Author: Daniel Murrell 2014-10-22 22:01:38
Published on: 2014-10-22T22:01:38+00:00
The email thread discusses the possibility of enabling blockchain innovations with pegged sidechains. A paper by Adam Back and other authors describes side-chains, two-way pegs, and compact SPV proofs that allow interoperability in terms of being able to move bitcoin into and out of a side-chain. The side chains may have some different parameters or experimental things people might want to come up with (subject to some minimum compatibility at the level of being able to produce an SPV proof of a given form). Greg Maxwell proposed a practically compact way to do 2-way pegging using SPV proofs. Private chains add some possibility for higher scaling while retaining bitcoin security properties.During the beta period betacoin is NOT an alpha, people can rely on it and use it in anger for real value transactions. In a Bitcoin-development mailing list discussion, Alan Reiner proposed a plan to work on reusable features for bitcoin that could benefit humanity. He suggested that more developers and testers should be hired full-time, possibly through BTC donations from the $1.5 billion stored value in bitcoin. Peter Vessenes agreed with the idea, suggesting it could act as a curing period, similar to the current 100 block wait for mined coins. Adam Back also supported the idea and suggested that the Bitcoin Foundation could ask for donations to hire more developers and testers.Meanwhile, Reiner mentioned his plan to implement "Ultimate Blockchain Compression" for the mainnet validation rules but emphasized the need for some kind of staging to evaluate it realistically.
Updated on: 2023-06-09T03:21:12.455667+00:00