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Maximizing TPS: Smartbch Developer Explains Project’s Potential, Metamask Capabilities Seen in the Wild

Maximizing TPS: Smartbch Developer Explains Project's Potential, Metamask Capabilities Seen in the Wild

During the first week of April, Bitcoin.com News reported on the sidechain project Smart Bitcoin Cash Project (Smartbch), as the community has been very excited about this new venture. Smartbch aims to connect Ethereum’s EVM and Web3 APIs to a smart sidechain built using the Bitcoin Cash network. On April 7, 2021, Smartbch’s lead developer Wang Kui was interviewed by Satoshi’s Angels’ cofounder Cindy Wang and he explained the many benefits Smartbch will bring to the crypto ecosystem.

Smartbch: Maximizing TPS With Bitcoin Cash

There are many reasons why people are bullish about bitcoin cash (BCH), as the digital asset has been processing more transactions per day than BTC since February. Moreover, proponents like internet entrepreneur, Kim Dotcom has been telling the world about the many benefits BCH has to offer. Dotcom plans to leverage BCH for his content monetization application K.im. Furthermore, BCH supporters have been excited about the decentralized finance (defi) project Anyhedge and the noncustodial platform Detoken.

Maximizing TPS: Smartbch Developer Explains Project's Potential, Metamask Capabilities Seen in the Wild

But a new announcement in recent times has BCH fans talking about a sidechain that will connect with Ethereum in a very inexpensive fashion, because it leverages the Bitcoin Cash (BCH) blockchain. The Smart Bitcoin Cash Project or Smartbch is a unique Ethereum and Web3-compatible sidechain that plans to make throughput as large as one billion gas every 15 seconds. This week, the project’s lead engineer Wang Kui discussed the Smartbch project with Cindy Wang, a cofounder of Satoshi’s Angels as well as a crypto educator and writer.

Maximizing TPS: Smartbch Developer Explains Project's Potential, Metamask Capabilities Seen in the Wild

Wang Kui says that the Smartbch project came together organically and since mid-2018, he’s been working on methods to maximize TPS (Transactions Per Second). By the second half of 2020, Wang Kui said he figured out a way to maximize TPS and after discussing the solution with colleagues, they “decided to deliver [his] research results by launching Smartbch.” The reason Bitcoin Cash (BCH) was chosen is because of the block size capacity and the network’s alignment with Satoshi’s vision.

“The main reason for choosing [Bitcoin Cash] is that it is featured with big blocks,” Wang Kui emphasized. “Based on my professional background and work experience, I think optimization measures should be taken to give full play to the ability of the computing system itself. In English, we call it ‘brute force.’ But Ethereum prefers ‘subtle’ ways like sharding, layer2. I’m a big supporter of [Bitcoin Cash], and I think it is most in line with the original vision of Satoshi, which is to ‘serve as many people as possible,’” the developer insisted.

Decentralization: One of the Major Advantages of Bitcoin Cash

Rumor has it that Bitmain’s Jihan Wu has some ties to the project but Wang Kui stressed that Smartbch is more of a community endeavor.

“You can say Binance Smart Chain (BSC) belongs to CZ or Binance. But you can’t say Smartbch belongs to Jihan Wu or Matrixport,” Wang Kui said to the Satoshi’s Angels’ cofounder. “Eventually, I would like Smartbch to be a project for the entire BCH community. At the moment, it is still very small and a lot of technical decisions depend on my own decisions. This is natural as well, as Linus Torvalds made decisions in the early days of Linux.”

Maximizing TPS: Smartbch Developer Explains Project's Potential, Metamask Capabilities Seen in the Wild
Software developer Josh Ellithorpe shows people on the social media platform Noise.cash how Smartbch can connect with Metamask.

Cindy Wang also asked Wang Kui about the advantages of running decentralized finance projects and non-fungible token (NFT) asset solutions using Bitcoin Cash (BCH).

“There are two major advantages [to utilizing Bitcoin Cash],” Wang Kui remarked. “One is that [Bitcoin Cash] is completely decentralized. For those who believe in decentralization, I don’t think they want their NFT works to have a tight connection with certain companies. The other is high TPS. Smartbch didn’t simply fork from Ethereum as Heco and BSC did. They offer cheap gas fees at the early stage, but as transactions increase or token price grows, they will end up with high fees like Ethereum,” Wang Kui added.

The Smartbch lead developer further said:

This won’t happen to Smartbch. When traffic grows, we will use optimization software in a ‘brute force’-style to achieve ‘high transactions, but low fees.’ Ethereum seeks to solve high gas fees in subtle ways like sharding and rollups. But I believe a single chain could make high performance with better operability, interaction, and user experience.

The Satoshi’s Angels’ cofounder also asked the Smartbch developer if the team felt pressured by the expectations the BCH community may have about the project. Wang Kui said “a little bit,” but to him and the Smartbch team “it’s not about worrying about my personal fame.” “It’s more about how we received a lot of warm-hearted help from the community and we don’t want to disappoint them,” the developer concluded.

After the project launched, users were able to start a single node private testnet. Moreover, software developer Josh Ellithorpe had shown the BCH community how he connected Smartbch to the popular Metamask wallet. A great number of BCH supporters see massive potential in the Smartbch project and it’s been a trending topic in recent times within the BCH community.

Bitcoin.com News readers interested in checking out the interview with Smartbch developer Wang Kui and Satoshi’s Angels’ cofounder Cindy Wang in full can read the conversation here on the BCH-fueled blogging web portal read.cash. Cindy Wang’s interview with Wang Kui received $1,081 in bitcoin cash (BCH) tips on the read.cash platform after the article was published.

What do you think about the Smart Bitcoin Cash Project (Smartbch)? Let us know what you think about this subject in the comments section below.

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Insurance Giant AXA Allows Swiss Clients to Pay for Services With Bitcoin

The French multinational insurance firm AXA is now allowing clients in Switzerland to pay for services in bitcoin. The newly added support is part of the company’s “digital future” and stems from customer demand for crypto payments.

AXA Supports Bitcoin Payments In Switzerland

AXA has announced it is the first all-lines insurer in the country of Switzerland to accept bitcoin (BTC) for bill payments. At the end of 2019, AXA conducted a study and asked people 18 to 55 about what they thought about cryptocurrencies. The study had shown that many respondents already held digital currencies and others were also very interested. Covid-19 has accelerated this demand and interest, AXA notes in its announcement and therefore it is now “allowing its customers to pay their bills with bitcoin.”

Soon, AXA customers will see a new payment option on bills sent by email and via invoice.inapay.ch/axa as well. Payments in bitcoin (BTC) can then be completed on a desktop computer or smartphone. “Customers who receive their bills by post or directly on Myaxa can of course also use this new option to pay their premiums,” the company’s announcement further notes.

AXA Switzerland’s Head of Innovation: ‘New Technologies Are Playing an Ever Greater Role’

“This is AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever greater role,” the head of open innovation at AXA Switzerland Claudia Bienentreu said in the press release. Even though the company is accepting BTC, it does not plan to keep the leading digital assets. “The bitcoins go to the crypto broker Bitcoin Suisse, which converts them into Swiss francs. AXA holds no bitcoins on its balance sheet,” the company’s FAQ section details.

In time, AXA says other payment options like TWINT are coming and set to go live in the near future. “The range of payment options and services that can be used via the web and the Myaxa app will continue to expand going forward,” AXA concludes.

What do you think about AXA accepting bitcoin for services? Let us know what you think about this subject in the comments section below.

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Mick Jagger and Dave Grohl unite to drop charity NFT on Nifty Gateway

An audio-visual collaboration between Rolling Stones frontman Mick Jagger and Foo Fighters lead Dave Grohl will drop in NFT form on the Gemini-owned Nifty Gateway on April 15.

The new track, entitled Eazy Sleazy and produced by long-time Rolling Stones collaborator Matt Clifford, sees Jagger reflect on the tumultuous events of the past year (‘We took it on the chin, the numbers were so grim’) while Grohl thrashes away on guitar, bass and drums. The unique NFT has been minted in collaboration with Berlin-based artist and art director Oliver Latta, aka EXTRAWEG, with production by Pink Salt.

Struggling Industry Bodies Benefit From NFT Drop

The iconic Rolling Stones rocker wrote the track during lockdown and is donating 100% of the proceeds from the NFT sale to several organizations associated with the live music industry, which has suffered greatly during the pandemic.

All funds raised in the auction will be divided between Music Venue Trust, a UK registered charity that supports grassroots venues throughout the country, Back-up, which pledges financial supports industry professionals who are seriously ill or injured (or their surviving family members), and the National Independent Venue Association (NIVA), a collective of US-based independent music venues, promoters and festivals formed in the midst of the pandemic.

The NFT, a 1-1 piece combining visuals by EXTRAWEG with a loop of ‘Eazy Sleazy’, will go live as an auction for 24 hours starting from 10am PST/6pm BST on April 15. Not only does it mark the first NFT collection by Jagger or Grohl, but it’s also the first collaboration between the rock titans. Grohl was inducted into the Rock and Roll Hall of Fame in 2014, while The Rolling Stones were inducted the same year Grohl’s band Nirvana dropped their debut album, Bleach: 1989.

Eazy Sleazy is available for listening via Youtube and social platforms, with a video featuring the locked-down artists in their respective homes and private studios.

Grohl and Jagger: Elder statesmen of rock’n’roll

Artists Driving NFT Hype

Jagger and Grohl are merely the latest musicians to issue an NFT. Last month, Kings of Leon released their latest album, When You See Yourself, as an NFT that unlocked special perks for the holder, such as limited-edition vinyl and front-row seats to future concerts around the world. Within two weeks of launch, the digital token had racked up sales of over $2 million.

Metal giants Megadeth also launched their own NFT, entitled Vic Rattlehead: Genesis, on Rarible. Though that one raised only $18,000 in the WETH cryptocurrency, it wasn’t an album or even a music video: it was essentially an eight-second gif.

Some musicians are pushing the envelope when it comes to NFTs, creating cutting-edge works to sell on the open market. Producer Keyon Christ is a good example: the former G.O.O.D. Music guru, who has worked with the likes of Kanye West and Rihanna, just released a track (Black Skin Machine) created using AI-based music. The resultant NFT, like Jagger’s, is a collaboration with a noted artist – Zouassi.

Worldwide NFT sales topped $2 billion during the first quarter of 2021, more than 20 times the volume of the previous three months according to a new report by NonFungible.com. While the bulk has come from the art sector, musicians are increasingly exploring ways to monetize their endeavors – particularly given the current restrictions pertaining to live music.

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Macau’s high-rolling casino industry faces a digital currency threat

The island-nation of Macau is inching closer to the launch of its state-backed digital currency as it looks to shed off money launderers and fraudsters from the casinos and gambling dens that dot the city, as per a report today on Bloomberg.

Macau turns to digital currency

Dubbed the ‘Vegas of the East,’ Macau sees billions of dollars flow through its high-profile casinos and gambling junkets—businesses that act as middlemen for Chinese high-rollers who make up half the city’s gambling revenue—each month.

Such high-stakes gambling dens are, however, notorious for money laundering, tax evasion, and allegedly playing a role in terrorism financing.

And for the government, a digital currency could help combat that. “The government will work with China’s central bank to study the feasibility of issuing a digital currency,” said Macau chief executive Ho Iat Seng.

Macau’s casinos. Image: NPR

He added the government planned to amend laws to regulate the issuance of a digital currency, but said no formal plans had been discussed regarding the rollout of a digital currency.

As CryptoSlate reported previously, several Macau casino operators had already been approached in December by local regulators to discuss the feasibility of a digital currency to purchase casino chips, instead of cash or fiat.

This could, theoretically, mark every transaction on a ledger that is accessible to regulators, individuals, and banks, alike, helping cull the chance of laundering money or underreporting purchases.

Impacts on casinos

Casino industry watchers say they need more details to evaluate the impact of the potential launch of a digital yuan in Macau’s multi-billion dollar gambling industry.

An earlier note by Sanford C. Bernstein analysts concluded that using digital currencies could entirely erase the junket system and potentially cause irreversible monetary losses for the industry.

However, they added that the move could be a net positive in the very long run, as a digital currency would become one of the options that offer easier access to money in the city. 

At press time, it is not known if Macau’s digital currency would use a public blockchain (or a blockchain at all) or be different from China’s ‘digital yuan’ (Macau uses the pataca, not Chinese yuan).

The post Macau’s high-rolling casino industry faces a digital currency threat appeared first on CryptoSlate.

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MIT Crypto Professor Gary Gensler Confirmed as New SEC Chairman

MIT Crypto Professor Gary Gensler Confirmed as New SEC Chairman

The U.S. Securities and Exchange Commission (SEC) now has a new chairman, Gary Gensler. President Joe Biden’s pick, the MIT professor, whose classes included blockchain technology, digital currencies, and financial technology, has been confirmed by the Senate to lead the SEC.

SEC Has a New Chairman

President Joe Biden’s pick to lead the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has been confirmed by the Senate as the new chairman of the top financial regulator. The Senate voted 53-45 on Wednesday to confirm his nomination.

The four commissioners at the SEC released a statement welcoming the agency’s new chairman, stating:

A warm congratulations to Gary Gensler on his Senate confirmation to become Chair of the SEC … We welcome him back to public service and look forward to working together to execute our vital mission.

Gensler is a professor at the MIT Sloan School of Management, where he is also a co-director of Fintech@CSAIL and a senior advisor to the MIT Media Lab Digital Currency Initiative. He taught blockchain technology, digital currencies, financial technology, and public policy.

A former Goldman Sachs executive, Gensler also served as the chairman of the Commodity Futures Trading Commission (CFTC) from May 2009 to January 2014.

In March, the MIT professor revealed his policies on bitcoin and other cryptocurrencies during his confirmation hearing before the Senate banking committee. He said “these innovations have been a catalyst for change,” noting that “if confirmed at the SEC, I’d work with fellow commissioners to promote new innovation but also, at the core, ensure investor protection.”

With his deep knowledge of cryptocurrency, many people believe that under his leadership, the commission will finally approve a bitcoin exchange-traded fund (ETF) this year. SEC Commission Hester Peirce is hopeful that with Gensler as chairman, the SEC can “build a good regulatory framework” suitable for the cryptocurrency market.

Moreover, there is currently a petition for Gensler to drop the Ripple lawsuit and “end the war on XRP.” At the time of writing, over 5,000 people have signed the petition.

Do you think the new SEC chairman is good for the crypto industry? Let us know in the comments section below.

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Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

Bitcoin dropped immensely after setting up a record high of $64,896.75 as some traders decided to secure short-term profits.

The correction nevertheless did little in offsetting the benchmark cryptocurrency’s upside bias. Analysts remained convinced that the BTC/USD exchange rate would rebound from its sessional lows to pursue its uptrend as it was. One of them is Dr. Jess Ross.

The founder/chief executive at Vailshire Capital tweeted earlier Thursday that Bitcoin remains “wildly bullish,” citing an ascending triangle to back his upside sentiment. In retrospect, the BTC/USD exchange rate was trading inside the bullish continuation pattern, with the area between $60,000 and $61,000 serving as its interim resistance.

Bitcoin broke out of the Ascending Triangle pattern earlier this week. Source: BTCUSD on TradingView.com
Bitcoin broke out of the Ascending Triangle pattern earlier this week. Source: BTCUSD on TradingView.com

Earlier this week, the pair broke above the price ceiling range on supportive macroeconomic sentiments. Coinbase, the US’s largest cryptocurrency exchange, debuted on the Nasdaq Stock Market following a landmark direct listing. Traders used the Wall Street-oriented signal to raise their bitcoin bids, insomuch that the price surged by more than $5,000 in the hours leading up to the Coinbase share (Ticker: COIN) listing.

The news helped Bitcoin break above the $60,000-61,000 range after testing it for weeks. But its effect started wearing off New York mid-afternoon session Wednesday. The wild fluctuations in the COIN market rattled traders inside the spot Bitcoin one. The price fell, as a result, leaving traders guessing about the next potential bias in the cryptocurrency market.

Bitcoin to $80,000 Next?

Dr. Ross noted that bitcoin bulls should wait for the price to drop towards the previous price ceiling of ~$61,250 before buying the cryptocurrency or placing a bet on its upside move. He added that BTC/USD would surge higher after testing the flipped resistance level.

“Great opportunity to buy before next leg higher,” he tweeted.

As NewsBTC also covered, Ascending Triangle breakouts typically shoot the price upward by as much as maximum length between the pattern’s upper and lower trendlines. That puts Bitcoin’s breakout target at nearly $80,000.

Photo by Macau Photo Agency on Unsplash 

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Robonomics Network’s XRT goes BSC & PancakeSwap

Robonomics officially starts its integration into the Binance Smart Chain ecosystem. The team launched a bridge of $XRT ERC-20 to BEP-20 in partnership with AnySwap Exchange. It allows XRT to be listed on the biggest DEX on BSC, PancakeSwap (1 billion USD daily trade volume). Trading starts on Tuesday, December 16th, at 15:00 UTC.

The Ethereum network has had some issues with scaling, this has led to high transaction fees, while depriving retail-investors of active trading on DEXs. That is the reason why many projects are creating BEP-20 versions of their token on Binance Smart Chain, allowing them to enjoy low transaction fees (of around $0.1-0.5 per TX).

Now, all PancakeSwap users can trade the XRT made by Robonomics. Also, everyone who becomes a liquidity provider will be rewarded by the project’s DAO. Those who will stake tokens can get roughly 13 XRT for each 1% OF a liquidity pool. Actual rewards you can find here.

What is this all about?

Robonomics is a decentralized open-source platform for IoT and Robotics. It was founded in 2015 to bring in the 4th industrial revolution Economy of Robots.

The primary goal of the platform is to provide cyber-physical systems with an opportunity to become autonomous economic agents.

XRT’s utilities:

  • Robotics / IoT devices can use to pay for transaction fees incurred as a result of user-to-device or device-to-device interactions;
  • Staking;
  • Governance.

Anyswap is a trustless protocol to bridge assets between heterogeneous layer-1 platforms and to facilitate cross-chain swaps.

PankaceSwap is the new decentralized exchange (DEX) that’s been created on the Binance Smart Chain (BSC). The automated market maker (AMM) offers users many innovative ways to trade and create income streams from their cryptocurrencies.