Sidechains should be a priority for bitshares.

[pc]

Is there a detailed description of the blocknet protocol available somewhere? blocknet.co is just meaningless marketing mumbo-jumbo. Their github documentation tells how to integrate a bitcoin clone, but nothing about how things actually work.

What Coins Does the Decentralized Exchange Support?

The Blocknet was designed to maximise interoperability, and so most blockchain tokens may be integrated with no coding required.

The current integration requirements are:

* Support for OP_CHECKLOCKTIMEVERIFY
* A stock JSON RPC interface from Bitcoin Core

BitShares is so different from bitcoin-clones that these requirements don't even make sense.

[moinyoin]

I can't support this enough. This is the #1 weakest point now and with it bts would be unstoppable.

Blocknet has been doing it the most and has mentioned it would be great idea for blocknet powered gateway to bts. Convo linked here: https://bitsharestalk.org/index.php/topic,24741.0.html

BTC with segwit should make this possible! I think priorities are BTC to enable trustless BTC - bitFiat trading and also steem for future EOS compatibility

I actually bought some blocknet the other day, still don't fully understand how it works though.

We just need a bts dev chat with blocknet dev as blocknet guys do think it's worth trying and are right NOW in process of doing swaps to many different coins - why not also BTS and BTS assets that would make this all possible - https://twitter.com/The_Blocknet/status/890890575452491776

I don't know best way to reach bts devs or someone who wants to at least chat with them about it. Chat and see if together they can propose/work on it with someone from each platform.

Block should also have source available since it's traded on bittrex. For them block can still fund and validate trustless-gateway platform while bts handles the ultra fast trading.

they also just hired some UI devs and designers for their exchange - but they could do that work on top of BTS blockchain just as easily and provide kick ass UI as well now that ground work has been done for BTS - why reinvent that part of the wheel. Block can use what BTS has as they don't have the speed, and BTS could use what block has as they do not have the trustless gateways. Both can work together.

[yvv]

Everybody is talking about cross chain transfers today and everybody suggest 100500 different solutions.  So, it looks like this feature is in high demand, but I guess the way it is implemented matters, because shitty implementation can have bad negative effect instead of doing good.

[JonnyB]

I can't support this enough. This is the #1 weakest point now and with it bts would be unstoppable.

Blocknet has been doing it the most and has mentioned it would be great idea for blocknet powered gateway to bts. Convo linked here: https://bitsharestalk.org/index.php/topic,24741.0.html

BTC with segwit should make this possible! I think priorities are BTC to enable trustless BTC - bitFiat trading and also steem for future EOS compatibility

I actually bought some blocknet the other day, still don't fully understand how it works though.

[moinyoin]

I can't support this enough. This is the #1 weakest point now and with it bts would be unstoppable.

Blocknet has been doing it the most and has mentioned it would be great idea for blocknet powered gateway to bts. Convo linked here: https://bitsharestalk.org/index.php/topic,24741.0.html

BTC with segwit should make this possible! I think priorities are BTC to enable trustless BTC - bitFiat trading and also steem for future EOS compatibility

[R]

We should work on a draft BSIP for the potential implementation of sidechains.

We do have the UIA Gateways though, there will probably be more popping up in the future (we should encourage existing exchanges to run their own BTS gateway).

http://www.truthcoin.info/blog/drivechain/
https://en.bitcoin.it/wiki/Atomic_cross-chain_trading

Would sidechains require witnesses to monitor external block explorers or run full clients? The later would be asking a lot of the witnesses.

[virtualgrowth]

Good bump, surely an idea to think more about.  As a decentralized exchange it would make sense to try to have some of the more attractive creative assets since we have the ability to create forms of creative assets with bitshares functionality.

[JonnyB]

bump

[rgcrypto]

Bitshares' #1 priority should always be making its p2p asset trade platform better. just nailing that one value proposition would add billions in market cap if promoted even halfway decently.

 

Feature creep is our enemy.

Solving the Decentralized Exchange is a HUGE value proposition. Once we are succesful we it, we can move to the next problem.

By the way...what problem does having a cryptocurrency backed by BTC solves?

[VoR0220]

A) It is possible, to my knowledge, to build a sidechain on Bitshares. Really anything is possible if you can code it so.
B) We should not go onto a BTC sidechain, we should maintain our own. We have distinct features that make us better than BTC.
C) That said, they do have the network effect in terms of being the currency of the internet. With THAT said, BTS is working to be the new standard for decentralized autonomous companies. We seem to be in a competition with Ethereum on that round. MaidSAFE too.
D) There are many features that other coins can offer that we cannot. For example, extreme privacy features would severely hamper scalability in the BTS ecosystem. Ring signatures are not cheap, and zero knowledge proof relies on one node to keep the secret (though it's very very solid if that one node can be trusted).

[cylonmaker2053]

Yes that's true.  But also think decentralized uber on a sidechain.  It would be application specific without the need for a scripting language

Possibilities are amazing for sure; i still think BTS is a p2p asset exchange and nailing that capability will make/break the project.

[topcandle]

Yes that's true.  But also think decentralized uber on a sidechain.  It would be application specific without the need for a scripting language

[cylonmaker2053]

Bitshares' #1 priority should always be making its p2p asset trade platform better. just nailing that one value proposition would add billions in market cap if promoted even halfway decently.

[topcandle]

Bit shares sidechain would be huge if bts focused.  Then programmers can build their own side networkising bts and develop advanced features like truth coin style prediction marketed, scripting languages, open bazaars etc.  think this coupled with our referral and cheap dpos.  A developer could make all the fees in his sidechain paid to him so they can retain money for investment and growth

[wallace]

Ha! Nice pictures guys...

But think of this. What would you say about a banking system that only allows its products and loans to be backed by shares in itself? Why shouldn't that banking system be open to accepting any form of good collateral, as in modern finance? Who is on the horse then?

What I'm leading toward is open architecture, not promoting any specific coin or philosophy. Anyway, this conversation is a bit ahead of its time as its not really possible yet. So I'm comfortable taking the jibes for now! 

I'm wondering if issue a pegged bitAsset with BTC backed, how to frozen the BTC in Bitshares system? Sidechains can do this? even if it would do, how to stand a 10min confirmation in a 1s confirmation system, what we're talking is about the pegged bitAsset, if you want a UIA, who cares it's BTC or LTC or whatever else? and I think our target should not be crypto world but real world.

I'm not good at technical and this is just my understanding.