Bloq’s Paul Sztorc on the 4 Main Benefits of Sidechains
Most people in the Bitcoin community know Paul Sztorc for his work on the Truthcoin concept (now backed by Roger Ver and currently in development as Bitcoin Hivemind), but the former Yale statistician also recently joined blockchain startup Bloq (of which Bitcoin Core contributor Jeff Garzik is a co-founder) under the role of economist. In a recent....
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Bitcoin.com chatted with the Chief Scientist of prediction market protocol Hivemind. Paul Sztorc, who also works with the blockchain firm Bloq, gives our readers an update on Hivemind, his work on peer-to-peer sidechains, Blockstream’s Liquid, Segregated Witness and more. ‘Sidechains Will Allow People to Work on What They Want’. Bitcoin.com (BC): What’s....
Bloq Economist and Bitcoin Hivemind creator Paul Sztorc has been fascinated with prediction markets for many years, and he views these mechanisms for the creation of “event derivatives” as an essential public good. Although Sztorc had been a supporter of centralized prediction market InTradein the past, he now sees the need for a blockchain-based solution to allow these sorts of markets to proliferate around the world. Recently, Sztorc chatted with Adamant Research Editor in Chief Tuur Demeester about prediction markets, Bitcoin, sidechains and many other topics. During the discussion,....
Sidechains have been viewed as Bitcoin’s way of dealing the altcoin market since 2014, when a proposal for a two-way peg between two different blockchains was first proposed in a public setting. Three years later, it appears that drivechains, which are a specific way of implementing sidechains, will be the way in which extensions for Bitcoin are rolled out. Sidechains remove the need for altcoins by allowing bitcoins to be effectively transferred from one blockchain to another. This means the bitcoin token can be used on any type of blockchain that bitcoin holders demand into existence.....
Over the past year or two, the main topic of conversation in the Bitcoin community has been how the system is going to eventually scale to millions or billions of users. Two concepts often brought up during these sorts of discussions are the Lightning Network and sidechains. Blockstream is in a unique position when it comes to these Bitcoin improvements, as it has the funds and incentives to work on both of these concepts simultaneously. In a recent interview with Bitcoin Magazine, Blockstream CTO Greg Maxwell shared his views on sidechains as a scalability solution and why the Lightning....
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....