Author: CryptAxe 2017-10-10 19:50:13
Published on: 2017-10-10T19:50:13+00:00
A generic sharding protocol for all blockchains, including Bitcoin, has been proposed as a better scaling proposal that does not sacrifice Bitcoin's security. Users simply state that their coins on Chain A are going to be sent to Chain B, then the coins on Chain A are burned and a minting transaction is created on Chain B. The details of how to ensure that coins do not get lost still need to be worked out but it is fully decentralized, and there's no need to give ownership of coins to miners to get scale. Thin clients, nodes, and miners can easily verify that said action took place, and users' client software also knows where to look for the other coins if needed. This idea is similar in spirit to Interledger. A two-way peg is possible with this method, as there is nothing preventing transfers back to the main chain. Drivechain offers objectively worse security, whereas the generic sharding algorithm lets users keep their coins and trust whichever group they want to trust, such as the miners of various sidechains. On the other hand, drivechain users are forced to give up their coins to a single group for whatever sidechains they interact with.
Updated on: 2023-06-12T21:38:36.966595+00:00