Author: Paul Sztorc 2022-03-02 00:00:00
Published on: 2022-03-02T00:00:00+00:00
The conversation between Billy Tetrud and Paul revolves around the use of sidechains in Bitcoin. Billy proposes that if all chains, decentralized and centralized, are in the same monetary unit, then the decentralized chain will always exist without interference from monetary network effects. They discuss the possibility of an altcoin dominating the main chain, leading to Bitcoin's demise, and the potential insecurity of the dominating coin being exploited by attackers. Paul believes that sidechains cannot exist without their mainchain and gives an example of how a zcash sidechain would require the mainchain to verify deposits. He also argues that people are different, and transactions are different, so it would be better to have largeblock sidechains where Bitcoiners can easily sweep fiat transactions into some part of the BTC universe. Unlike layer1-largeblockism, no one running Bitcoin Core ever needs to see these 'btc' transactions, and they do not burden Bitcoin Core full nodes. Hence, it seems like a good idea to Paul.
Updated on: 2023-06-15T16:39:52.389999+00:00