Are you tired of using different currency at each individual store when you make a purchase? Do you want to support all possible transactions that you do, but cannot simply because the platform that you are using is not flexible? Has scaling really got you down? Are your BTC holdings threatened by Z cash, Etheruem, and Ripple? If you actually think that blocks are too big or too small, or if you think that blocks should contain more or fewer message types or CoreDevs should be eliminated, then sidechains may be what you really need.
What Exactly Is A Sidechain?
If you have been keeping track of recent developments in the Bitcoin industry, then you should already know that ‘blockchain’ refers to the public ledger of transactions that are associated with cryptocurrency. However, over the last decade, the Bitcoin ecosystem has really grown both in size and scale. The blockchain has also increases in size, length, and storage requirements, a factor that has made many people ask themselves whether or not to increase the block limit. This actually led to the birth of a concept known as sidechains. Sidechains are actually separate from the main blockchain, but are similar in some way.
This means that you can actually transfer assets between the blockchain and sidechains without eating much storage space. They don’t have their own token, instead users are supposed to deposit BTC into the sidechains which they can redeem later at the same rate. In simple words, the idea of sidechains is to help blockchain users design and innovate their own solutions. This is possible because they are independent, so even if they fail or get hacked, they will not damage other chains.
Main Benefits Of Sidechains
It Eliminates Competition
One outstanding thing about sidechains is that they give you the opportunity to have the best code, because they can actually copy any code that exists.
Unlike other platforms, sidechains usually filter out the so called get rich quick schemes. This means that if you are thinking of using this platform to defraud other users in order to get rich quickly, then this is not the right platform for you. On the other hand, if you have good intentions, then you have nothing to worry about because you will be protected against fraud.
Ability To Innovate
Unlike other platforms, sidechains do not limit one’s ability to innovate. In fact, sidechains allow any user to develop and run their own codes without facing too many hurdles. You will not be faced with the near impossible task of bootstrapping a new unit of money. It enables innovators to easily develop new applications without jeopardizing Bitcoin’s core code and putting billions of dollars worth of digital currency at risk.
You Have The Freedom To Choose
The satoshi consensus protocol actually allowed users to agree on everything. However, that is not the case with sidechains. It allows users to choose what benefits they would like to pay for.
Sidechains give the user a chance to test new features. All tests conducted are safe, meaning that in the event where the test fails, they will not affect the main network. However, if the test succeeds, then it will foster faster progress.
Damage Does Not Affect Other Chains
One outstanding thing about sidechains is that they are independent. This means that if they happen to get hacked, they will not damage other chains because all damage will be limited within that chain. This means that you can actually be less conservative.
Drivechain Final Words
From the above information, there is no doubt that sidechains have many benefits and its future in digital currency is bright. Drivechain is a leading platform that enables sidechains. It has created a platform that is not only secure, but also user friendly and easy to understand and use. It is the best platform for users who want to reap all the benefits that sidechains have to offer.