Steemit Crypto Academy Contest / S14W3 -Sidechains
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Hope you all are doing well and good and enjoying the best days of your life. This is me @shahid2030 from Pakistan and you are here reading my post. You all are welcome here from the core of my heart.
This is my participation in a contest Sidechains organized in SteemitCryptoAcademy by @crypto-academy.
What is a sidechain in the context of blockchains and how does it work to improve the scalability of a blockchain network? |
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Source / Edited with Pixellab app.
A sidechain in the context of blockchains is an auxiliary or helping blockchain. It's function is to operates alongside with a main blockchain. This allows the transfer of assets or data between the two chains. It makes ease the burden on mainchsin, It improve scalability by offloading certain transactions from the main blockchain to the it's function is somehow same as that of plasma Blockchain, but exact that one.
The scalability of the main chain increases if the side chain handle some of the Minor functions and issues. The main chain will be free to respond to the major actions with in the system. Plasma chain and side always provide scalability to the main blockchain.
What are the main differences between a sidechain and the main blockchain, and how do these differences help solve scalability issues? |
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Source / Edited with Pixellab app
The job of main Blockchain is far different than that of side Blockchain. It's function is to handle major activities on the Blockchain. Let me mention some important activities handle by Main Blockchain.
Transection Validation: All the transections are valited within main Blockchain. The record has been added to the blocks of the Blockchain.
Smart contract Execution: In crypto many Blockchains are smart contract self executing system. This main blockchain executes and enforces these smart contracts, which enable programmable and automated transactions.
The creation and distribution of crypto currencies: In blockchain system we know that, with native cryptocurrencies, the main blockchain is responsible for the creation of new units of the cryptocurrency (e.g., mining or minting). Then it distribute them to participants according to the network's rules.
Security: The main blockchain is responsible for the security of the entire network. It's one of it's crucial responsibilities. It's functions like: consensus mechanism, cryptographic principles, and decentralized nature help prevent tampering, fraud, and unauthorized changes to the ledger.
There are some other too, Like: Network Governance, Decentralized Ledger, Consensus Mechanisms you can search it on Google about it.
On the other hand Side chain's functions are very limited compared to the main one. It runs parallel to the main blockchain but work on it's own mechanism, principles and rules. It also works on consensus mechanism. It enables specific transactions or processes to occur off the main chain. So as I have mentioned earlier it is always as a helping chain to the main chain.
Are there any concrete examples of successful implementations of sidechains in blockchains, especially in the context of the Steemit platform? |
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Source / Edited with Pixellab app.
Yes with surety steem Blockchain have a side chain attached to it. This chain is called the Steem key chain. This side chain or key chain performe too many activities here. The most prominent one is users can use it for the creation of their own custom tokens at steem blockchain. Here the programmers can launch their smart contracts on it and interact with existing ones.
Another function of it that we have already discussed that side chain is always use for the fastest transection. Not merely in Steem Blockchain, but in every Blockchain. Same is the case here. Steem keychain is used to make the transections more fast on this Blockchain system. Hence it increases the scalability of the main steem Blockchain.
In Blockchain system many dapps and smart contracts run on the sidechain. The side chain manage them. Steemit platform is running it's dapps it's sidechain too.
How could sidechains be used to diversify functionality on the Steemit platform beyond simple cryptocurrency transactions? |
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Side chain can bring about too much advancement and diversity in the Steemit platform. As we have discussed the benefits of side chain above. If this side is being used by other programs and other tokens are launched on the Steemit Blockchain then we can see it's huge positive effects on the main Blockchain. The Steemit and steem coin will directly get benefited from it.
As for now their is no other token launched on Steemit using it's Blockchain. So Steemit has on interaction with other chains except his own main Blockchain.
Source / Edited with Pixellab app.
| How this side chain actually help grow the Steemit platform |
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| •The side chain can be used to lunch Games and NFTs. It can be used for the trading of virtual things. |
| •We can introduce decentralized Finance (Defi) system on it. |
| •We can also implement a governance systems at steemit by using a side-chains.It will help the community to give it's suggestions about the platform. |
| • The side chain of it can be used for lunching many other new tokens. As we have seen it many new tokens are being lunched using Ethereum or BNB Blockchain chain. |
•The term Interoperability can also be introduced. Interoperability means the exchange of data amoung different Blockchain. So we can use the side chain to enable other different blockchains to connect with Steemit blockchains.
All these contracts will have positive effects on Steemit platform. Steemit will get recognization in the crypto market and we can see a good pump in Steem coin price too.
How could sidechains help attract new users and developers to the Steemit platform by offering improved functionality and reduced transaction costs? |
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As we have discussed all the benefits of side chain working along with the main Blockchain. Ofcourse working of side chain will provide scalability to the main Blockchain. So if a new project is introduced on steemit sidechain it will get improved very fast. The relations of Steemit with new projects will make it more stronger and trust worthy. We can directly see it's effects on the price of steem coin.
As we talked about scalability, so sidechain will also make Steemit users friendly. It will cost low fee. Investor will must get interest in such project when they see the transaction fee is so low. They will put their capital in Steemit platform which will generate a good steem liquidity. We can see it's effects on the steem coins too.
This is all about my blog for today, hope you guys have enjoyed reading it. See you soon with a new amazing and interesting topic, till take care.
| I would like to invite: rosiortega, @pathanapsana, @emsonic, @artist1111, @miyexi, @kouba01 to participate in this Contest |
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Your presence here means alot
Thanks for being here
Regard shahid2030
Greetings friend,
I loved reading your post about sidechains and their impact on Steemit! Your explanations were so clear and easy to understand, and it's great how you broke down the differences between main blockchains and sidechains, and how the Steem Keychain plays a valuable role in the Steemit ecosystem.
The examples you gave, like integrating games, NFTs, and DeFi, really showcased the exciting potential for growth and diversification on Steemit. Good luck in the contest.
Thank you Soo much dear friend for your valuable comment. I really appreciate your presence here, keep blessing dear.
The pleasure is all mine.
Thank you, friend!
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Thanks for the upvote from you too dear.
Hello @shahid2030! I thoroughly enjoyed reading your insightful post on sidechains and their impact on the Steemit platform. Your explanations are clear and make the topic accessible, especially for someone new to blockchain concepts.
I appreciate your detailed breakdown of the differences between main blockchains and sidechains, and how the Steem Keychain functions as a valuable sidechain in the Steemit ecosystem. The examples you provided especially the integration of games NFTs and DeFi showcase the exciting potential for growth and diversification on the Steemit platform.
Wishing you the best of luck in the Sidechains contest at SteemitCryptoAcademy! Your enthusiasm for the subject is contagious, and I m confident your well-presented insights will make a strong impact. Looking forward to more engaging content from you. Keep up the great work!
Thank you so much for your precious time. Your presence here means alot. Keep blessing.
You've provided a concise and clear explanation of sidechains, highlighting their role as auxiliary or helping blockchains operating alongside the main blockchain. The emphasis on easing the burden on the main chain and improving scalability through the offloading of certain transactions is well-articulated.
Drawing a parallel with the functionality of the plasma blockchain adds an extra layer of context, helping readers relate to the broader blockchain landscape.
Indeed, your contribution points towards the positive impacts sidechains could have on the Steemit ecosystem, and I appreciate your succinct and informative summary. Well done!
You can also check out my point of view to the challenge here.
Thank you so much dear for your kind and precious response. Keep blessing dear.
Great job @shahid2030 Your detailed exploration of sidechains in the context of blockchain, specifically on the Steemit platform, is insightful and well-structured. Your introduction provides a warm welcome and sets the stage for a comprehensive discussion.
You've effectively explained what a sidechain is, its role in improving scalability, and highlighted its parallels with the plasma blockchain. The clear distinctions between main blockchains and sidechains, with a focus on their functions and responsibilities, enhance the reader's understanding.
The concrete example of the Steem keychain as a sidechain on the Steemit platform adds credibility to your explanation. Your insights into its functionalities, such as enabling fast transactions and supporting smart contracts, contribute to a well-rounded understanding of how sidechains work in practice.
Your exploration of how sidechains could diversify functionality on the Steemit platform beyond simple cryptocurrency transactions is thorough. The potential introduction of games, NFTs, DeFi systems, governance structures, and interoperability showcases the broad spectrum of possibilities sidechains bring to the table.
The connection between sidechains, improved functionality, reduced transaction costs, and the potential to attract new users and developers to the Steemit platform is well-established. Your emphasis on scalability and low transaction fees as key drivers for investor interest and improved liquidity demonstrates a practical understanding of the impact of sidechains on the platform.Well done...
Thank you sooo much dear for your precious time. Your presence here means alot to me, keep blessing dear friend.
Hey friend
Yes friend creation of new tokens on your blockchain is one of the numerous benefits we get from side chains This is because an equivalent amount is usually pegged on meter on on the main blockchain This equivalence of these native coins minted are produced as new to token on the side chain These token are what they can use to run transaction at any period
Thanks for sharing wishing you success please engage on my entry time. https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-s14w3-sidechains
Thank you so much buddy for the kind response. Sure I will respond on your article too. Keep blessing.
Greetings dear friend @shahid2030! 🌟
Your detailed breakdown of sidechains within blockchains is fantastic! Sharing more insightful posts like this enriches our understanding.
Keep up the fantastic work in simplifying these complex concepts for us!