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Topic: Bitcoin and legacy blockchains do they talk (Read 167 times)

copper member
Activity: 821
Merit: 1992
February 19, 2022, 03:49:15 PM
#8
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So if a new coin starts and gets "secured by bitcoin", it would be from start as valuable as bitcoin.
I don't think so, because we have merged mining and for example NameCoin is not "as valuable as bitcoin", despite having enormous Proof of Work.
legendary
Activity: 2870
Merit: 7490
Crypto Swap Exchange
February 19, 2022, 06:20:40 AM
#7
No, they don't talk... Smiley

To be more specific, it's because each network/cryptocurrency have it's own magic bytes to know whether both nodes belong on same network/cryptocurrency or not.
legendary
Activity: 3668
Merit: 6382
Looking for campaign manager? Contact icopress!
February 19, 2022, 02:19:20 AM
#6
it seems like multiple chains would need to work together in order to be more secure from being corrupted

No. By this logic if I make now a new coin (the 10000+ th) I could require the established coins do me a favor and keep my chain too safe.
Why would they do that? Each blockchain is kept safe by the difficulty to be double spent (usually big enough hash rate). Bitcoin has secured huge hash rate and this is visible also in its price.
So if a new coin starts and gets "secured by bitcoin", it would be from start as valuable as bitcoin. Then why would people pay for Bitcoin when they can make their new coin?

No. Each blockchain goes for itself. The stronger ones will prevail.
legendary
Activity: 3472
Merit: 10611
February 19, 2022, 12:01:06 AM
#5
I'm wondering if something like decred time stamping service is used across bitcoin,ltc,zec etc the original bitcoin works and if they do someone could point me to that
Decred time stamping is a way to store an arbitrary hash on decred blockchain as "Proof-of-Existence". This has been part of bitcoin ever since day one and became popular when OP_RETURN outputs became common.
This is not related to what you are asking ahead.

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because it seems like multiple chains would need to work together in order to be more secure from being corrupted.
Not at all. Take bitcoin for example, the thing that ensures the blockchain is not "corrupted" is the Proof of Work and that doesn't need another chain.

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Seems logical as each chain wouldn't need to hold every block for every chains full data just a hash of the block.
It won't work. Decentralization depends on the principle of "don't trust; verify". Meaning you have to download and verify everything and in order for you to do that, there have to be other nodes that store everything and can provide you with the entire block, not just its hash. Those who don't store the blocks (only store the 80 byte header) are simplified verification clients (SPV for short) like Electrum.
copper member
Activity: 821
Merit: 1992
February 18, 2022, 11:42:15 PM
#4
Quote
nobody really knows what isn't public
The whole chain is public. The only thing that is not public are your private keys to your coins. Situation is a bit different in some privacy-oriented coins like Monero, but in Bitcoin nothing is encrypted, transactions are only signed, but they are public.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
February 18, 2022, 06:44:21 PM
#3
There's no point in making them talk together because each network has its own consensus rules that would prevent an attempt by a different node to talk to them anyway.

In the current model, no, blockchains do not talk to each other after a hardfork.
hero member
Activity: 882
Merit: 5834
not your keys, not your coins!
February 18, 2022, 10:48:28 AM
#2
No, they don't talk... Smiley
jr. member
Activity: 49
Merit: 11
February 18, 2022, 10:05:56 AM
#1
I'm wondering if something like decred time stamping service is used across bitcoin,ltc,zec etc the original bitcoin works and if they do someone could point me to that because it seems like multiple chains would need to work together in order to be more secure from being corrupted. Seems logical as each chain wouldn't need to hold every block for every chains full data just a hash of the block.

I'm a noob and rolling my face on the keyboard trying to bring information together to make it easier to explain to other people how things work. I know a lot of everything is already done and nobody really knows what isn't public.
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