Bitcoin technology pioneer Adam Back explained that there’s a greater financial incentive to creating altcoins compared to building on Bitcoin.
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.
- Bitcoin Miner Canaan’s IPO Nets Just $90M After Losing Banking Partner
- ‘Mystery Man’ Gets Berlin Shop to Drop BitPay, Accept Bitcoin Directly
- German Bank Boosts Bitcoin — Negative Interest Rates Hit Every Account
- Grayscale: 84% of Q3 Interest Came From Non-Crypto Hedge Funds
- Bitcoin Price Loses $8,000 Support as Bears Drive Market to 4-Week Low