A collection of recognizable names from the Bitcoin space have teamed up under lead author Adam Back to release an official Sidechains whitepaper at Blockstream. Blockstream is the name of a new company dedicated to “working on trustless cryptographic infrastructure.” The paper is available for download on the new Blockstream website. The sidechains concept first hit the public eye earlier this year when Back introduced the concept to the Bitcoin public as a replacement for altcoins and even Bitcoin 2.0 platforms.
Fresh on the heels of the release of the long-awaited Sidechains whitepaper, the authors of the whitepaper have announced that they will do an Ask Me Anything (AMA) on Reddit tomorrow morning at 9AM PDT/Noon EDT/5PM BST.
— Adam Back (@adam3us) October 22, 2014
All the authors of the sidechains whitepaper will be participating in the Reddit AMA, which will likely be on /r/Bitcoin. The full list of participants includes Adam Back, Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory Maxwell, Andrew Miller, Andrew Poelstra, Jorge Timón, and Pieter Wuille. As Bitcointalk and Bitcoin subreddit mod theymos put it:
This will be a great opportunity both for people who don’t understand sidechains and people who understand the paper and want more technical details. These are some of the very smartest people in Bitcoin, and they’ve been thinking about this stuff for years, so they’ll surely have many interesting things to say if given interesting questions.
Sidechains Going Forward
The proposed sidechains “upgrade” is still incomplete and in nascent (whitepaper) form. Those with advanced questions on the technical implementation of sidechains into the Bitcoin network may hear their answers tomorrow. One particular edge that altcoins might still have over sidechains, in their current form, is in mining. Nowadays, there are even ASIC farms dedicated to Scrypt hashing on the dozens of Scrypt-based altcoins. Exactly how to incentivize Bitcoin miners to mine sidechains is still under discussion and not formulated, though the whitepaper does put forth some ideas. To summarize, a Back told the Wall Street Journal in an interview: in essence, sidechains “allows you to have innovation without speculation.” The roadmap for how that will be done may be revealed tomorrow.
What do you think about sidechains? Comment below!
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