Discussing Bitcoin Softchains, Sidechains Using PoW Fraud Proofs
Ruben Somsen joined "The Van Wirdum Sjorsnado" to discuss the pros and cons of his softchains proposal. The post Discussing Bitcoin Softchains, Sidechains Using PoW Fraud Proofs appeared first on Bitcoin Magazine.
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Softchains are a sidechain implementation that interact on a deeper level with consensus mechanisms, which can bring benefits and risks.
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 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....
Arbitrum, the largest Ethereum layer-2 scaling solution by total value locked (TVL), is taking steps towards decentralization. In an update on April 16, Offchain Labs–Arbitrum developers–said they have deployed the permissionless version of their fraud proofs, dubbed Bounded Liquidity Delay (BOLD), to testnet. Ethereum Layer-2s Are Popular, But There Is A Big Problem Ethereum layer-2 solutions have been gaining prominence over the years. According to L2Beat data on April 17, these platforms control over $37 billion of assets. Protocol developers and users can send transactions....
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....