Author: ZmnSCPxj 2020-01-14 15:26:18
Published on: 2020-01-14T15:26:18+00:00
A developer named Robin Linus proposed a bitcoin sidechain protocol called Coins that aims to solve the double-spending problem. The protocol uses a bitcoin-backed proof-of-stake where validators vote on sidechain blocks with one-time signatures. Every user can become a validator by locking bitcoins, and one-time signatures guarantee that validators lose their stake for publishing conflicting histories. Checkpoints can be additionally secured with a bitcoin-backed proof-of-burn. The protocol is a generic consensus mechanism allowing for arbitrary sidechain assets, and spawning multiple, independent instances scales horizontally.However, some critics have argued that the proposed system is insecure, especially for small sidechains. They claim that it could easily be attacked with just a small investment from an attacker, even if just stalled/censored for a long period of time. Although this investment might be large if taken relatively to the utility of the niche sidechain.In a message, Robin expresses appreciation, although the context for the appreciation is not specified. The message ends with a PS that directs to Github for further research on scalability and usability. However, it is unclear what specific topic or project the research on scalability and usability pertains to.
Updated on: 2023-06-13T23:09:39.550950+00:00