Author: Paul Sztorc 2017-10-10 01:39:33
Published on: 2017-10-10T01:39:33+00:00
On Oct 9, 2017, Greg Slepak shared his idea of a generic sharding protocol for all blockchains, including Bitcoin. The idea is simple; users burn their coins on Chain A and create a minting transaction on Chain B. This process doesn't require much modification to the Bitcoin protocol as most of the verification is done client-side. It is fully decentralized, and there's no need to give ownership of coins to miners to get scale. Greg mentions that this idea is similar in spirit to Interledger. He also apologizes if this idea has been brought up before and requests a link to the proposal if it does exist. Paul, a member of the bitcoin-dev mailing list, comments that the one-way pegs have strong first-mover disadvantages. In fact, drivechain does what Greg proposes with the exception that one chooses parameters for the drivechain that make it impossible for any side-to-main transfer to succeed.
Updated on: 2023-06-12T21:37:29.259923+00:00