Author Topic: Bitcoin sidechain instead of bitBTC ?  (Read 4126 times)

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Offline xeroc

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Offline jsidhu

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Offline xeroc

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Offline luckybit

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We can accomplish this with a pretty straight forward Smart Contract on Bitshares I believe.

The process would basically involve creating an EBA (UIA) that interfaces with a hosted wallet of said coin.

Similar to how blocktrades works, a deposit address associated with the EBA would be generated.

When the deposit hits the address a transaction is sent via the smartcontract to issue the EBA to the associated Bitshares account.

When the user wants to withdraw, they would perhaps send the amount they want to withdraw to a given bitshares address with a certain memo to specify the target address. The EBA is removed from their account and the coin is transferred to where ever they wanted it to go.

This would require maintaining a very secure environment.. but it's been done before.

This would effectively transfer coins in and out of bitshares in their full value.

It's doable.. I bet blocktrades is already like 90% of the way there. :)
You need acct for cross chain coin transfers...

Bitshares is capable of ACCT.
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Offline jsidhu

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We can accomplish this with a pretty straight forward Smart Contract on Bitshares I believe.

The process would basically involve creating an EBA (UIA) that interfaces with a hosted wallet of said coin.

Similar to how blocktrades works, a deposit address associated with the EBA would be generated.

When the deposit hits the address a transaction is sent via the smartcontract to issue the EBA to the associated Bitshares account.

When the user wants to withdraw, they would perhaps send the amount they want to withdraw to a given bitshares address with a certain memo to specify the target address. The EBA is removed from their account and the coin is transferred to where ever they wanted it to go.

This would require maintaining a very secure environment.. but it's been done before.

This would effectively transfer coins in and out of bitshares in their full value.

It's doable.. I bet blocktrades is already like 90% of the way there. :)
You need acct for cross chain coin transfers...
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Offline JonnyB

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another take on sidechains but slightly different and bitshares is even mentioned in the infographic.

http://www.truthcoin.info/blog/drivechain/
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Offline JonnyB

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We can accomplish this with a pretty straight forward Smart Contract on Bitshares I believe.

The process would basically involve creating an EBA (UIA) that interfaces with a hosted wallet of said coin.

Similar to how blocktrades works, a deposit address associated with the EBA would be generated.

When the deposit hits the address a transaction is sent via the smartcontract to issue the EBA to the associated Bitshares account.

When the user wants to withdraw, they would perhaps send the amount they want to withdraw to a given bitshares address with a certain memo to specify the target address. The EBA is removed from their account and the coin is transferred to where ever they wanted it to go.

This would require maintaining a very secure environment.. but it's been done before.

This would effectively transfer coins in and out of bitshares in their full value.

It's doable.. I bet blocktrades is already like 90% of the way there. :)

There is no need for a secure bitcoin wallet with sidechains as bitcoin just gets frozen on the bitcoin blockchain and only the token holder can unlock it. AFAIK

I run the @bitshares twitter handle
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Offline BunkerChainLabs-DataSecurityNode

We can accomplish this with a pretty straight forward Smart Contract on Bitshares I believe.

The process would basically involve creating an EBA (UIA) that interfaces with a hosted wallet of said coin.

Similar to how blocktrades works, a deposit address associated with the EBA would be generated.

When the deposit hits the address a transaction is sent via the smartcontract to issue the EBA to the associated Bitshares account.

When the user wants to withdraw, they would perhaps send the amount they want to withdraw to a given bitshares address with a certain memo to specify the target address. The EBA is removed from their account and the coin is transferred to where ever they wanted it to go.

This would require maintaining a very secure environment.. but it's been done before.

This would effectively transfer coins in and out of bitshares in their full value.

It's doable.. I bet blocktrades is already like 90% of the way there. :)
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Offline JonnyB

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oh yummy.  @JohnnyBitcoin if technically feasible (should be) this is a great idea.  perhaps we could reach out to the blockstream guys and try to hire them on to build it :)

One thought that comes to mind though....why not use something like what seraph was going to build where it was a multisig gateway that essentially automates all that without a sidechain.

The only person who should be able to unlock the real btc should be the holder of the btc token.With a true sidechain there is zero need for committee control or any type of multisig. I hope it is feasible. Some say blockstreams implementation is not perfect yet and they've had $21 million in funding so far.
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Offline fuzzy

oh yummy.  @JohnnyBitcoin if technically feasible (should be) this is a great idea.  perhaps we could reach out to the blockstream guys and try to hire them on to build it :)

One thought that comes to mind though....why not use something like what seraph was going to build where it was a multisig gateway that essentially automates all that without a sidechain.
« Last Edit: January 26, 2016, 07:38:01 pm by fuzzy »
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@bytemaster  Is it something CNX might be interested in tackling?

Offline xeroc

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(the hardest part there being implementing scrypt in EVM code […]),

Gonna be an expensive (gas) feature

Offline JonnyB

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Offline Akado

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If this is possible, my first impression is that it's a good idea. Again I dont now the technical details, but it's a good way to make use of Bitcoin and build a better relationship with other communities. People might also think it's safer since Bitcoin is more robust. And they wouldn't perceive us as a competing project, but one that complements bitcoin
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Offline xeroc

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it's about time for me to read through it :)