Friends, sidechains
are separate Blockchains
which are
attached to its parent Blockchain using a two-way
peg. The two-way peg enables interchangeability of assets at a predetermined
rate between the parent Blockchain and the sidechain. The parent Blockchain is
commonly referred to as the ‘main chain’ and all additional Blockchains are
referred to as ‘sidechains’. Any transactions occurring on a sidechain can be picked up by
nodes on the main chain to record it. Every sidechain will trust the main chain
for cross-chain transactions of any kind. Mounting
transaction fees and growing confirmation delays have been problems for quite
some time now. The developers of Ethereum Classic wish to avoid these issues with the help of a sidechain
protocol, rather than an on-chain block size increase a la Bitcoin Cash.
Bottom line: Will the continued use of sidechains benefit Blockchain integrity
and adoption? Our belief is yes
they will until such time as a new mechanism is developed to test new
functionality without putting the parent Blockchain at risk. Let us know your
comments. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)
Our mission is to provide Training and Certification programs to enable Cryptocurrency, Blockchain and FinTech traders and investors worldwide to achieve their career goals.
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