Author: Tao Effect 2017-10-10 20:13:20
Published on: 2017-10-10T20:13:20+00:00
Greg Slepak, a developer and an entrepreneur, has proposed a generic sharding protocol for all blockchains, including Bitcoin. This is a decentralized method that does not require users to give up ownership of their coins to miners to get scale. Users would simply say "My coins on Chain A are going to be sent to Chain B," then they burn the coins on Chain A and create a minting transaction on Chain B. Thin clients, nodes, and miners can easily verify that said action took place, and accept the "newly minted" coins on B as valid. The proposal is fully decentralized and does not change the number of Bitcoins in existence. Drivechain, on the other hand, offers objectively worse security and forces users to give up their coins to a single group for whatever sidechains they interact with.
Updated on: 2023-06-12T21:38:08.043451+00:00