang Kui
Bitcoin.com News (BCN): Why did you decide to launch such a project and why did you choose the Bitcoin Cash network?
Wang Kui (World Cup): I talked about the background of the project, since the second half of 2018 I have been working on how we can maximize TPS (Transactions per second). But the work came and went, as I was given other tasks. By the second half of 2020, after many failures, I had finally found an acceptable path. After discussing the idea with industry leaders, we decided to put my research into practice and establish Smartbch.
The main reason for choosing the Bitcoin Cash network is that it has large blocks. Based on my professional experience and my work, I believe that optimization measures should be taken to fully utilize the computer system itself. You could also call it brute force. However, Ethereum prefers subtle ways like sharding and Layer2. I chose the Bitcoin Cash protocol because I am a big fan of it and I think it fits best with Satoshi’s original vision of serving as many people as possible.
BCN : Can you explain to our readers how Smartbch aims to improve the throughput of EVMs and Web3 applications?
WC: First, we moved away from the single-thread semantics defined in the Ethereum yellow document. Single thread semantics is not a requirement for EVM and Web3 support and blocks many optimizations. Second, we have developed many low-level libraries that support parallel execution of EVM transactions to exploit the potential of modern CPUs and SSDs. Finally, we optimized the EVM execution mechanism and the data storage mechanism, speeding up the execution of each EVM instruction.
BCN : Have third party BCH developers considered the SmartBCH protocol?
WC: Yes, we have confirmed that several companies will join our testing network and act as validators. We have developed several new applications for Smartbch, and several existing applications that are being ported to Smartbch.
BCN : The flow rate is a billion gases per 15 seconds. Can you explain how this would work?
WC: Ethereum’s consensus engine and execution engine must be executed sequentially, and between blocks, a new block must be executed multiple times on different peer nodes because it uses the Proof-of-Work (PoW) consensus algorithm. By optimizing the consensus algorithm and running the consensus mechanism and the execution mechanism simultaneously, we should make it about five times faster.
By executing EVM transactions in parallel, we can speed up execution by about tenfold. And by reducing the time cost of each EVM instruction, we can speed up its execution by about two to three times. So, overall, we are confident that we will accelerate Ethereum by a factor of 100.
BCN : How will smartbch affect Bitcoin cash miners?
WC: Bitcoin Cash miners can vote for their validators on Smartbch and will be rewarded with gas money, which will allow them to use decentralized financial applications (Defi) on Smartbch.
BCN : Would you say Smartbch will be able to achieve the same results as many challenging apps built on Ethereum? For example, stablecoin, MSAs, liquidity pools, decentralized exchanges (DEX) and similar instruments.
WC: All Ethereum defi applications can be ported to smartbch with little effort. In addition, we expect new applications on smartbchs that require high bandwidth and low gas prices.
BCN : If you say: Smart bitcoin cash innovation is in libraries, what does this mean?
WC: Instead of inventing fancy consensus and cryptographic algorithms, we decided to use a different method: developing low-level libraries to exploit the full potential of the hardware, especially its inherent parallelism. Ordinary users and developers have a compatibility layer that supports EVM and Web3, so the low-level, metallic optimized libraries themselves are hidden by this abstraction layer. In our implementation, we use the code name Moeing, which is added as a prefix to the library names.
These libraries follow the UNIX philosophy of simplicity, brevity, clarity, modularity, and extensibility. Other projects can reuse and benefit from them.
BCN : When it comes to cryptocurrencies in general, do you expect the sector to grow exponentially in the future, as we saw in late 2020 and 2021?
WC: I’m not sure what will happen in the near future. But in the long run, the population of the cryptocurrency community is likely to grow exponentially. And Smartbch is preparing for the next 100-fold increase in onchain users.
What do you think about the launch this week of Smartbch’s test network and the interview with technical project leader Wang Kui? Let us know what you think in the comments below.
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