Author: Paul Sztorc 2017-12-04 19:05:09
Published on: 2017-12-04T19:05:09+00:00
Matt, a person interested in Bitcoin Improvement Proposals (BIPs) related to sidechains, has provided feedback on two proposals. In the first BIP, Matt expresses concern over certain aspects of the proposal such as including human-readable names in the chain and the use of a well-known private key. The author of the proposal defends these choices citing reasons such as categorical control and the need for clarity. Matt also suggests alternative methods for depositing funds into sidechains and the removal of sidechain balances from the main chain. In the second BIP, Matt expresses disappointment with the security model proposed which requires users to pay more than an attacker would be willing to keep their chain secure. However, the author argues that the security model is the same as that of every blockchain and that the use of sidechains should be up to individual users.In other news related to sidechains, Paul Sztorc, developer of Drivechain, has released the code for his project on Github. Drivechain is a project that enables sidechains and Bitcoin to interact with each other in order to allow for more experimentation on the Bitcoin blockchain. The code release comes with two BIP-drafts which are designed to enhance the current Bitcoin protocol. One draft, called "hashrate-escrow," allows miners to send funds to an escrow account in exchange for block rewards. The other draft, "blind-merged-mining," provides merged mining between a sidechain and Bitcoin without requiring the knowledge of the parent chain hash rate.The author also explained the way in which the difficulty requirement will work for both Mainchain Bitcoin Core and BMM Sidechain, stating that they are actually the same thing. Finally, he discussed the problem of miner centralization in Bitcoin, and argued that it cannot be solved without a new block subsidy.
Updated on: 2023-06-12T22:30:50.275291+00:00