In recent months, average transaction fees on the Bitcoin Cash blockchain have always been less than 4 thousandths of a dollar ($0.004).
On the Ethereum blockchain, they have always been over $8, or two thousand times higher.
At this point, someone thought of making a Bitcoin Cash sidechain compatible with the Ethereum Virtual Machine (EVM) so that it could be used as a kind of second layer for transactions involving ERC-20 tokens.
We are talking about Moeing Chain, announced about ten days ago, which is a Bitcoin Cash-based sidechain compatible with both EVM and Web3, capable of producing benefits similar to those of ETH 2.0, but much earlier.
In order to reduce the cost of transactions on Ethereum, it would be necessary to significantly increase the volume of transactions that can be handled by the blockchain, and to do this one can either use solutions based on the second layer, or wait for Ethereum 2.0.
Unfortunately, however, the roadmap for the final production release of the new Ethereum protocol is still long, so in the meantime, it is necessary to opt for solutions based on the second layer.
Moeing, the sidechain of Bitcoin Cash
In fact, using a Bitcoin Cash sidechain to enable ERC-20 token transactions would be like using a second layer on Ethereum, albeit based on another blockchain.
This would not only benefit Ethereum, but also Bitcoin Cash, since it is a blockchain whose usage is still largely underestimated, with less than a third of Ethereum’s transactions,
Moeing’s goal is to provide the same benefits as Ethereum 2.0 scaling solutions, but much sooner, and with the help of the Bitcoin Cash network.
Unfortunately, release timelines are not yet known, and the moeing.org website says virtually nothing specific about the project. However, there is an official Github repository where it is possible to analyze the code they are working on.
The project has actually been in development for a while, and according to some estimates it could be launched in June 2021, or the month before.
This is not the only solution based on the second layer attempting to make transactions cheaper, and faster, without having to wait for Ethereum 2.0, but certainly for now it is the only one that tries to take advantage of the very low fees of Bitcoin Cash.
