Bitcoin Move Towards Multi-Network Cryptocurrency

Oct 13, 2018 at 17:17 // PR
Guest Author

A new concept promising to expand the current rather limited capabilities of bitcoin arrived recently on testnet. The proposed new “Drivechain” would add a near endless range of features via Bitcoin “Sidechains” vastly improving its flexibility and usable range of options. This first release of Drivechain would allow technologists to freely build and develop their own custom blockchain features and add it to Bitcoin.

The idea, first conceived in November 2015, took three years in the making before finally seeing its first “not yet perfect” test version release on Monday 24 September 2018. Sidechains, initially defined during 2014, promises to provide developers with the capacity to create branches on a bitcoin network. The bitcoin networked branches would then, in a function similar to ethereum tokens, allow for the capacity to create customised programming of crypto assets in these channels. 

One of the most promising new features is the capacity it provides for Bitcoin to travel between different types of software. Drivechain permits multiple blockchains to all agree on sharing the identical 21,000,000 Bitcoins, essentially creating one massive cooperative blockchain from what would otherwise be multiple autonomous networks. Punters wanting to widen their online entertainment horizons will find premier betting sites such as Betenemy, a premier destination for those interested in detailed bookmaker reviews, reliable bookmaker information, betting tips and sports betting predictions.   

The current blockchain tech operates under certain economic trade-offs, resulting in end-users disagreeing over what constitutes optimal trade-offs. However frustratingly, due to current constraints bitcoin tech can accommodate for only one set of viewpoints at a time. This causes concern amongst investors regarding pressure from competitive crypto projects such as Ethereum, Ripple, and Z-Cash. 

Originally Bitcoin’s creator realised the need to support multiple transaction types, but also grasped that his model, despite the near infinite advantages it offered, suffered from a crucial lack of flexibility. As an alternative to conventional regulated forms of payment, but due to its inherent inflexibility cannot be utilised on a number of networks, causing constraints in its use as an exchange medium which places it at a competitive disadvantage. 

It is at this point where sidechains enter the arena with much fanfare to potentially save the day for Bitcoin. Sidechains are alternative chains or alt-chains all using the same token, initially starting with no coins they will receive Bitcoin deposits, handle Bitcoin transfers, and eventually transact Bitcoin withdrawals. 

Tech startup Tieron’s director of research and author of the announcing blog post, Paul Sztorc, stated if the multi-network coin concept proves viable, it promises great possibilities for inherent Bitcoin problems. It would enable Bitcoin to copy all other technologies without causing controversy, including Turing-completeness, larger blocks, as well as ring signatures. He went on to say this initial release is still imperfect but marks the first code released as a practical solution to the concept. He added that it was good to show the world what Drivechain is all about. 

New advancements in tech such as this ensures future proofing the long-term viability of the world’s oldest, strongest, most valuable, and most popular cryptocurrency by providing it with the necessary tools to combat the inroads its newer competitors have made. This spells great news for players and punters preferring to fund their online entertainment making use of Bitcoin, with greater flexibility comes greater convenience, widening its already massive user base. 

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