Bitcoin Community Divided Over Proposal to Add Sidechains: Potential for Growth or Increased Scams?
Summary:
Bitcoiners are debating the addition of "sidechains" to the Bitcoin network as proposed in the six-year-old Bitcoin Improvement Proposal (BIP) BIP-300. While some believe it will attract new users, others are concerned about an increase in scams. A developer claims to have found an alternative solution without a soft fork of the blockchain. The proposal has garnered both support and criticism from experts in the industry.
Bitcoiners are engaged in a renewed debate surrounding a six-year-old Bitcoin Improvement Proposal (BIP) that suggests the addition of "sidechains" to the Bitcoin network. Some are concerned that this move could lead to an increase in scams, while others believe it will attract new users to the cryptocurrency. A developer claims to have discovered a way to achieve the proposal's goal without requiring a soft fork of the blockchain. The proposal in question, BIP-300 or Bitcoin (BTC) Drivechains, was first introduced in 2017 and aims to introduce separate blockchains on top of the Bitcoin network. The debate over this proposal was reignited when a Bitcoin core developer named Luke Dashjr rewrote the code and requested its addition to Bitcoin's codebase. BIP-300 would require a soft fork of Bitcoin, similar to the Taproot soft fork that took place in November 2021. However, on September 10, Maxim Orlovsky, CEO of blockchain scaling solutions project Pandora, claimed to have created a two-way peg on Bitcoin without the need for a soft fork. This alternative solution could potentially replace BIP-300. Orlovskey explained that an old project proposal could function as an alternative to BIP-300, using an oracle to validate a sidechain's state. More information on this setup is expected to be provided in a forthcoming paper. Proponents of BIP-300, including its author Paul Sztorc, argue that Drivechains would allow users to select the security model that aligns with their preferences and tailor the functionality of their Bitcoin. They also believe that the proposal has enormous potential without any downside. However, critics such as Cory Klippsten, CEO of the BTC-only exchange Swan Bitcoin, express concern that Drivechains could lead to an increase in scams, which may draw the attention of regulators. Pierre Rochard, VP of research at Bitcoin miner Riot Platforms, criticized the proposal's messaging, describing it as speculative economics rather than solid engineering. On the other hand, supporters of BIP-300, including educator Dan Held and Bitcoin wallet provider Casa co-founder Jameson Lopp, believe that sidechains can introduce new audiences to Bitcoin and see no significant risks associated with their implementation.
Published At
9/12/2023 4:16:55 AM
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