BitShares Forum

Main => General Discussion => Topic started by: luckybit on October 13, 2015, 08:44:24 am

Title: Blockstream announces new "Liquid" sidechain.
Post by: luckybit on October 13, 2015, 08:44:24 am

Can Bitshares 2.0 do this? http://www.coindesk.com/blockstream-commercial-sidechain-bitcoin-exchanges/

Title: Re: Blockstream announces new "Liquid" sidechain.
Post by: fav on October 13, 2015, 08:54:06 am

yes, without a sidechain.

bitcoin sidechains are useless IMO

Title: Re: Blockstream announces new "Liquid" sidechain.
Post by: bitmeat on October 13, 2015, 09:35:06 am

Quote from: Erlich Bachman on October 13, 2015, 09:30:31 am

correction, a much much slower wheel

With much higher access to cash.

Title: Re: Blockstream announces new "Liquid" sidechain.
Post by: jakub on October 13, 2015, 03:59:31 pm

For those interested in the technical aspects, here I've found a good explanation of the sidechain concept:
http://gendal.me/2014/10/26/a-simple-explanation-of-bitcoin-sidechains/

Title: Re: Blockstream announces new "Liquid" sidechain.
Post by: bytemaster on October 13, 2015, 04:36:52 pm

Yes, we could do it trivially via the following process:

1. Define a multi-sig group on the bitcoin network as the highest N witnesses
2.  Transfer funds to that multi-sig address and have the witnesses issue an asset in return
3.  Have funds sent to the witnesses direct them to a bitcoin address to withdraw to.

The primary challenge is implementing the communication protocol for the witnesses to approve the deposit / withdraw.