Vlad on Nostr: If activated, Drivechains can solve Bitcoin’s security budget concerns by allowing ...
If activated, Drivechains can solve Bitcoin’s security budget concerns by allowing miners to collect lots of transaction fees from other sidechains they can secure.
This can also be a scalability benefit, as newcomers can get onboarded directly on sidechains and from there they can open Lightning channels or benefit from extra features that the bade layer doesn’t have (privacy, smart contracts).
But the biggest tradeoff is that miners become more powerful through Drivechains – which is a consequence that some Bitcoin users don’t want. The miners will become responsible for choosing which sidechain they activate and secure, then they must also make sure that they enable peg-outs so users receive their bitcoins back on the base layer.
My biggest criticism is that this message doesn’t get conveyed clearly on social media by Paul Sztorc and LayerTwoLabs (npub1nev…jmve) – instead of focusing on explaining what BIP300 & 301 are, they opted to trigger the most conservative of bitcoiners who don’t even bother to read long-form content or listen to long-form podcast interviews due to their susceptibility to get influenced by tweets.
Now, instead of talking about the fungibility benefits of a Zcash sidechain which uses BTC as the only currency, the conversation is stuck in the “bringing shitcoins to Bitcoin” phase.
Learn more by listening to S14 E13 of the Bitcoin Takeover podcast!
#drivechains #bitcoin #sidechain #btc #btcsidechain #bitcoinsidechain #bitcoinprivacy #bitcoinscalability #bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr
This can also be a scalability benefit, as newcomers can get onboarded directly on sidechains and from there they can open Lightning channels or benefit from extra features that the bade layer doesn’t have (privacy, smart contracts).
But the biggest tradeoff is that miners become more powerful through Drivechains – which is a consequence that some Bitcoin users don’t want. The miners will become responsible for choosing which sidechain they activate and secure, then they must also make sure that they enable peg-outs so users receive their bitcoins back on the base layer.
My biggest criticism is that this message doesn’t get conveyed clearly on social media by Paul Sztorc and LayerTwoLabs (npub1nev…jmve) – instead of focusing on explaining what BIP300 & 301 are, they opted to trigger the most conservative of bitcoiners who don’t even bother to read long-form content or listen to long-form podcast interviews due to their susceptibility to get influenced by tweets.
Now, instead of talking about the fungibility benefits of a Zcash sidechain which uses BTC as the only currency, the conversation is stuck in the “bringing shitcoins to Bitcoin” phase.
Learn more by listening to S14 E13 of the Bitcoin Takeover podcast!
#drivechains #bitcoin #sidechain #btc #btcsidechain #bitcoinsidechain #bitcoinprivacy #bitcoinscalability #bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr