With the creation of SmartBCH, Bitcoin Cash is betting on a whole new layer for smart contracts and DeFi. The opportunities to serve new markets and attract new projects are limited by little more than our imaginations and willingness to commit.
Yumeko Cash is a new BCH builder who has already been subjected to some drama and has stood up to it well, welcoming reputable members of the BCH community into the validator set for his SmartBCH-ETH-BSC bridge, and acting on our feedback.
Skepticism and even paranoia is fully justified when onboarding builders who aim to create new tools and services, particularly bridges which can hold billions of dollars in value. So far, Yumeko Cash is on track to handle it all like a pro.
Disclosure: The interviewer is a member of the validator set for TokenBridge.Cash.
1. Who are you?
Hello, my name is Yumeko and it is good to be working for the SmartBCH community. I have used to work for all kinds of blockchain work including building blockchain networks (bitcoin, EVM based), coding backend & frontend applications for blockchain (web wallet, explorer, mining pool, dapps), and coding various smart contracts usually dealing with funds. I used to work for blockchain works since the ICO boom from 2017 and had some great revenue for myself working for various firms at 2018~2020.
2. How (and when) did you become interested in Bitcoin Cash?
Since 2017, I thought Bitcoin Cash was a great community project since it fulfills the original Satoshi vision as decentralized peer-to-peer electronic cash. With cheaper fees and bigger blocks, it could have more potential for retails to use Bitcoin Cash. Like we choose crypto over money as a banking and investment method, we must use Bitcoin Cash over Bitcoin Segwit, and SmartBCH over Ethereum as an alternative, real-world solution.
3. Is TokenBridge.Cash your first BCH project?
For sure yes. I haven’t had any choice to develop over Bitcoin Cash since there were not many projects to do from my perspective since it has limited support for smart contracts, and more use cases on DeFi compared with Ethereum. However, the support of EVM [Ethereum Virtual Machine] over Bitcoin Cash which we call SmartBCH was an ideal solution for me, observing the Bitcoin Cash community in the short term than any other project for Bitcoin Cash. There were no tools or dapps to bring cross-chain liquidity, that is why I have decided to build tokenbridge.cash, a fork of RSK TokenBridge to bring over Ethereum and Binance Smart Chains’ various tokens to the SmartBCH ecosystem.
4. Why are you building with BCH, and not another crypto ecosystem?
Bitcoin Cash is the most favorable sound money to retails. Rich holders could use Bitcoin Segwit and Ethereum paying high fees however it will still limit retail’s participation with decentralized finance; this despite the fact they are meant to be an appeal for those who are unbanked. Binance Smart Chain used to be a retails alternative solution for Ethereum Dapps, however many regions are blocked on Binance due to regulations for now. So it is time to choose the best sidechain with decentralized blockchain supporting it, right now I think that Bitcoin Cash and SmartBCH is the only solution that can fulfill its criterion.
5. What is a bridge in the crypto space? Why does (Smart)BCH need a bridge?
A bridge is a liquidity transportation tool between two different blockchain networks. It is a necessary solution when you could not create a new token to replace one, but instead you make a kind of IOU on the non-native chain so that people could move it around without boundaries.
SmartBCH needs a bridge since the community could not create a replica of ETH, or any other stable coins, but the bridge could help to move them forward and the bridge could also help to utilize the original tokens on other chains, as well as create new liquidity pairs on SmartBCH.
6. Why do bridges need to be so dependable?
Bridges rely on many factors to move the tokens around. For example, smart contracts which represent the bridge, validators that help the bridge to move cross-chain transactions, remote or full nodes fetching the information from the blockchain, and the tokens that are moving around.
That is why the development of the bridge is hard. It should connect different chains without a chance of failure when people try to move funds around it. If the bridge suffers failure many people will experience that they could not move their funds.
7. What is TokenBridge.Cash? What is your vision for it?
TokenBridge.Cash is the first cross-chain bridge solution available for SmartBCH. Many bridges offer a custodial solution that could have some limitations transferring tokens like Binance Bridge, Arbitrum bridge, etc.
TokenBridge.cash offers instant, no-limit, no-KYC, and decentralized cross-chain transfer with more than 6 (later to be more than 10) validators confirming for cross-chain transfers for the SmartBCH DeFi ecosystem. It connects tokens originated from Ethereum and Binance Smart Chain, tokens with rich value like WETH, WBNB, USDT, USDC, DAI, BUSD could be offered as an original format creating various liquidity pairs with SmartBCH tokens.
8. Where does the promised 0.2% in fees for validator nodes come from?
From every deposit, withdrawal transaction is made from the user, 0.2% fee is deducted and then stacked to the multi-sig wallet contract where validators are registered as an owner. For example, you decide to bridge 10,000 USDT, and then the 0.2% amount which would be 20$ will be deducted from the transfer amount, sending it to the multi-sig wallet instead. After the fees are stacked enough, validators would decide to distribute the fees to themselves. Swapping tokens to Ethereum and distributing them to the validators’ respective wallets would be possible.
9. What other chains could TokenBridge.Cash connect to SmartBCH besides Ethereum and Binance Smart Chain?
Any EVM supportable chains are possible, for example, HECO, OKEx Chain, CoinEx Chain, AVAX, Polygon, Fantom, and Arbitrum.
10. Who controls TokenBridge.Cash?
Validators will be controlling the bridge and we are in the process of inviting more trustworthy validators who are known BCH community members. Once the code audit and the invitation for validators are done, we could raise the required signatures for the transaction, thus we could consider that the bridge is decentralized.
11. There is a claim that the bridge is subject to a “cash flow attack”. What is your response to this?
The cash flow attack from our perspective is impossible since the bridge will be only moving the final amount sent to the contract, and after that, the validators will be voting the amount if it is legit and thus the attack is not possible.
12. Who else is in the validator set for TokenBridge.Cash besides yourself?
We are inviting many trustworthy validators from the Bitcoin Cash community. Currently the validator set includes: Shomari Prince from Bitcoin Cash community developers (who has both EVM and UTXO experience), libertarian0x0 from r/SmartBCH_DeFi mod, George Donnelly from Panmoni/BitcoinCash.site, Josh Ellithorpe from Coinbase & BCHD full node software and Tim Potter, who was a Bitcoin Unlimited founding member.
13. Is being a bridge validator open to everyone right now or who is invited?
Since the requirements from the Bitcoin Cash community that the bridge validator should be a well-known contributor to the Bitcoin Cash ecosystem, now we are choosing a validator that the individual or an organization willing to volunteer as a validator has a high-profile, well-known, and have some reputation to the community.
14. You experienced some pushback from a few members of the BCH community. What happened? How do you feel about the experience?
Since we all share the vision that the TokenBridge.Cash has an important role serving as a backbone for the SmartBCH DeFi ecosystem providing precious resources of cross-chain liquidity, we think the development, operation of the bridge is important and should be decentralized and run by high-profile validators as well.
I built a bridge with low standards, however, from the community’s perspective. We are improving the bridge with high-standards with more than 2~3 reviews from high-profile devs, close to 10 validator numbers with some reputation from the Bitcoin Cash community.
Community feedback is important and since I believe the bridge belongs to the community and the community has the shares of it, I am doing my best trying to improve to fulfill the community’s requirement for the decentralized bridge.
15. Why should the ecosystem support TokenBridge.Cash?
There are many DeFi applications and many DEXs out of the ecosystem. However, there are not many bridges serving for cross-chain liquidity. TokenBridge.Cash is the only serving cross-chain bridge solution that can fulfill the community’s demand to create a different liquidity pair with bridged tokens that have a high economic value that can not be replaced.
TokenBridge.Cash is here to help and we think we could match the high standards of the Bitcoin Cash community by improving the bridge technically, and having it be operated by the community itself.
16. How can we be sure TokenBridge.cash doesn’t have security flaws or backdoors?
Currently, the code audit of the bridge is ongoing by high-profile developers from the Bitcoin Cash community. If we are done with it and when the issues are solved, we will be announcing the result to the community.
17. When are you planning to launch the bridge?
As soon as the audit of the bridge is done and the community members with high profiles join as the validator of the bridge. We need more volunteers with high-profile from the community that can audit the code, giving possible feedback, and joining the validator set.
18. What else would you like to build on SmartBCH?
After the launch of the bridge is done we would like to build a first DEX supporting the cross-chain liquidity pairs for the SmartBCH community, other decentralized applications as well as improvements for the DEX will follow.
19. What advice do you have for people thinking about building on (Smart)BCH?
SmartBCH is the only operational decentralized smart contract platform that could scale for retails, while other chains like Ethereum suffer from scaling issues or high fee issues, we think that SmartBCH is the platform that you find for building for the Bitcoin Cash community.
20. How can we attract more developers to SmartBCH that have EVM experience?
After TokenBridge.cash is actively serving as the rich resource for cross-chain liquidity that many app developers demand, we think that more and more DeFi developers will try to improve the SmartBCH ecosystem in a decentralized manner. It will grow like the current Bitcoin Cash ecosystem.
21. Pitch us on joining your efforts. Tell us where to contact you.
For me, Telegram serves as the best communication platform right now. You can reach me via the BCH marketing channel @BCHMarketing, SmartBCH developers community @smartbchdevelopers, or maybe the general community for SmartBCH ecosystem @smartbch_community.