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8 sats \ 1 reply \ @nerd2ninja 29 Jun 2022 \ parent \ on: The "Sidechain Vision" for Bitcoin bitcoin
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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0 sats \ 0 replies \ @premitive1 2 Jul 2022
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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