New Tierion Proposal for ‘Multi-Network Coin’ Could Boost Bitcoin’s Features Fast
Paul Sztorc is the director of research for a startup called Tierion. According to the official website, it “turns the blockchain into a global platform for verifying any data, file, or business process.” Last year, they hosted a token sale that started back on July 27th, and all of the tokens were distributed by August 25th, 2017. In their latest efforts, they have launched a Testnet that includes a new code to revolutionize Bitcoin.
The company proposed a way that could give Bitcoin a further reach than it already has, improving the features of the limited coin supply. This idea was actually brought to the table three years after they first considered it, which has allowed the momentum to increase. As a result, this new coding is considered the best way to setup Bitcoin sidechains.
The sidechain basically allows for the development of additional branches within the network that would work similarly to how Ethereum functions. Essentially, the assets that are located on these sidechains would have the option of customized programming. This whole project was originally pioneered by Blockstream, but Sztorc’s application and modification of it has made it more enticing.
In a blog post that revealed this addition, Sztorc said,
“If this ‘multi-network coin' idea is found to be viable, it has profound implications for the crypto's most salient problems. Bitcoin would be able to copy, without controversy, any technology, including: larger blocks, Turing-completeness, and ring signatures.” Still, with as much anticipation as this project has garnered, Sztorc is realistic in knowing that the release today “isn’t perfect,” but it is only the first code release involving sidechains. He added, “It’s good to be able to show people what exactly Drivechain does.”
The Drivetrain Testnet, for one, will show branches that highlight the ways that the code brings in new characteristics, like the ability to reset a proof-of-work algorithm. However, with the coding, there is a way that this modification can be secluded to a small portion of the cryptocurrency.
While describing Drivechain, Sztorc also said that, if the coding makes it to Bitcoin, developers could finally eliminate the biggest challenge – adding features without changing blockchain incentives. The easiest way to implement the change is with a soft fork. The blog describes it best, saying, “There would be no need to fight about which features bitcoin ‘should' have (or over which features ‘define' bitcoin).”
To view the full blog, visit http://www.drivechain.info/blog/first-release/.