On March 2, 2021, the average fee on the Ethereum network will cost around 0.0083 ETH in gas, or around $ 12.89 per transaction. Transaction fees of this caliber have dampened decentralized financial applications (Defi) and Web3 platforms based on Ethereum. However, on February 23, crypto advocates were introduced to an alternative solution called the Moeing chain. The Moeing chain project aims to provide the same benefits as Ethereum 2.0 scaling solutions, but using the Bitcoin Cash network.
Moeing Chain introduces an EVM and Web3 compatible sidechain for Bitcoin Cash
Decentralized financing (defi) was a hot topic in 2020 and until 2021. Defi was also dominant on the Ethereum (ETH) network, but in the last year defi moved to a number of other blockchains.
The Moeing chain project was featured on Twitter on February 23, 2021.
For example, the advocates of Bitcoin Cash (BCH) recently welcomed the unsecured Detoken exchange and the Anyhedge protocol created by the Startup General Protocols. Additionally, on February 23, a project called Moeing Chain announced its arrival on Twitter.
The Twitter account called “Moeing Chain” said:
Hello World. Moeing Chain is an EVM & Web3 compatible sidechain for Bitcoin Cash. It will enable a billion block gas limit and very soon offer the same benefits of ETH2.0 – so stay tuned.
The tweet leads to a web portal called moeing.org which explains what the project is with a similar description. A sidechain that is compatible with the Ethereum Virtual Machine (EVM) and Web3 wallets as well as other infrastructures can open up numerous possibilities.
The benefits of using Bitcoin Cash (BCH) mean that users can enjoy extremely low fees and lightning fast confirmations when using Ethereum. Developers can get an overview of the Moeing chain project’s Github repository.
Bitcoin Cash proponents anticipate a possible start in June 2021
According to sources, Jihan Wu, the co-founder of Bitmain, supports the Moeing chain project. A recent report notes that the project has been in development for some time and is expected to start in June 2021. Other sources say the Moeing chain could start as early as May this year. The crypto blogger on read.cash Claudio83, who wrote the report, explains the various advantages of the Moeing chain concept.
“The Moeing team is making numerous improvements to reduce the cost of gas in the chain for any type of transaction and to provide users with maximum efficiency and simplicity at the lowest possible cost,” writes Claudio83. “The sidechain guarantees the Bitcoin Cash blockchain a high number of transactions.”
The read.cash author continued:
An exciting year 2021 for Bitcoin Cash, which is receiving special attention in the crypto world and is considered one of the most underrated projects. In my opinion, Moeing’s implementation will be BCH’s turning point and further proof of its enormous potential compared to the surviving Bitcoin.
Interested persons can now subscribe to the mailing waiting list on the Moeing chain website for information on this upcoming project.
Meanwhile, ETH fees were over $ 12 per transaction this week and over $ 38 last week, according to the average ETH gas data from bitinfocharts.com. The web portal bitcoinfees.cash states that the cost of entering the next BCH block is $ 0.0027 per transaction, a fee well below the average ETH fee.
What do you think of Moeing Chain’s EVM and Web3 Compatible Sidechain for Bitcoin Cash? Let us know what you think on this matter in the comments section below.
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BCH, BCH Defi, Bitcoin cash, ETH, ETH Defi, ETH fees, ETH gas, ether, Ethereum, EVM, June 2021, Moeing chain, moeing.org, Sidechain, Web3
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