The Sidechains Bitcoin 2.0 Revolution - Highlights from Reddit AMA
The authors of the new Bitcoin Sidechains paper "Enabling Blockchain Innovations with Pegged Sidechains," published on the Blockstream website, hosted a Reddit AMA yesterday. Also read: SEC Form Shows Bitcoin Technology Company Blockstream Already Has Millions in Funding. AMA means "Ask Me Anything" - Reddit users can ask the host all sorts of questions about any topic. Reddit AMAs use the site's comment system for both questions and answers, and are similar to online text-only press conferences open to all Reddit users. Many celebrities have hosted Reddit AMAs to connect with a global....
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Reddit is the 9th most visited site in the US and ranks 36th for the entire world. Incorporating Bitcoin into Reddit would expose millions of people to the nascent technology. In the past week, Reddit Crypto Engineer Ryan Charles debuted on the Reddit Blog. The blog announced plans to integrate Reddit with Bitcoin's blockchain technology simultaneously. Recently, Reddit's CEO, Yishan Wong, resigned. Alex Ohanian, Reddit co-founder, returned as executive chairman. With that return, Reddit announced the consideration of creating its own cryptocurrency. Shares would be given to the community,....
A collection of recognizable names from the Bitcoin space have teamed up under lead author Adam Back to release an official Sidechains whitepaper at Blockstream. Blockstream is the name of a new company dedicated to "working on trustless cryptographic infrastructure." The paper is available for download on the new Blockstream website. The sidechains concept first hit the public eye earlier this year when Back introduced the concept to the Bitcoin public as a replacement for altcoins and even Bitcoin 2.0 platforms. Fresh on the heels of the release of the long-awaited Sidechains whitepaper,....
SideChains. No, SideChains is not the brother of prominent rapper 2Chainz (although it could be in the future, you never know). SideChains were first announced by Adam Back and Austin Hill on Let’s Talk Bitcoin. SideChains are basically new “blockchains” pegged to bitcoin similar to how the dollar used to be pegged to gold before Nixon removed the dollar from the gold standard in 1973. In theory, each SideChain would service a different purpose however they would all benefit from the adoption and benefits of bitcoin. Proponents of sidechains hail it as the end of altcoins while alternative....
The publication of the long-awaited sidechains whitepaper last week and the Reddit AMA with its authors took the Bitcoin world by storm and generated significant enthusiasm. At the same time, the whitepaper is quite technical and not easy to understand without a careful study, and most of the questions and answers on Reddit were deeply technical as well. Now Richard Brown of IBM UK offers a simple but deep explanation of just what sidechains are, what they can be used for and why they are so awesome. After recalling how transactions on the Bitcoin blockchain work, Brown moves to what....
The authors of the much-discussed Bitcoin Sidechains paper "Enabling Blockchain Innovations with Pegged Sidechains," released in October, formed the company Blockstream to implement sidechains and accelerate innovation in digital currencies. In November, Blockstream closed a $21 million seed funding round with nearly 40 high-profile investors. The Bitcoin Sidechains paper envisages an ecosystem of "sidechains" separate from the main Bitcoin blockchain but interoperable with it by means of two-way pegs, allowing for the transfer of assets between sidechains and the main blockchain. A....