Exploring The Bitcoin Use Cases Of Spacechains
While spacechains have limited functionality for Bitcoin users, they do provide some interesting use cases worth exploring.In the last article, I broke down what a spacechain is and how they work, but didn't go into any of the things you can do with them. Ultimately, the lack of a two-way peg mechanism severely limits the functionality it can provide to Bitcoin users. A One-Way TripThe original idea of a sidechain was to have a two-way mechanism where bitcoin can be transported to entirely new blockchains, that can have any arbitrary functionality or features that users want to take....
Related News
Spacechains is a proposed Bitcoin sidechain that offers a one-way peg mechanism utilizing blind merge mine design.
Government officials in Moscow today revealed plans to investigate applications of blockchain technology. According to a report by Gazeta.ru, Deputy Head of the Department of Information Technologies (DIT) of Moscow Andrey Belozerov said that the agency is now exploring how to apply blockchain to various use cases, including voting fraud. One proposal, according to the news source, would find Moscow incorporating blockchain into Active Citizen, an in-progress e-government effort aimed at getting citizens more involved in local decision-making. Sberbank, one of Russia's largest banks, may....
India’s central bank, the Reserve Bank of India (RBI), has published a booklet with a section about cryptocurrency and the digital rupee. The central bank acknowledged that cryptocurrencies have gained popularity in recent years and confirmed that it is exploring the need for a central bank digital currency. RBI Says Crypto Has Gained Popularity, Exploring Digital Rupee India’s central bank published a “Booklet on Payment Systems” on Monday with a section on central bank digital currencies (CBDCs). The document covers “the journey of payment and settlement....
Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well.
Criminal Cases Involving Cryptocurrency in Russia Near 1,000 in 2021
Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted....
Blockchain offers great efficiency — and this is the main reason it will be increasingly prevalent over the next decade. Over the last three or four years, blockchain adoption has expanded tremendously, and each industry is exploring different use cases for the technology. There are multiple aspects of blockchain — from business to technical and more — but with the way the industry is exploding, it’s really hard to get it right.It’s best to divide the blockchain topic into two main buckets in order to understand the development of the ecosystem and the key benefits and innovations it....