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Bitcoin Blockchain Innovations: Sidechains
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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
At first glance, sidechains may seem like another layer of complexity that is best left to the professionals, but they can make blockchain tech more accessible and customizable for developers who want to explore different possibilities and applications for the Bitcoin blockchain. And also allow for alt coins and Bitcoin to scale- Remember Lightning Network? They could also one day allow for cryptos to interact with each other, thus opening the door for so many possibilities.
Understanding Blockstream:
https://thecontrol.co/understanding-blockstream-25af2b6f0084
So Blockstream funds the development of Bitcoin Core, which is the main Bitcoin network client software.
Blockstream is a blockchain technology company that also boasts itself as being the originator of side chains.
Whether or not that’s true, they were at least one of the first and still a major player that is pursuing this big idea.
https://blog.blockchain.com/tag/blockstream/
Let’s break down what a sidechain is. In laymen’s terms, sidechains run parallel to a main blockchain, like bitcoin’s blockchain for example. They use a two-way peg, meaning you can move your bitcoin from the main bitcoin blockchain, to the sidechain, and then back again. This is done by essentially locking away your bitcoin from the main blockchain while it is in use on the sidechain, and they are then released once you prove they are no longer being used on the sidechain.
The first side chain is called Elements Alpha.
It’s a tesnet where developers can utilize the open source code to contribute to the project and discover ways to improve the bitcoin blockchain.
Other projects for side chain implementations include the likes of Rootstock.
The developers at Rootstock, or RSK have announced at consensus 2017 the release of Ginger, which is their open sourced testnet.
Ginger is aimed at providing more functionality to the Bitcoin Network like smart contracts, incre
...
https://www.youtube.com/watch?v=0To3N3E-gZE
Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828dc34383271a500003b
Step up your game and Check Out Binance too: https://www.binance.com/?ref=10080191
Join the Robinhood app and invite your friends to Robinhood and win free stock. Here's my invite: http://share.robinhood.com/heidic1
Find me on Steemit: www.steemit.com/@heiditravels
Twitter: @blockchainchick
Instagram: @hheidiann
If you’re looking for an app that tracks the price of BTC & ETH and many other coins, check out the CoinView App: https://play.google.com/store/apps/details?id=br.com.freeflowt.coinview
LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
At first glance, sidechains may seem like another layer of complexity that is best left to the professionals, but they can make blockchain tech more accessible and customizable for developers who want to explore different possibilities and applications for the Bitcoin blockchain. And also allow for alt coins and Bitcoin to scale- Remember Lightning Network? They could also one day allow for cryptos to interact with each other, thus opening the door for so many possibilities.
Understanding Blockstream:
https://thecontrol.co/understanding-blockstream-25af2b6f0084
So Blockstream funds the development of Bitcoin Core, which is the main Bitcoin network client software.
Blockstream is a blockchain technology company that also boasts itself as being the originator of side chains.
Whether or not that’s true, they were at least one of the first and still a major player that is pursuing this big idea.
https://blog.blockchain.com/tag/blockstream/
Let’s break down what a sidechain is. In laymen’s terms, sidechains run parallel to a main blockchain, like bitcoin’s blockchain for example. They use a two-way peg, meaning you can move your bitcoin from the main bitcoin blockchain, to the sidechain, and then back again. This is done by essentially locking away your bitcoin from the main blockchain while it is in use on the sidechain, and they are then released once you prove they are no longer being used on the sidechain.
The first side chain is called Elements Alpha.
It’s a tesnet where developers can utilize the open source code to contribute to the project and discover ways to improve the bitcoin blockchain.
Other projects for side chain implementations include the likes of Rootstock.
The developers at Rootstock, or RSK have announced at consensus 2017 the release of Ginger, which is their open sourced testnet.
Ginger is aimed at providing more functionality to the Bitcoin Network like smart contracts, incre
...
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https://satoshisolutions.online/login Easily compare the ROI for multiple master nodes and is similar to Nodehub in that it’s a platform that makes it easier for you to set up your own masternode for the coins they support of their platform
https://www.allnodes.com/ offers node monitoring and node hosting depending on your needs. Has some decent reviews from users.
https://www.nodestop.com/ Works with cold storage.
https://node.trittium.cc/ Allows you to invest in masternode pools, easily reinvest your rewards to earn compound interest. Rewards are paid out 4x a day, no commissions collected, they support airdrops but you have to pay for their service using their cryptocurrency. Fees are paid on a daily basis, meaning you’ll need a constant supply of their coin TRTT. Dedicated VPS means best chance for smooth masternode performance
https://nodehub.io/ Allows you to vote on proposals for the network your masternode is a part of.
https://webhostingprof.com/best-vps-for-masternode-setup-hosting/
For those who feel comfortable dealing with managing the VPS themselves, and want to cut out one of the middlemen, I’ve found this review to be very informative and in-depth. It’s important to keep in mind that different masternodes have different requirements so make sure to do your due diligence to determine if that VPS provides what you’ll need in order to run that particular masternode.
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