A simple explanation of Bitcoin “Sidechains”

Noteworthy. In one sense, a dilution. In another, a move to widespread adoption and acceptance. From which, probably, some unforeseeable, maybe even weird, whole new societal developments may spring.
And, for the heck of it:
000013 (7)[Pre-1998 analog to digital, FLlW @ Bear Run obviously]

Richard Gendal Brown

Could sidechains be the enabler of “semi-decentralised” Bitcoin products and services?

An important paper was published this week:

Sidechains

If you’ve followed Bitcoin for any time, you’ll know this is aseriously eminent group of authors

It describes a way to build “pegged sidechains”. Sidechains themselves are not new – the idea, and how to build them, has been discussed for some time and the key breakthrough was outlined earlier in the year. But this paper gives more detail on the concept and has attracted a lot of comment.

But what are they? And why should anybody care?

A mental model for Bitcoin

The key to understanding most innovations in the Bitcoin space is to make sure you have the right mental model for how Bitcoin itself works. It turns out that most people I speak to don’t really understand how it works and, as a result, have a faulty mental model.

View original post 1,880 more words

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About maverisk

Maverisk Consultancy, IS Audit and Advisory services: Wikinomics meets governance and audit; otherwise, see my personal LinkedIn profile
This entry was posted in Information Risk Management, Information Security, Innovation (technologicallly driven), Innovation, economics, society at large, Sociological, psychological notes and tagged , , , , , . Bookmark the permalink.

One Response to A simple explanation of Bitcoin “Sidechains”

  1. Pingback: Predictions 2015 | Maverisk

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