Author: ZmnSCPxj 2020-01-14 00:53:24
Published on: 2020-01-14T00:53:24+00:00
In a conversation between Robin and Joachim, the latter argues that sidechains are not in competition with Bitcoin but rather depend on it heavily. He also believes that for end-users, all underlying complexities can be abstracted away such that they only have to think in BTC. The unit of account is still BTC, and exchange rates can be hidden in transaction fees. However, Robin counters this argument by stating that creating a special wallet with atomic swaps between LTC-BTC and displaying the unit of account as BTC would work just as well. Robin does not see the difference between this and calling it a Bitcoin sidechain versus any other altcoin. Joachim then explains his perspective of wanting to onboard not-so-techy friends to Bitcoin and how current solutions like BlueWallet are fully custodial. He believes that using thousands of altcoins, each with its own Lightning Network (LN) built around Bitcoin as the central settlement layer, could be an efficient way to scale globally and serve billions of users. He argues that instead of processing N * N * t bytes of transactions, microchains could split N in half, resulting in two (N / 2) * (N / 2) * t, or more generally, if there are c chains: c * ((N / c) ^ 2) * t or N * N * t / c. However, it is pointed out that Lightning remains a superior scalability solution to microchains.
Updated on: 2023-06-13T23:09:13.464549+00:00