Use Case
It’s no secret that cryptocurrency has a scaling issue, so we look at various ways either proof-of-work or proof-of-stake could be effective.
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Sidechain News
Sidechain is a chain of blocks based on the main parental blockchain. Sidechains realize the new financial ecosystems via integration into Bitcoin. Relatively new to Bitcoin, the sidechain is an extension that enables the ability both to build a link between BTC and an altcoin and to create new independent services that work via the main Bitcoin blockchain. Using sidechains allows for the creation of various types of smart contracts, stocks, derivatives, etc. It is possible to develop a limitless number of Bitcoin or Ethereum-based sidechains with different tasks and features, assets of which will depend on the main blockchain’s volatility. It allows traditional blockchains to support several kinds of assets, payments, smart contracts and also to increase the level of security and anonymity of transactions.
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Commercial service on Crypto Garage’s Settlenet system, trialled for a year within Japan’s regulatory sandbox, is now available.
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Developers were challenged to create a Bitcoin sidechain with the privacy features of ZCash, using Drivechain technology.
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Multi-currency and futures exchange BTSE to launch the first-ever native exchange token sale based on the Liquid Network in March 2020.
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Blockstack announced Proof of Transfer, a new consensus algorithm for blockchains that uses Bitcoins to secure a network directly, instead of electricity.
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Plasma scalability for the Ethereum network is now a matter of implementation, according to the non-profit Plasma Group.
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Bitcoin technology pioneer Adam Back explained that there’s a greater financial incentive to creating altcoins compared to building on Bitcoin.
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Three major Bitcoin sidechains currently have a combined balance of over 9,000 BTC, or $71 million.
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CEO Adam Back explained users now have more options as a new update provides support for stablecoin Tether.
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Tether is now being offering on Blockstream’s Liquid sidechain, which purportedly will allow for faster settlements and new trading options.
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Blockchain software development BlockStream announced that its mobile wallet, Green Wallet, now supports the firm’s Liquid Network sidechain.
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Bitcoin blockchain infrastructure firm Blockstream has launched a new tool allowing to execute atomic swaps on the Liquid network.
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Crypto Garage’s Settlenet system, which will be trialled within Japan’s regulatory sandbox, aims to provide easier liquidity solutions for exchanges.
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The Liquid Network sidechain, started by Blockstream’s Samson Mow, has gone live.
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In efforts to facilitate Bitcoin scaling, Blockchain Association Canada has launched the Liquid Networks project in Ottawa.
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