idea post: bitcoin side chain implementation | Patrick Sharp | Sep 25 2017
Patrick Sharp on Sep 25 2017: Hello Devs, I am Patrick Sharp. I just graduated with a BS is computer science. Forgive my ignorance. As per bip-0002 I have scoured each bip available on the wiki to see if these ideas have already been formally proposed and now as per bip-0002 post these ideas here. First and foremost I acknowledge that these ideas are not original nor new. Side Chains: Bip-R10 offers a mechanism to assign custody or transfer coins from one chain to another. However I did not find a bip that proposed a formal bitcoin side chain. My proposal
They are officially supported, tracked and built by official bitcoin software meaning that they are not an external chain
each chain has an identifier in the block header i.e. main chain: 0, first chain: 1, second chain: 2...
the number of chains including the main chain that exists is always a power of 2, this power will also be included in the block header.
each address is assigned to a chain via chain = (address) mod (number of chains)
to be valid an addresse's next transaction will first send their coins to their chain if they are not already there
if the address they are sending to is outside their chain their transaction will be submitted to both chains and transaction fee will be split between chains
They come into being via a fork or split
every 2016 blocks (upon recalculation of difficulty) if some percentage (lets say 10%) of blocks on any chain are larger than some specified amount (lets say 750 KB) then all chains are called to
their power value and fork on their block. - miner of chain x creates genesis block for chain x+2^previous power - upon fork, the difficulty of the old chain and the new chain will be half the next difficulty - if every chain has gone 2016 block without surpassing some amount (lets say 250 KB) at least some percentage of the time (lets say 10%) all chains will be called to join, decrement their power and double their difficulty - given miner of chain x, if x not less than 2^new power, chain will be marked dead or sleeping - miners who mine blocks on the chain that was joined (the chain with the smaller identifier) may have to make a block for the sleeping chain if transactions include funds that fully or partially
the sleeping chain - dead chain are revived on next split. - each block's reward outside of transaction fees will be the (current bounty / 2^fork power) except obviously for dead blocks who's reward is already included in their joined block
dynamically scales to any level of usage, no more issues about block size
miners have incentive to keep all difficulties close to parity
if miners are limited by hard drive space they don't have to mine every chain (though they should have trusted peers working on
to verify transactions that originate off their chains, faulty block will still be unaccepted by the rest of the miners) - though work will still grow linearly with the number of chains due to having to hash each separate header, some of the overhead may remain constant and difficulty and reward will still be balanced. - transactions are pseudo equally distributed between chains. - rewards will be more distributed (doesn't' really matter, except that its beautiful)
because most transactions will be double recorded the non-volatile memory foot print of bitcoin doubles (since miners do not need
all chains i
believe this solution not only overcomes this cost but may decrease the foot print per miner in the long run overall) - transactions will hang in limbo until both chains have picked them up, a forever limboed transaction could result in lost coins, as
long as a
transaction fee has been included this risk should be mitigated.
u/BashCo complaining to the reddit admins about the promotion of altcoins!
Hi u/woodpaneled. I've been talking this development over with the Bitcoin mod team. We were kind of amused that your announcement says things like "just like Bitcoin" despite it not being very much like Bitcoin at all. We also chuckled a little that you "borrowed" the Moon moniker from the popular "To the Moon!" Bitcoin meme. Not very original... we're flattered anyways. But most of all, we found it regrettable that admins have decided to deploy this experiment on the ICO altcoin Ethereum, which is a permissioned blockchain project that has failed to deliver on various promises over the years, has no roadmap, and simply cannot cope with moderate capacity. See "CryptoKitties" for more info. To this end, Bitcoin does not promote altcoins or encourage their usage, especially not deadend altcoins built on lies and scams to enrich their founders. We request that reddit admins provide subreddit moderators the ability to opt out of any blockchain-based points system on ethical and moral grounds, regardless of the cryptocurrency being deployed. Thanks!
Rootstock (RSK) as a Bitcoin side-chain is offering the ability to use two way pegged bitcoin (RBTC) in smart contracts that are potentially compatible with Ethereum? RSK has a DAO on it just like MakerDao that plans to use RBTC as collateral for the stable coin they are building out called DOC "Dollar on Chain". If this can be done then we should also be able to offer RBTC as collateral in MCD right>? Do we have plans to work Bitcoin in whatever capacity into MCD at this point in time and if so what are those plans? Anyone with any insight please feel free to chime in, TY!
04-25 16:25 - 'By then, we’ll have Lightning and numerous side-chains all pegged to Bitcoin. BCH will be a joke currency, like Doge but more worthless.' by /u/admin_default removed from /r/Bitcoin within 494-504min
This week I have a lot of driving to do, so I'd love some cool bitcoin podcast episodes. There are plenty of btc podcasts I follow, yet sometimes one of those timeless episodes comes along, that provide extraordinary insight. What are your favorite podcast episodes? Themes that interest me are:
Bitcoin protocol (duh)
Macroeconomics / the financial system
Social impact of Bitcoin
Lightning network development
Other developments on Bitcoin side chains
Thanks in advance! Even the most simple episodes, which are aimed at new people in the space, are welcome! Sometimes it's nice to get back to the basics.
Segwit will allow "Side Forking" to a better Bitcoin. Safe and coercion free escape path from Core/Blockstream for developers, users and miners.
Segwit and side-chains will enable a "side fork" to a better version of Bitcoin (such as BU or similar). "Side forking" has several advantages over Hard Forks and Soft Forks.
Core is working on side-chain interoperability for us.
No need for special consensus to activate a side-chain.
Moving to a better Bitcoin side-chain is risk free, since you can always go back.
But you never have to move your coins back.
Miners can easily transition to side-chain mining as main-chain fails.
Core cannot prevent side chains from essentially replacing Bitcoin. It is a judo move on what they are trying to do. Using Core to undermine Core.
Anyone else see why "side forking" isn't a worthwhile option to break with Core given "hard forking" and "soft forking" from Core influence have proved politically impossible? "Side forking" might be the best way forward for all Bitcoin work. Let's users choose their preferred Bitcoin while still maintaining single ledger at the top, so coin value never forks and inflates. Also lets developers release new versions of Bitcoin for users to adopt at will without having to convince anyone their work is better except on its merits. [Note: This is a resubmit before any votes on the first submission. Better words.] Edit: Game Theory Chess Mate? Edit: Is this the desperately needed solution to the political development problem? Developers release their side-Bitcoin chains without permission from anyone, but all chains operate with same unit of value. So there is no more downside to users for having the option of any number of alternate and improving and merged best-feature implementations?
How can I store big files on the blockchain?Swarm and IPFS
Is ethereum based on bitcoin? No, we use bitcoins underlaying technology, the blockchain, but Ethereum is a separate Blockchain. Ethereum has one of the first working implementations of bitcoin side chains so you can easily and quickly exchange ether and BTC.
What tools should I use to develop and build apps?Ether.camp and Mix
What is 'Gas'? Every contract has a fixed computational cost that which is the result of which kind of call it executes. These costs are fixed by the protocol level, but to avoid having them fluctuate too much they are set in gas instead of ether. Every user selects the gas price they are willing to pay when they send a transaction or execute a contract and every node is free to accept that price or not, based on their minimum gas price, amount of transactions and other network conditions.
How do I update my wallet? The wallet is an interface to the node. This means you can have multiple copies of the wallet, or overwrite your old copies without a problem How do I backup? Open the wallet, go to accounts > backup and save those folders Do I need to download the full Blockchain? Yes. Light clients are on the pipeline and before that there are some updates that will optimize and speed up the time it takes. Is it safe to store my ether or import my presale wallet? Yes. Of course risk is relative and you should keep your computer protected from malware and wallet backed up. The wallet is still beta but at this point this is more related to crashes and other issues that might make it harder for a non geek to launch the wallet. But the chances of actually loss of ether are relatively small at that point and probably smaller than an exchange getting hacked
Hi Bitcoiners! I’m back with the seventh monthly Bitcoin news recap. Last month's post got very little love, and I don't expect much more success with everyone focussing on August 1st, but here it is nonetheless. In my eyes definitely one of the most eventful months in Bitcoin's history, absolutely unreal how much happened:
SegWit activation imminent
Epic analysis of spam attacks & a 10M-user LN network
2013 price buble & Mt. Gox hack reveals
BTC-e went down
Bitcoin sign guy
Steepest rises and crashes USD-wise
To name a few. For those unfamiliar with the monthly recap, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com If you're on mobile and can't see the links below, check the web version. A recap of Bitcoin in July 2017
Temco Platform Is The First Blockchain Solution on Risks
TEMCO becomes the first ICO to be launched on RSK, a Bitcoin side chain and this has attracted a lot of attention with crypto enthusiasts anticipating the token to take up from the crypto market leader. SDK is a smart contract supported sidechain making it possible for startup raise funds. The ecosystem will bring together major players in the manufacturing, warehousing, transporters and distribution companies to deliver authentic products to the consumer. All network affiliates will be vetted before being included. All products will have a special tamper proof tags that will be scanned to ascertain their authenticity to weed out any counterfeits. Tagging will be supported by smart contracts that will ensure all service level agreements are adhered to for increased reliability. The system will make it easy to validate data and the three tier process include the data uploading to the system, data access through an API and the actual App that will display results for the users to verify. https://temco.io
Since sidechains are separate systems, technical and economic innovation is not hindered. Despite bidirectional transferability between Bitcoin and pegged sidechains, they are isolated: in the case of a cryptographic break (or malicious design) in a sidechain, the damage is entirely confined to the sidechain itself. Bitcoin Sidechains. Liquid; Liquid is a Bitcoin sidechain that speeds up Bitcoin transactions and enables the digital asset proceeds. The launch of the network happened in October 2018. Liquid transactions in the past were available to anyone. Later, the network introduced confidential transactions to secure information exchange and trading. Bitcoin is supposed to be used as money, but if it cannot be used on some networks, it is constrained as a medium of exchange – and therefore at a competitive disadvantage. Instead, sidechains are alt-chains that all use the same Bitcoin token. Sidechains are an extremely important innovation for cryptocurrency. They also extend and incentivize the cryptocurrency mining opportunities and industry. TRANSCRIPT Sidechains as an idea have existed and had been floating around for quite some time now, the bases is to extend the decentralization of trust into other sectors and to other digital assets. However, while this all sounds great it To understand why transactions on the main chain are slow by default, check out this article on bitcoin block size. How to secure sidechains? A major drawback is that a side-chain has fewer nodes than the main chain, thus making it more vulnerable for a 51% attack. This means that vulnerabilities could potentially increase and more child chains
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Andreas sits down once again with Father-of-Hashcash Adam Back, this time to deep dive into Sidechain Elements, what it is, how it works and what it means. Small Garden Design Ideas on a Budget - tips from top garden designers! - Duration: 13:07. The Middle-Sized Garden 115,156 views A recap of our Bitcoin Pizza Day Party! In this video I asked Adam Back about Sidechains, a topic everyone in the Space should master: -Why are Sidechains im...