Video: RSK, Federated Sidechains And Powpeg
In this episode of The Van Wirdum Sjorsnado, hosts Aaron van Wirdum and Sjors Provoost discuss RSK’s shift from a federated sidechain model to the project’s new Powpeg solution. The post Video: RSK, Federated Sidechains And Powpeg appeared first on Bitcoin Magazine.
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Federated sidechains utilize key management to provide security and allow functionality beyond the Bitcoin mainchain.
The pegging process no longer relies on functionaries holding custody of bridged funds. Bitcoin sidechain RSK launched a new bridge protocol called Powpeg, which will facilitate a trustless connection between Bitcoin (BTC) and RSK’s wrapped version of it, called Smart Bitcoin (RBTC). The system marks the first time that a Bitcoin sidechain has featured a trustless peg where the funds allocated to the chain are not controlled by a group of well-defined entities, often called a federation. Powpeg achieves this by combining the security features of a Hardware Security Module, or HSM, with....
In its efforts to bring Turing-complete smart contracts and DeFi to Bitcoin, IOVlabs has introduced Powpeg to improve its Bitcoin sidechain federation. The post RSK Is Evolving; Powpeg Leverages Hash Power To Switch From Bitcoin To Sidechain And Back appeared first on Bitcoin Magazine.
Blockstream has released a whitepaper detailing the Strong Federations system, the foundation for the Liquid sidechain project to improve privacy, costs, speed of value transfers and settlement among exchanges and brokerages. ‘An Interoperable Blockchain Solution’. Under the leadership of Adam Back, Blockstream has released a whitepaper dubbed “Strong Federations: An Interoperable Blockchain Solution to Centralized Third Party Risks.” The whitepaper delves into the intricacies of the federated pegs system that can be used to attach sidechains to Bitcoin. Although Blockstream has talked....
In lieu of expanding the main ledger's functionality, Ripple's developers argue that using federated sidechains will help preserve the blockchain's leanness and efficiency for payments. Ripple's developers have been engaging with feedback and suggestions that they expand the XRP Ledger, or XRPL, to integrate functionalities such as smart contracts. The latter have become a major feature of the booming decentralized finance space, but Ripple's creators claim that a different solution is better for the payments-focused XRPL.This solution comes in the form of what they term “federated....