Good day, everyone!
Great speech, Dopey! =)
This is quite interesting:
http://www.reddit.com/r/IAmA/comments/2k3u97/we_are_bitcoin_sidechain_paper_authors_adam_back/Adam Back I am the inventor of hashcash the proof of work function in bitcoin and co-inventor of sidechains with Greg Maxwell. Joined by co-authors Greg Maxwell, Pieter Wuille, Matt Corallo, Mark Friedenbach, Jorge Timon, Luke Dashjr, Andrew Poelstra, Andrew Miller; bitcoin protocol developers.
sidechains paper:
http://blockstream.com/sidechains.pdfAnd this part very interesting indeed:
http://www.reddit.com/r/IAmA/comments/2k3u97/we_are_bitcoin_sidechain_paper_authors_adam_back/clhoh3xthrowawash:
Suppose side chains are implemented tomorrow. Could existing alt chains graft onto the Bitcoin blockchain, or would they have to "start over"?
Pieter Wuille:
(Pegged) sidechains are ultimately altchains without an associated altcoin (they reuse the BTC asset).
The altchain could theoretically remain and become multi-asset (having both their original altcoin, and pegged bitcoins), with a free-floating exchange between them. For systems with alternative economic models (like Freicoin) this may make sense.
samurai321:
so this could enable a in-blockchain digital currency exchange between BTC and NMC for example?
Pieter hasn't replied samurai321's question yet, but it seems rather obvious that the answer should be "yes".
This opens a handful of new possibilities, both vs. Bitcoin as well as other altcoins. BTC and NMC are sha256 though, yet I don't think having mixed algorithms should be a problem either. I haven't checked how Myriad have implemented their multi algorithm system but it does seem to be working fine.
-j.
EDIT: Also take a look at
http://www.blockstream.com/2014/10/23/why-we-are-co-founders-of-blockstream/The altcoin approach of creating a new cryptocurrency just to introduce new features creates uncertainty for everyone looking at cryptocurrencies from the outside. There seems to be no natural stopping point, each fork can be forked again, ad infinitum. This creates both market and development fragmentation. We think that for cryptocurrencies to be successful as a whole we must build network effect, not fragmentation. We believe everyone should enjoy freedom to innovate, too, without seeking permission from us or anyone. We need a different way to get there than by attempting to disrupt our own success.
To accomplish this we propose technology to enable new cryptocurrency networks that do not need new cryptocurrencies (see our sidechains whitepaper for more information, as well as read an interview with the WSJ BitBeat). Delivering on this vision will require continued investment in and cooperation with the bitcoin ecosystem as a whole, along with the full-time support of many people with broad and specialized backgrounds. We felt that in the Bitcoin ecosystem, and in the world at large, there is a shortage of companies working on trustless cryptographic infrastructure. That’s why we, along with our other co-founders who share our vision, came together to establish Blockstream.
Pieter, Greg, Mark, Jorge, Matt, and Adam