What is the function of Drivechain? How different is Drivechain different from Sidechain?
Sidechains are supposed to make it possible for users to move bitcoins between different bitcoin-based blockchains with different rule sets. For example, in this way, new techniques for preserving the privacy of transactions or a smart contract system similar to ethereum’s could be added to a bitcoin blockchain, without changing the bitcoin blockchain. They are as an architecture for building semi-decentralised products and services for Bitcoin that were simply impossible before. With sidechains, users won’t be affected at all by any new programming.
Drivechain is a two-way peg for interacting with the sidechain. The key difference between drivechains and regular sidechains is who ultimately submits the necessary information to transfer the bitcoins back and forth: the users or the miners.
The side chain idea allows the native cryptocurrency to compete and win out over other competitors, as they are faster confirmed.
If you take a closer look at Cryptocurrency especially Bitcoin, the scaling debate is a never-ending one. The sidechains have a great potential to scale up Bitcoin. Drivechain Project aims to provide sidechains to the Bitcoin network in the future. There are a few benefits that Drivechain can provide.
For some reason or the other, it seems that the Drivechain’s Sidechains are the future for Bitcoin. While considering developers and users who have been a big part of Bitcoin network, they are sure about the fact that it’s always good to keep an open mind when it comes down to different Bitcoin scaling solutions. Some of the Drivechain proposals include Core, Extension Blocks, BIP 100, and Unlimited. Drivechain suggests that there is an added flexibility option to use sidechains. This fundamental approach would likely solve the issue of using different digital currencies for different purposes and would furthermore support different types of transactions.
So What exactly is A Sidechain?
Every day, you must be coming across different news, queries and most importantly the development of the Bitcoin industry as well as the Cryptocurrency industry. In simpler terms Blockchain refers to the digital public ledger of transactions which are associated with Cryptocurrency. Sincere last decade, the Bitcoin network has seen a huge growth in terms of size and length as well as storage requirements. This factor has led many people to question themselves whether or not there should be an increase in the block limit. This is where the concept of sidechains came into being. Sidechains are similar to the Blockchain in one way or the other and they are quite separate from the main Blockchain.
With the help of sidechains, a person can easily transfer assets between the Blockchain and sidechains without eating much of the storage space. Sidechains do not possess their own tokens rather the users need to deposit BTC into the sidechains that they can redeem later and the value will still be the same. With sidechains, the Blockchain users can design and innovate their own solutions. And because they are independent it doesn’t matter whether they fail or get hacked, they will not be damaging the other chains whatsoever.
They are seen as the alternatives to the Blockchain of the Bitcoin network and do not use their own digital token. Most Altcoins burrow some of the Bitcoin’s code in any way possible, a Sidechain is and will always be a part of the Bitcoin network itself but the small twist is that sidechains are capable of offering different features. Using the sidechains is extremely safe and they will never affect the total number of Bitcoins in circulation. For instance, if a person deposits a single Bitcoin on the Sidechain then it will get converted to “main chain Bitcoin” any moment he/she wants to.
As far as sidechains’ security is concerned, Drivechain is trying to address and resolve them. The drivechain project is a transparent and uses an extremely straightforward model which ensures that the funds of all the people in a network are safe at all time. Bitcoins, on the other hand, are put into special accounts that allow the funds to move at any given time. But the money that is deposited from the main chain to the Sidechain can/will only be opened on special occasions. Even this requires a large majority of miners to drop a note stating the place where the money will be transferred and this, in turn, makes stealing funds virtually impossible.
The proposed concept by Drivechain is going to allow faster progress and more innovation and this is exactly what the development team hopes to achieve in the long run. There are quite a few advantages of using sidechains on the Bitcoin network.
- Sidechain isn’t like the other platforms, there is simply no limit to one’s ability to innovate as far as sidechains are concerned. With the help of sidechains, users can develop and run their own codes without facing a lot of hiccups in the network. If bootstrapping is one of your worries then you won’t be facing any sort of near impossible task of bootstrapping any new unit of digital money. With Sidechain, innovation is limitless, it enables the innovators to easily develop the new applications with putting Bitcoin’s core code on the line and putting trillions of fallows worth of an asset or digital currency at risk.
- The progress in the case of sidechains is faster and the user gets a chance to test those features as well. The concluded tests are safe, for instance, if in an event the test fails, there won’t be any jeopardy to the main network and on the other hand, if the test succeeds then there will be a faster progress.
- With sidechains, developers can actually copy any existing code and this eliminates the competition. the sidechains provide the scenario where a person whether he/she is a developer or a user can actually have the best code.
- Satoshi’s brainchild Bitcoin doesn’t provide liberty to choose. With the Bitcoin’s consensus protocol, the users agree on everything. This isn’t the case with the sidechains, users here have the liberty to choose whatever the benefits they want to pay for.
- Sidechains are independent and they do not damage or affect other chains. If a Sidechain is damaged then the damage will be limited within that chain.
- The sidechains filter out the get rich quick schemes. This means you cannot use this platform to defraud and deceive other users. If your intention is to con people then this platform isn’t right for you. And if you’re the Good Samaritan kind of the person then you’re a perfect fit for this platform.
- Last but not the least sidechains have the flexibility to introduce any of its own curated features like bigger blocks, anonymity and SegWit and also privacy.
The future in digital currency is bright and sidechains will offer more benefits in the given time. Drivechain is a leading platform that enables ps the Sidechain and creates a secure as well as a user-friendly platform that is easy to understand and use.