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Recently, the developers behind the Bitcoin Cash-centric project Anyhedge released the alpha version of the Anyhedge Whitelabel, and since then, 284 smart contracts were created on the chain, and more than $32,900 in funds secured using the alpha protocol. Furthermore, this month, General Protocols, the engineers behind Anyhedge, revealed that the team plans to launch a decentralized application (dapp) on the Bitcoin Cash blockchain that will allow anyone to extend bitcoin cash against a myriad of tradable assets.
In recent times, there have been a few different projects built within the Bitcoin Cash (BCH) ecosystem. A protocol called Anyhedge only released the protocol’s alpha version, which allows users to create smart contracts on the chain. Furthermore, the team behind Anyhedge, General protocolsrecently summarized the Anyhedge expansion, which was made possible after the new ruleset changes were applied to the BCH network last May.
This month, General Protocols plans to launch a dapp called BCH Bull, an application that allows people to extend BCH against a variety of tradable assets. BCH Bull is a permissionless and non-custodial dapp built on the BCH chain. Marketable assets that can be used to long or hedge bitcoin cash include assets such as the US dollar, bitcoin (BTC), ethereum (ETH) or the precious metal gold.
“Using the AnyHedge protocol (built by General Protocols), BCH BULL will allow users to instantly create up to 10x leveraged smart contracts directly with their own wallets without the need for any registration,” General Protocol’s BCH Bull announcement explains. The team’s dapp announcement adds:
On the other side of the contract, those users who want to stabilize their purchasing power will also be able to create hedging positions against the same assets, thus offering a trustless and new crypto stability solution, crucial for risk-averse users such as sellers, miners, and other businesses that operate with cryptocurrency.
General Protocols describes that because Anyhedge smart contracts take advantage of the unused transaction outputs (UTXO) properties offered by the BCH network, smart contracts have an advantage. Benefits included “being able to handle high volumes with low fees, while all contracts are stateless and remain independent of each other, thereby improving privacy and reducing any systemic security risk.”
So far, the creators of the project have detailed that the alpha testing saw more than 100 onchain contracts, and each one of them was executed “perfectly” and “seamlessly.” Alpha testing of Anyhedge ended on September 28, and General Protocols summarized its achievements.
“284 smart contracts created on chain with over $32,900 secured,” the team explained on October 2nd. The BCH Bull beta release is set to launch sometime this month, and interested parties can check out the project’s updates via the General Protocols Telegram channel.
What do you think of the upcoming BCH Bull application built by General Protocols? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, BCH Bull website,
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