The Possibilities Are Endless With Bitcoin Cash And SmartBCH

 

Typically, when we talk about Bitcoin Cash (BCH) and the SmartBCH side-chain we imagine that they are used to create currencies/tokens and trade them on decentralized finance platforms (DeFi) performing swaps, exchanges and farming between different assets, thus earning profits from risk taking.

SmartBCH has infinite possibilities and can be used to create Smart Contracts that work and have practical use in the lives of people and decentralized financial entities.

What is the SmartBCH side-chain capable of creating?

Practically everything.

That's right, SmartBCH can clone everything that was made in the Ethereum (ETH) network and even more, creating things that can still be explored using smart contracts created in decentralized blockchains. If for example, we saw finance platforms being born on the Ethereum network like those that created smart contracts and offer decentralized loan services using cryptocurrencies as collateral, the SmartBCH network may also have projects focused on that and more.

Using the SmartBCH side-chain, investors can borrow cryptocurrencies using their crypto as collateral and for a return margin can access an infinite range of products where only interacting with an intelligent contract is this possible. By doing this, the investor, through the intelligent/smart contract, chooses how and when they intends to pay the borrowed amount and if he does not do the contract (without human intervention) liquidate the borrowed amount, leaving the client with their collateral margin taking only what they agreed to.

When making a contract with a service in a decentralized way, everything also occurs in a decentralized manner, obeying market versus time criteria or even volatility until it is paid full, so it is very imperative to analyze all this before borrowing funds using smart contracts. The good thing here is that the human being using these services does not go through the bureaucracy required by banks, no one is blacklisted, everyone can have a loan from the moment they have collateral to repay it.

This makes decentralized finance essential in the decentralized world and can also be explored using the SmartBCH side-chain network, if there's a provided project dedicated to this area.

Other products can be created on SmartBCH

Smart contracts can accommodate a series of services that before was thought could be done in a decentralized way on the Blockchain, and this opens the door for several emerging projects to focus their horizons on using Smart Contracts.

A product that can be issued on SmartBCH is the payment of subscriptions and the sale of tokens or payment of salaries [companies who pay salaries using this method] using Smart contracts.

When paying, for example, for subscriptions using smart contracts, it is enough that there are defined contracts for this, where the service provider company issues a smart contract where the customer can pay for the subscription, it is done in a simple way where the customer only has to do the payment and the provider company will always have the services delivered to its client in a decentralized and timely manner, without having to go through the bureaucracies found in legacy finance.

Regarding the sale of tokens using smart contracts, everything can also be done using pre-conceived contracts where one party locks the tokens in a smart contract and the other party has to deposit the required amount in another, after which the tokens are released and the process happens quickly, securely and the buyer can, for example, choose whether they want to receive all the tokens or only a part of the tokens in the wallet.

In the payment of salaries using Smart contracts, the process can also be done in a decentralized way, where the company will have to create smart contracts for such, where one will have the funds that will be distributed in a directed way to all addresses of employees who accepted to be received via cryptocurrencies . The contract can be used weekly, monthly, quarterly or annually all programmed via Smart contract to make payments without any human intervention just for developers to schedule the contracts to interact in this way.

The products mentioned here are only a tiny part of what Smart Contracts can do in DeFi and much more can be done.

Summary

SmartBCH is still entering the market and still has a lot to offer in the world of decentralized finance, today it is more focused on exploring fields such as token creation, Decentralized Trading Platforms etc, but there is still a lot that can be created on the Bitcoin Cash (BCH) Smart chain.

For example, lending services are still missing, as well as useful service platforms like the ones I mentioned above where Smart contracts can have vital features like being used to underwrite products, being used to pay salaries, used to sell tokens at a combined value, and much more. Developers just have to create code to interact with what they want to exist on the SmartBCH side-chain or even forks with what already exists on the Ethereum blockchain.

Bitcoin Cash's Smart chain is very attractive and with its fundamentals: low fees, speed of execution and transparency; a lot can still be created in it and in a short time it will be able to attract a good number of investors to the network since it is inclusive, allowing the considerable majority to use it.

When using Bitcoin Cash and the SmartBCH side-chain, the possibilities are endless.

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I own BCH and like the coin. This blog is my opinion and should not be construed as financial advice. Thanks for reading please share the article on your favorite social network.