Backbone to the financial system? Powering decentralized technology? The first true world currency? There is probably who hasn’t dreamt of a world ten years from now when Bitcoin would be all those things. The promise of cryptocurrencies are enormous, but will Bitcoin really emerge as the winner? And how can we reconcile this grand vision for Bitcoin with an ecosystem where projects launch new coins and blockchains every day?
The one project that rekindles those Bitcoin dreams and paints a potential path to Bitcoin’s ultimate success are sidechains. Developed by Adam Back, Greg Maxwell and several other Bitcoin core developers, sidechains aims to allow the permissionless, rapid innovation of alt chains, but using the established monetary base and network of Bitcoin.
It’s a complex project, but with Blockstream founders and sidechains visionaries Adam Back and Greg Maxwell we couldn’t have had better companions on our journey into understanding the coming Bitcoin-Sidechains-Macrocosm.
Topics we discussed in this episode
- The motivation behind sidechains
- The concept of digital scarcity
- Concerns about the security of sidechains
- Different stages of sidechains from federated pegs to merged mining to block extension