Op Ed: The Value of Sidechains and Leveraging Their Potential

Op Ed: The Value of Sidechains and Leveraging Their Potential

Since Bitcoin’s launch in 2009, there has been a growing interest in tapping the potential of decentralized cryptocurrencies. However, any modifications to the consensus layer, the critical part of any cryptocurrency, must be handled with caution. Compared to other internet protocols, this makes it harder for Bitcoin to adopt new features and meet new....


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What are SideChains and Why Should I Care?

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....

Bitcoin News in Review: Sidechains, IBM, BitLicense, and More

Welcome back to another Bitcoin News in Review, where we look at some of the biggest stories of the week here on CryptoCoins News. This week (19 October – 26 October), we looked at sidechains, saw IBM plan to unveil a blockchain-based “internet of things” next year, saw Circle and BitPay comment on New York’s BitLicense, and more. Check out our video and keep scrolling for our articles on this Bitcoin News in Review. Sidechains are an innovative concept first proposed earlier this year. They have the potential to replace altcoins and “Bitcoin 2.0” platforms. Essentially, sidechains make it....

Blockstream Moves Ahead with Sidechain Elements, the First Implementation of Sidechains

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....

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 message to the Bitcoin development mailing list, Sztorc attempted to jump-start the conversation on a potential BIP (Bitcoin Improvement Proposal) to enable two-way pegged sidechains on the Bitcoin network. Sztorc noted the inclusion of a new....

Blockstream Releases Working Sidechain Prototype

Sidechains have been in development for almost a year now and are widely regarded as ‘the Bitcoin 2.0 project’. Sidechains take decentralization to the extreme, aiming to create a protocol that will lead to more innovative decentralized applications by utilizing custom blockchain technology. After eight months of active development, Blockstream has....