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I got a response:
Easier if you join the telegram t.me/DcInsiders
The sidechain is its own blockspace.
Yes
The sidechain is its own blockchain.
Yes
The sidechain has to spend Bitcoin in order to transact on the sidechain?
Yes. Let us label the coins on the sidechain "SC2" and the coins on the
mainchain "BTC". The mainchain world can only see "BTC". The sidechain
world only sees "SC2" in its blockchain, although it can also see into
the mainchain blockchain where "BTC" lives.
The sidechain uses mainchain solutions for its own security (but how
does it fit its own transactions into a block. Any change to a block
changes its hash value which would require the work of finding a nonce
to get the hash value to have the number of leading zeros to prove work.)
The sidechain's block has does not have leading zeroes. Only the
mainchain's block is fixed.
Do sidechains have their own tokens?
They can, such as my BitAssets sidechain. Or they cannot, such as my
zCash sidechain.
Can sidechains be used for scams like HEX or otherwise have a portion of
the transaction fee go to an address (usually the founder address)
Yes and yes.
How would Blind Merged Mining compete with Lightning Labs Taro
Taro is a lot like the BitAssets sidechain. Assets on Taro (or RGB) have
no objective existence anywhere, you need to be shown a proof of
something (and you need the verifier) in order for you to observe them.
There is no global state.
Paul
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When I next see paul I would like to ask him about this last paragraph regarding the need to see "a proof of something in order for you to observe them"
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Reading through BIP 301. My first suggestion that it needs PR page so people can comment and ask questions openly, but I have some questions already.
First a check to see if I understood the BIP correctly. This may work as an easy to understand bullet point list in the future if correct.
.'s indicate confidence, ?'s indicate lack of confidence in my understanding
The sidechain is its own blockspace.
The sidechain is its own blockchain.
The sidechain has to spend Bitcoin in order to transact on the sidechain?
The sidechain uses mainchain solutions for its own security (but how does it fit its own transactions into a block. Any change to a block changes its hash value which would require the work of finding a nonce to get the hash value to have the number of leading zeros to prove work.)
Okay now for questions:
Do sidechains have their own tokens? I think the Bitcoin community would be upset at the idea of something that enables ICOs on Bitcoin
Can sidechains be used for scams like HEX or otherwise have a portion of the transaction fee go to an address (usually the founder address)
How would Blind Merged Mining compete with Lightning Labs Taro (source: https://docs.lightning.engineering/the-lightning-network/taro) which yes does the thing I'm worried about with BMM as seen above.
Ultimately, even if the BIP doesn't get accepted, I genuinely think its wonderful when people work hard to improve Bitcoin.