5 Ways Bitcoins Could Be Transferred to a Sidechain
The idea of sidechains is something that has garnered a large amount of hype in the Bitcoin community ever since the concept was first publicly discussed in the media back in 2014. The creation of a sidechain essentially allows users to transfer bitcoin to and from other blockchains with different features.
Examples of sidechains currently in development include RSK, which is an Ethereum-esque platform for more flexible smart contracts; MimbleWimble, which is an experimental method for improving privacy and scalability on the Bitcoin blockchain; and Bitcoin Hivemind, which is a blockchain-based prediction market platform.
To “move” bitcoins from the main chain to a sidechain, the coins are first frozen on the main chain and then activated on the secondary chain; this is called a two-way peg. There are currently five well-known options when it comes to who or what should control the locked funds on Bitcoin’s main chain for these two-way peg mechanisms.
read more @ https://news.bitcoin.com/5-ways-bitcoins-transferred-sidechain
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