1 year ago
A statement has reignited among Bitcoiners implicit a six-year-old Bitcoin Improvement Proposal (BIP) to adhd “sidechains” connected apical of the network, with immoderate informing it could summation scams connected the Bitcoin web and others saying it volition bring caller users of the cryptocurrency.
Meanwhile, 1 developer claims to person recovered a mode to execute the proposal's extremity without a brushed fork of the blockchain.
The connection successful question, BIP-300 — besides known arsenic Bitcoin (BTC) Drivechains — was archetypal introduced successful 2017, which projected introducing “sidechains” that are abstracted blockchains connected apical of the Bitcoin network.
Paul Sztorc, the proposal’s writer and laminitis of the Drivechain improvement steadfast LayerTwo Labs which raised $3 cardinal successful December, has explained the blockchains would let for BTC to determination onto them and make altcoins.
This is however Bip300 tin destruct each crypto and fiat transactions, leaving lone Bitcoin pic.twitter.com/1TwQsu9ZPj
— LayerTwo Labs (@LayerTwoLabs) July 10, 2023However, the statement implicit the connection was kicked up again erstwhile a Bitcoin halfway developer known arsenic Luke Dashjr rewrote the proposal's codification and requested to adhd it to Bitcoin’s codebase connected Aug. 22.
BIP-300 would necessitate a soft fork of Bitcoin that would beryllium activated by miners — not dissimilar the Taproot brushed fork successful November 2021 that paved the mode for the arsenic arguable nonfungible token (NFT) emulating Ordinals and BRC-20 tokens that launched earlier this year.
On Sep. 10, Maxim Orlovsky, the CEO of blockchain scaling solutions task Pandora, posted connected X (Twitter) claiming helium was capable to make a two-way peg connected Bitcoin without a brushed fork of the blockchain which BIP-300 requires.
Just understood that 1 tin bash cryptoeconomically-safe trustless 2WP connected #Bitcoin without immoderate softfork contiguous - utilizing Prometheus - our 5-year aged connection for arbitrage of immoderate high-load Turing-complete computing connected apical of Bitcoin: https://t.co/NljYszgkk7 pic.twitter.com/wV5MDuqUov
— Maxim Orlovsky (@dr_orlovsky) September 10, 2023In an accompanying note Orlovsky explained an aged task connection could enactment arsenic a BIP-300 alternate with an oracle moving to validate a sidechain and "the protocol volition scope statement connected whether the authorities reported by the oracle is correct.”
Details, truthful far, are sparse. Orlovsky said helium would enactment connected a insubstantial describing the setup “in [an] understandable way.”
Meanwhile, BIP-300 proponents including Sztorc reason Drivechains volition let users to take a blockchain information exemplary they hold with and however they privation their Bitcoin to work. Sztorc besides claimed the connection has “enormous upside” with “literally zero downside.”
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Others, including Cory Klippsten, the main of the BTC-only speech Swan Bitcoin, rejected the connection — with Klippsten claiming Drivechains would summation the magnitude of scams connected Bitcoin which whitethorn drawback the ire of regulators.
One imaginable downside of Drivechains:
Having tons of scams connected Bitcoin volition marque radical and regulators (understandably) deliberation that Bitcoin is afloat of scams.
Pierre Rochard, the VP of probe astatine Bitcoin miner Riot Platforms said the proposal’s messaging relies connected “speculative economical arguments alternatively than substantive engineering ones” and added it was “pure hopium.”
Drivechain’s “force a softfork to termination sh*tcoins” selling someway manages to beryllium some anti-bitcoin and anti-“crypto”. Also axenic hopium. It’s a distraction. Strong NACK.
— Pierre Rochard (@BitcoinPierre) August 21, 2023Others that lent their dependable to enactment BIP-300 included pedagogue Dan Held who claimed that Bitcoin is amended disconnected with much speculative assets arsenic they “introduce caller audiences to Bitcoin.”
Meanwhile, Bitcoin wallet supplier Casa co-founder Jameson Lopp said he’s yet to spot a “convincing concern” of however sidechains could beryllium unsafe to the main Bitcoin blockchain.
I'm mostly successful favour of yet fulfilling the committedness of 2-way pegged sidechains. I've yet to spot a convincing interest of however it could beryllium unsafe to the main chain. Some folks person said it could beryllium unsafe if a sidechain became much invaluable than the basal chain, but seems…
— Jameson Lopp (@lopp) August 30, 2023He added if a sidechain becomes much invaluable it could awesome that the basal concatenation “should instrumentality that sidechain's features.”
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