Author Topic: "I think the biggest thing is...that they are going to continue using ASICs."  (Read 7538 times)

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Offline toast

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The dream is every blockchain supports cross-chain trading and so the competition is over who gets to be a central hub. If asset values can move between chains it comes down to technical advantages or disadvantages.

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Offline JoeyD

Dr. A. Back is quite active on the bitcoin reddit discussing the sidechain project. From that discussion I gathered that there is actually no limitation to the type of blockchain you can "peg" onto the bitcoin-mainchain, so for the sidechains ASICS are not obligatory. Also since the whole idea is to stop minting of new bitcoin-tokens and only transaction fees to keep these sidechains running, convincing mining-pools to merge mine, might be more difficult than going with a different model like NXT-forging or bitshares-DPOS.

I don't like mining centralization and also have issues with the high energy cost for just security, but I do think this is a pretty clever and clean way to use the available hashing-power for bitcoin. Now that scrypt has ASICS and ostensibly asic-resistance on pow-chains is futile, this is a way to increase efficiency a bit for that model (even if it increases centralization).

I think I mentioned this before, but I do think bitshares should be very alert to the possibility of being copied and Borg-ed into sidechains and in my opinion should supervise the Borg-assimilation itself. Not in the last place because these sidechains also seem to allow easy forking or transformation of bitcoin to a different blockchain-design. If a sidechain becomes more popular than the main-chain I would expect that sidechain would become the new mainchain and this seems to open up possibilities for bitshares and DPOS as well. In short if bitshares-projects are going to be assimilated anyway, why not let bitshares try assimilating bitcoin?  Also the sidechain 2-way-peg-solution might also offer another way to move between the different DAC-chains of bitshares and open up another range of possibilities.

Offline fuzzy

« Last Edit: April 22, 2014, 10:47:33 am by fuznuts »
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