Haha - great. I'm the CEO of Ripple.
April 1 today?
Much Dogecoin
Very wow
Here's a serious question, though: during the live meeting, someone stated(not one from the team, but someone asking a question), that sidechains probably won't work.The question sounded like it was part of a longer discussion.
Can anyone fill me in on why people think sidechains won't work? To me, this sounds rather trivial…?
Googling for sidechains brings up a lot of information, do you know of a quality article that is up to date and relevent?
Rambling mode on. I'm fucking tired, so what I write shouldn't be taken too seriously atm.
Disclaimer: I am a fan and holder and I expect that the questions raised below are not new to the Lisk devs. Still, with my limited time, I can't follow lisk chat too closely, so I am sorry if these questions have already been answered. At the same time, they seem a little too technical for the community meetings, but maybe I am wrong. Anyway, here it goes:
Thinking about it a little more, the problem doesn't sound so trivial anymore. The main problem seems to me, to have a good system in place to manage how a token leaves one chain and enters another one, as well as the other way around. In other blockchains, tokens don't "vanish". If you want to destroy them, you send them to an address which has no known private key. Setting up a system in which tokens are bound on the mainchain, because they technically are on another chain aren't really feasible.
Another problem seems to be to keep addresses separated. If we assume, that the way an address is generated doesn't change between chains, every address generated can be used on all chains simultaneously. Without a central instance(i.e. Mainchain), which totally defeats the idea of sidechains, a scenario is possible, in which a token leaves the mainchain and is sent to an address, which exists on other sidechains, effectively multiplying the token. Since the sidechains can't crosscheck, whether a token exists on other chains as well, the check has to be made at the very point, where the token leaves the mainchain.
If you would have a unique identifier per sidechain in place, which is added at the point of generating an address. thus, without using this identifier, you can't access your address, limiting you to using your tokens on the chain it is intended to be used on. The problem of this approach is, that all other chains will read the transactions as well, but have them on unusable addresses…
Anither way would be to send tokens to two addresses: a chain address and a wallet address, pretty much like the city is different, but the street name is the same.
Tagging a token somehow would be possible, too…
Ok, too much bullshit thinking, sorry. Shouldn't hit send, but I'm gonna do it anyway
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