Bitcoin Cash Day - Zoom Get Together
On the 1st of August 2021, peer-to-peer electronic cash enthusiasts from all over the world tuned in for a zoom get together. Celebrating Bitcoin Cash’s 4th anniversary since the independence fork. Their passion for voluntarism, onchain scaling and financial freedom brought them together.
As emergent_reasons, mentioned, this ecosystem keeps growing and it’s hard to know and keep track of everything that is being built or worked on in this ecosystem. Here are a couple of highlights from this get together.
Roger Ver is bullish, SmartBCH just launched!
We can now have the whole Ethereum network running on Bitcoin Cash, or more precisely on a sidechain of BCH. An interesting development to avoid the high fees crippling the ETH network at the moment, while using a permissionless chain. Roger celebrates Jihan and his team for funding the development of this project.
Mark Lamb. CEO of Coinflex is delighted with the capital flowing to his new service, a centralised AMM, running on Coinflex. BCH has now become their biggest currency in trading volume and as a result they’ve became the largest exchange in regards to the trading volume of BCH.
Excited to bring DeFi to BCH, by taking the best of Uniswap to Coinflex.
Uniswap or Sushi are great for spot trading, however Coinflex users are trading derivatives. Coinflex decided to combine a centralised order book with decentralised liquidity, taking the best of both worlds. They’ve restructured Coinflex, to make sure that users have control over their private keys, while benefiting from a centralised order book.
In addition, every asset listed on Coinflex will be ported to SmartBCH, which will be the cheapest DeFi ecosystem to transact on. According to Mark, DeFi is currently for whales, comfortable with expensive fees, while SmartBCH will allow DeFi to be once more available for smaller investors. Coinflex to help SmartBCH projects with liquidity, make sure they have the right governance and incentives for investors. Maybe, a good idea to port Compound or Aave to BCH, take the best of the ETH network and improve on them. If anyone is interested, they can reach out to @markdavidlamb on Telegram for any help.
The mainet is live! What is SmartBCH? SmartBCH is compatible with anything built on Ethereum, as such it will be taking advantage of the Ethereum developer network but built on Bitcoin Cash. It uses Proof of Work, so any PoW miners can be validators on SmartBCH. In comparison, the Binance Smart Chain, is locked with 21 centralised validators, hand-picked by Binance. Whereas SmartBCH is decentralised from the get go in regards to its miners and validators. For current PoW miners, they could get extra income by validating SmartBCH transactions, potentially eclipsing the inflation reward, if the price increases.
In addition, SmartBCH transactions, burn half of the fees, creating even more scarcity, making BCH even more deflationary. Roger Ver notes that this could affect the prize of BCH, making him more bullish than ever for BCH. The philosophy of the creators of SmartBCH is aligned with BCH, focused on low fees to increase the utility, and inclusion of everyone, not just whales. According to Mark this is DeFi for the next wave of users. Launching very shortly a centralised stablecoin, FlexUSD on SmartBCH.
The battle of ideas. We have two different consensus algorithms being battletested. While Proof of Stake is coming to Ethereum, with a focus on L2 scaling solutions and currently, due to usage, has extremely high gas fees. Whereas SmartBCH, a BCH sidechain, does enable DeFi on BCH, with miners/validators using Proof of Work.
The community, celebrates ForkDay, Independence Day, BCHDay
Moto & Wladston are working on Code Energy a publishing company focused on teaching the fundamentals of computer science. Wladston has been in crypto since 2011, but lost some funds, as he didn’t always have ownership of his keys. He believes that cryptocurrencies will change the world for the better. He had published an ad in the Bitcoin Magazine about his early first company, a Quora style platform using crypto.
Romit from the Zapit wallet, is focused on onboarding merchants in while incentivizing users to use Bitcoin Cash for payments, with cashbacks and special offers. Their ZAPT token, an SLP token, is used to reward participants for completing simple tasks from their partners, which are then redeemable for BCH. A great model, they get revenue from these adds, which then enables them to incentivise users to use BCH. Romit got into BCH for freedom, built his platform a little over a year ago, and has now more than 10’000 users with very low marketing efforts.
Alejandro Blanco, from Venezuela. Working on education, adoption of Bitcoin Cash since 2017. Freedom advocate and lawyer by trade, specialised in IP law and learned about Bitcoin in 2012. Believes that buying cryptocurrencies is a political statement, which Eleonore likes to says and he agrees with this statement, since they do offer freedom from the financial system. Wants to increase the financial education for all. The Venezuelan government didn’t persecute crypto enthusiasts, even tried their own crypto, it’s been 6 years since the fiat paper bills have disappeared. Everything has moved online. People use stablecoins, like USDT, or USDC. Sees a future using Bitcoin Cash and stablecoins, ready to help out Mark to spread FlexUSD.
Adamu tuning in from Nigeria, with a wonderful p2p electronic cash t-shirt, is teaching everyone how to use Bitcoin Cash, send, receive transactions and use wallets. Nigeria has one of the biggest cryptocurrency community.
Marco Montero tuning in from Mexico, representing the entrepreneurial mexican spirit. Spreading Bitcoin Cash in small mexican towns, where the information spreads very fast. By focusing on teaching in these small villages, which currently depend on remittances and banks, they quickly realise the benefits of cryptocurrencies. There are more than 1 mio active mexican traders, however not many people are actually using it, they are just speculating on the price. He runs the Bitcoin Cash Mexico Meetup and runs CriptoPueblos and recommends the Bitcoin.com wallet, an easy wallet for beginners.
Nurain, developer advocate, mentor and community builder and crypto enthusiast building BCH Nigeria.
Roger Ver, CEO of Bitcoin.com brought our attention to a special guest that was in our zoom call…
Kim Dot Com “I’m here to just give some words of encouragement, Bitcoin Cash is on the way to really break some ground in many different areas” He’s been working with some whales, including Roger, on some “big picture stuff”, working with big retailers to adopt BCH and integrate it to their POS, talking to various countries to make BCH an alternative currency. Talking to the Finance Minister of an African Nation. The goal? Make BCH the leader in digital money. Identifying potential killer apps, investing in them, funding developer teams, such as cashrain.com, to be able to make BCH rain, for streamers for their extended community. Focus on utilisation. Get more and more users, vendors or BCH, to increase the market share and value. All in “team BCH”, promoting it as the best digital money solution. He created a good place to get all the easy information, to know what Bitcoin Cash is all about, visit whybitcoincash. The more he dives in, the more he’s optimistic about the community and thankful Roger for being the main driver.
Roger has had the pleasure to work with Kim, and he’s impressed with all the opportunities he’s brought to the table, calling him a wonderful business associate and a friend. Thankful for spreading the word about Bitcoin Cash.
He also cares a lot about the environment, “instead of fees plant some trees“, savetheworld.com has been bought, to build a platform for people to invest in the environment, the carbon credits industry will be a trillion industry in the next coming years. Polluters will have to buy carbon credit. Will create an exchange directly linked to Bitcoin Cash, and instead of collecting fees, used these fees to plant trees. The goal to make Bitcoin Cash carbon neutral and bring others from the ecosystem. Especially considering the fact that BCH is a PoW chain, to make sure that miners use renewable energies. Bitcoin Cash as a solution, protecting the environment and not just a polluter. PoW is an attack vector on BCH, but he believes he’s on the right track to make an impact, in regards to cryptos contributing to a green, healthy environment.
For Emergent_reasons, president of General Protocols, we must focus on the permissionless aspect, those networks only will remain and survive. We’re in the early days of the internet, 1% of what crypto is today will change the world, and BCH is one of those. We can all make a difference by using something else than fiat. Shares his favorite projects being built on BCH such as one.surgery changing the world of medical publishing, which was funded by Flipstarter. Another project, is the decentralised sponsorship of a professional tennis player. Reminding us, that whales are important, but more than ever, we’re still very early and individuals can have a big impact. Such as Max, setting up a small circular economy in Nigeria.
Nurain is partnering with him, to get more attention to Bitcoin Cash. From education, and stepping up partnerships with platforms, schools, especially since Nigeria made it more difficult by banning crypto. They are focusing on onboarding large markets and building more tools and services. Nigeria is #1 in google search for Bitcoin, close 2nd is Ghana. People are looking for alternatives.
Others joined the stream such as Corbin Fraser of Bitcoin.com, Kieran Mesquita, Peter Ng, Precious , Chris Troutner of the Permissionless Software Foundation and Mike Komaransky of Gapefruit trading which warned us about Tether and US regulators.
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