Monday, November 6, 2017

Sidechains: more than just a good idea

As the Bitcoin community braces for a needlessly hostile fork, I'd like to remind future would-be forkers that there is a cool concept known as a two-way peg. Unless your gripe involves security of the money supply itself, then chances are pretty solid that a two-way pegged sidechain would allow transfer of genuine Bitcoin to and from your possibly superior blockchain tech, such that the market (i.e. users) can fluidly transfer to whatever mechanism best fits their use cases.

Conversely, I'd encourage Bitcoin core to do whatever they safely can to support and encourage sidechains. This concept holds potential as a safer, lower friction and more pro-social mechanism for blockchain evolution, and could moreover serve as an important safety valve.

https://www.blockstream.com/sidechains.pdf

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Eltoo

This https://blockstream.com/eltoo.pdf