{"id":154091,"date":"2023-09-12T09:56:03","date_gmt":"2023-09-12T04:26:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=154091"},"modified":"2023-09-12T09:56:03","modified_gmt":"2023-09-12T04:26:03","slug":"debate-reignites-over-years-old-bitcoin-drivechain-proposal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/debate-reignites-over-years-old-bitcoin-drivechain-proposal-crypto-news\/","title":{"rendered":"Debate reignites over years-old Bitcoin Drivechain proposal – Crypto News"},"content":{"rendered":"
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A debate has reignited among Bitcoiners over a six-year-old Bitcoin Improvement Proposal (BIP<\/a>) to add \u201csidechains\u201d on top of the network, with some warning it could increase scams on the Bitcoin network and others saying it will bring new users of the cryptocurrency. <\/p>\n

Meanwhile, one developer claims to have found a way to achieve the proposal’s goal without a soft fork of the blockchain. <\/p>\n

The proposal in question, BIP-300 \u2014 also known as Bitcoin (BTC<\/a>) Drivechains \u2014 was first introduced in 2017, which proposed introducing \u201csidechains\u201d that are separate blockchains on top of the Bitcoin network.<\/p>\n

Paul Sztorc, the proposal\u2019s author and founder of the Drivechain development firm LayerTwo Labs which raised<\/a> $3 million in December, has explained<\/a> the blockchains would allow for BTC to move onto them and create altcoins.<\/p>\n

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This is how Bip300 can eliminate all crypto and fiat transactions, leaving only Bitcoin pic.twitter.com\/1TwQsu9ZPj<\/a><\/p>\n

\u2014 LayerTwo Labs (@LayerTwoLabs) July 10, 2023<\/a><\/p><\/blockquote>\n

However, the debate over the proposal was kicked up again when a Bitcoin core developer known as Luke Dashjr rewrote the proposal’s code and requested<\/a> to add it to Bitcoin\u2019s codebase on Aug. 22.<\/p>\n

BIP-300 would require a soft fork<\/a> of Bitcoin that would be activated by miners \u2014 not unlike the Taproot soft fork<\/a> in November 2021 that paved the way for the equally controversial nonfungible token (NFT) emulating Ordinals and BRC-20 tokens that launched earlier this year.<\/p>\n

On Sep. 10, Maxim Orlovsky, the CEO of blockchain scaling solutions project Pandora, posted on X (Twitter) claiming he was able to create a two-way peg<\/a> on Bitcoin without a soft fork of the blockchain which BIP-300 requires.<\/p>\n

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Just understood that one can do cryptoeconomically-safe trustless 2WP on #Bitcoin<\/a> without any softfork today – using Prometheus – our 5-year old proposal for arbitrage of any high-load Turing-complete computing on top of Bitcoin: https:\/\/t.co\/NljYszgkk7<\/a> pic.twitter.com\/wV5MDuqUov<\/a><\/p>\n

\u2014 Maxim Orlovsky (@dr_orlovsky) September 10, 2023<\/a><\/p><\/blockquote>\n

In an accompanying note<\/a> Orlovsky explained an old project proposal could work as a BIP-300 alternative with an oracle working to validate a sidechain and “the protocol will reach consensus on whether the state reported by the oracle is correct.\u201d<\/p>\n

Details, so far, are sparse. Orlovsky said<\/a> he would work on a paper describing the setup \u201cin [an] understandable way.\u201d<\/p>\n

Meanwhile, BIP-300 proponents including Sztorc argue Drivechains will allow users to choose a blockchain security model they agree with and how they want their Bitcoin to work. Sztorc also claimed<\/a> the proposal has \u201cenormous upside\u201d with \u201cliterally zero downside.\u201d<\/p>\n

Related: <\/em><\/strong>No, Bitcoin withdrawals from exchanges are not inherently bullish for crypto<\/em><\/strong><\/a><\/p>\n

Others, including Cory Klippsten<\/a>, the chief of the BTC-only exchange Swan Bitcoin, rejected the proposal \u2014 with Klippsten claiming Drivechains would increase the amount of scams on Bitcoin which may catch the ire of regulators.<\/p>\n

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One potential downside of Drivechains:<\/p>\n

Having lots of scams on Bitcoin will make people and regulators (understandably) think that Bitcoin is full of scams.<\/p>\n

\u2014 Cory Klippsten | Swan.com #Bitcoin (@coryklippsten) August 27, 2023<\/a><\/p><\/blockquote>\n

Pierre Rochard, the VP of research at Bitcoin miner Riot Platforms said<\/a> the proposal\u2019s messaging relies on \u201cspeculative economic arguments rather than substantive engineering ones\u201d and added it was \u201cpure hopium.\u201d<\/p>\n

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Drivechain\u2019s \u201cforce a softfork to kill sh*tcoins\u201d marketing somehow manages to be both anti-bitcoin and anti-\u201ccrypto\u201d. Also pure hopium. It\u2019s a distraction. Strong NACK.<\/p>\n

\u2014 Pierre Rochard (@BitcoinPierre) August 21, 2023<\/a><\/p><\/blockquote>\n

Others that lent their voice to support BIP-300 included educator Dan Held who claimed<\/a> that Bitcoin is better off with more speculative assets as they \u201cintroduce new audiences to Bitcoin.\u201d<\/p>\n

Meanwhile, Bitcoin wallet provider Casa co-founder Jameson Lopp said he\u2019s yet to see a \u201cconvincing concern\u201d of how sidechains could be dangerous to the main Bitcoin blockchain.<\/p>\n

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I’m generally in favor of finally fulfilling the promise of 2-way pegged sidechains. I’ve yet to see a convincing concern of how it could be dangerous to the main chain. Some folks have said it could be dangerous if a sidechain became more valuable than the base chain, but seems\u2026<\/p>\n

\u2014 Jameson Lopp (@lopp) August 30, 2023<\/a><\/p><\/blockquote>\n

He added if a sidechain becomes more valuable it could signal that the base chain \u201cshould implement that sidechain’s features.\u201d<\/p>\n

Magazine: <\/em><\/strong>Recursive inscriptions \u2014 Bitcoin \u2018supercomputer\u2019 and BTC DeFi coming soon<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A debate has reignited among Bitcoiners over a six-year-old Bitcoin Improvement Proposal (BIP) to add \u201csidechains\u201d on top of the network, with some warning it could increase scams on the Bitcoin network and others saying it will bring new users of the cryptocurrency. Meanwhile, one developer claims to have found a way to achieve the […]<\/p>\n","protected":false},"author":2,"featured_media":154092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-154091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154091"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154091\/revisions"}],"predecessor-version":[{"id":154094,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154091\/revisions\/154094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154092"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}