I've been reading a lot about Moeing Sidechain from noise. cash and some users are excited about this project that will come in the Bitcoin Cash network, I am excited as well because this can accelerate Bitcoin Cash. Whenever new projects are coming in and coming out community is always happy because we believe this may bring a lot of benefits to the network. So, I'm gonna tackle about Moeing sidechain, as part of my crypto news blog.
Image screenshot from noise.cash post
ETH gas fee on Ethereum networks cost around 0.008 ETH which is around $12.89 as of March 2, 2021, per transaction. These high transaction fees are the cause of dampening Ethereum-based decentralized finance (Defi) applications and Web3 platforms. Some Defi platform transfer to BINANCE Smart Chain (BSC). However, on February 23 crypto proponents have introduced an alternative solution called the Moeing chain. This Moeing chain project aims to provide the same benefits as Ethereum 2.0 scaling solutions but with the help of the Bitcoin Cash network.
Moeing Chain introducing EVM and Web3- compatible Sidechain for Bitcoin Cash
Image source: Moeing Chain Logo
We cannot deny the fact the decentralized finance (Defi) has been a hot topic from 2020 up to this year 2021. Defi has been dominant in Ethereum blockchain but last year Defi has leaked over to other blockchains (BSC to be exact).
Recently, Bitcoin Cash advocates had welcomed the noncustodial exchange which is the Detoken and Anyhedge protocol that was built by General Protocols. While Moeing chan project was introduced itself last February 23, 2021, on Twitter.
The Twitter account dubbed “Moeing chain” said:
Hello World. Moeing chain is an EVM & Web3-compatible sidechain for Bitcoin Cash. It will allow for a block gas limit of one billion, and provide the same benefits of ETH2.0 very soon—so stay tuned.
The tweets leading to a web portal moeing.org (this site is currently down upon checking) explains the project with descriptions. This sidechain is said to be compatible with the Ethereum Virtual Machine (EVM) and Web3 wallets while other infrastructures can open up numerous possibilities.
Leveraging Bitcoin Cash will give benefits, which means that users can utilize extremely low feed and lightning-fast confirmations while they are using Ethereum.
Moeing Sidechain launching
The moeing sidechain project is currently under development and is expected to launch in June 2021, from the recent report. While some sources said the project could launch as early as May within this year.
Jihan Wu the co-founder of Bitmain will back up the Moeing chain project according to the sources.
Caludio83 a user here at read. cash authored the report that explains the various benefits of the Moeing chain concept.
Here are some highlights of his detailed explanation about the project;
“
The Moeing team is implementing many betterments to reduce the cost of gas on the chain for any type of transaction and offer users maximum efficiency and simplicity with minimum costs,”. “The sidechain will guarantee the Bitcoin Cash blockchain a high number of transactions.”
Claudio83 continued...
An exciting 2021 for Bitcoin Cash that is gaining particular awareness from the crypto world and is considered to be among the most underrated projects to date. In my opinion, Moeing's implementation will be BCH’s turning point and yet another demonstration of the enormous potential compared to the surviving Bitcoin.
Want to read more about the Moeing chain from Claudio83? Then read the full article, here.
As of the moment, the Moeing chain website enables subscriptions on the mailing waitlist to get some updates concerning this project for those people who are interested in it.
Closing Thoughts
What can you say about this new project that will come in Bitcoin Cash? Will this be the turning point of BCH? As we all know BCH is very undervalued in the market by valuation will this Moeing sidechain can guarantee Bitcoin Cash to be valued shortly?
CryptoNEWS: This is a blog where I write about some crypto stuffs and news aside from my CryptoBUY blogs. I love learning and writing about crypto topics as well aside from personal blogs.
Thank you for reading!
First posted at read.cash
