On March 2, 2021, the average fee on the Ethereum network will be approximately 0.0083 ETH in gas or about $ 12.89 per transaction. Transaction fees of this caliber have dampened Ethereum-based decentralized financing applications (defi) and Web3 platforms. On February 23, however, crypto advocates were introduced for an alternative solution called the Moeing chain. The Moeing chain’s project aims to provide the same benefits as Ethereum 2.0 scaling solutions but with the help of the Bitcoin Cash network.
The Moeing chain to introduce an EVM and Web3 compatible side chain for Bitcoin Cash
Decentralized financing (defi) has been a hot topic in 2020 and until 2021. Defi has also been dominant on Ethereum (ETH) networks, but over the past year defi has leaked to a number of other blockchains.
For example, Bitcoin Cash (BCH) advocates have recently welcomed the non-care-based exchange Detoken and the Anyhedge protocol built from the start protocol. In addition, a project was called on February 23 The Moeing chain announced his arrival to the scene on Twitter.
The Twitter account called “Moeing chain” said:
Hello World. The Moeing chain is an EVM and Web3 compatible side chain for Bitcoin Cash. It will enable a block gas limit of one billion and provide the same benefits with ETH2.0 very soon – so keep your eyes open.
The tweet leads to a web portal called moing.org, which explains what the project is with a similar description. A side chain that is compatible with Ethereum Virtual Machine (EVM) and Web3 wallets and other infrastructure can open up many possibilities.
The Benefits of Using Bitcoin Cash (BCH) means that users can use extremely low fees and lightning-fast confirmations when using Ethereum. Developers can get some perspective on the Moeing chain’s projects Github repository.
Bitcoin Cash advocates expect a possible launch in June 2021
According to sources, Jihan Wu, the founder of Bitmain, supports the Moeing chain project. A new Report notes that the project has been under development for a long time and is expected to start in June 2021. Other sources says the Moeing chain can start as early as May this year. The crypto blogger at read.cash Claudio83 who wrote the report explains the various benefits of the Moeing chain concept.
“The Moeing team is implementing many improvements to reduce the chain’s fuel costs for all types of transactions and offer users maximum efficiency and simplicity with the lowest costs,” writes Claudio83. “The side chain will guarantee the Bitcoin Cash blockchain a large number of transactions.”
The Read.cash author continued:
An exciting 2021 for Bitcoin Cash that receives special attention from the crypto world and is considered to be among the most underestimated projects to date. In my opinion, Moeing’s implementation will be BCHturning point and yet another demonstration of the enormous potential compared to the surviving Bitcoin.
From now on, the Moeing chain’s website allows interested parties to subscribe to the mailing list to receive updates on the upcoming project.
Meanwhile, ETH Fees have been above $ 12 per transaction this week and upwards of $ 38 last week bitinfocharts.com average ETH gas data. Web portals bitcoinfees.cash indicates the cost of getting into the next BCH the block is $ 0.0027 per transaction, a fee that is significantly lower than ETHaverage fee.
What do you think of the Moeing chain’s EVM and Web3 compatible Bitcoin Cash side chain? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Moeing chain logo,
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