However, the Goldman Sachs report also said that Bitcoin's ‘biggest hurdle’ will be maintaining its cost advantage in the face of greater regulation, higher operating costs, and competition from entrenched players.
Another way to explain sidechains is to refer to a Blockchain as a highway where vehicles can be driven at full speed while sidechains refer to a network of roads built adjacent to the highway for traffic that doesn’t necessarily need to move at full speed to decongest the highway. Sidechains simply refer to relatively smaller blockchains that exist alongside an older established Blockchain. The older master chain is regarded as the "parent chain" and the sidechain can be seen as a "child chain" of sorts.
Nonetheless, many people agree that the conversations about the role of sidechains are positive for the Bitcoin network and the Blockchain industry at large. In the final analysis, it remains to be seen how fast and how well sidechains will help the Bitcoin network to solve its scalability challenges. It will be interesting to see how sidechains strengthen the Blockchain ecosystem within the next decade.
Fitch Ratings came to a similar conclusion and found that Bitcoin stands to lose much of its appeal if Bitcoin companies are forced to deal with the added cost of regulation, rendering the near frictionless Bitcoin network much less cost-effective than it is today.
The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially.
Nonetheless, the Bitcoin
network is not perfect, and it has huge technical limitations that could prevent it from being the future of money. Bitcoin’s ability to co-exist with (or replace) fiat currencies is currently being hampered by its scalability challenges. This piece provides insight on sidechains as technical workarounds that might help Bitcoin achieve the decentralization of money at scale.
Ethereum remains the standard for smart contracts and blockchain based finance applications. The network is massive, stable, crypto decentralized and it has by far the largest number of user base, developers and DeFi applications.
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Bitcoin was launched in 2009 by Satoshi Nakamoto as a "purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution". In the last 10 years, Bitcoin has changed the world, triggered paradigm shifts in how people think about the concept of money, and it birthed an industry valued at more than $200B.
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Therefore, all users and developers have a strong incentive to protect this consensus. Bitcoin can only work correctly with a complete consensus among all users. In order to stay compatible with each other, all users need to use software complying with the same rules.
Most of these blockchains are fully open source and are based on Ethereum. They are mostly a code fork of Ethereum that uses a more energy efficient consensus mechanism like decentralized Byzantium Fault Tolerant or PoS instead of Proof of Work. Thankfully there are other permissionless blockchains that are offering low gas fee and faster transactions.Bitcoin
brought the idea of Blockchain technology to the limelight and it remains the most popular application of Blockchain. Blockchain technology is a disruptive solution with the potential to solve some of the world’s biggest problems by introducing a never-experienced layer of transparency, accountability, and consensus.
This ledger contains every transaction ever processed which enables a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins. Behind the scenes, the Bitcoin network is sharing a massive public ledger called the "block chain".
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