Steemit Crypto Academy Contest / S14W3 -Sidechains
Side chains are connected to main blockchain but these are separate chains that are responsible for the transferring of data or assets between different other blockchains. For making basic understanding of side chain more stronger I would like to give you an example.
Suppose Bitcoin is a blockchain angry want to enhance functionality of this blockchain as well as we want to experiment other features so we would not make direct changes at main blockchain but we would create a side chain which would operate independently but it would remain connected with main blockchain.
If we want to improve scalability of blockchain network then side chains are best for improvement of scalability. Due to side chain some data or transactions offload from main blockchain and high volume of transactions can be handled by the blockchain without any congestion. Reason behind it is the fast speed and more accuracy of side chains while proceeding transactions.
Development of new applications can also be enabled by side chains. If I given example then suppose that there is a side chain that is specifically designed for small contracts So in this way it permits different developers to build and deploy their small contracts at side chain by the implementation of their own rules and features that are specifically tailored for that use case and in this way blockchain doesn't feel any difficulty with small contract transactions and side chain make this process more efficient.
I would like to explain main difference between side chain and main blockchain and I would let you that how these difference helps in solution of scalability issues.
| Main blockchain | Side chain |
|---|---|
| Primary chain in a blockchain network is called main blockchain like Ethereum blockchain | Separate blockchain which is connected to main blockchain for the enhancement of more features is called side chain. |
| Main blockchain is responsible for validation of transactions by following the consensus mechanisms of proof of work or proof of stake | Side chain can interact with main blockchain by two way peg mechanism but it works independently. |
| Main blockchain validate transactions in much secure way due to presence of large number of nodes and to to decentralization of blockchain | Side chains permits for experimentation as well as customization and it has its own rules and regulations. |
| Main blockchain can handle large number of transactions depending upon its capacity and design but with the increasing number of users blockchain can get congested also which in return reduce the transaction speed and increase transactions cost. | Data or assets can be transferred between main blockchain by two way peg mechanism in a more secure way by side chain. |
Scalability issues can be solved in this way I am explaining below 👇
- Main block chain scalability can be improved by off loading some of the transactions to side chain which in return improve its scalability because processing load get decreased in this way from main blockchain.
- By the implementation of side chains ,transaction speed increase as well as overall transaction fees also reduce so in this way it gives higher positive output.
- Side chain can be very helpful and it is designed for specific use cases like I have explained about small contracts above so in this way it could reduce cluttering of main blockchain in all type of transactions.
- Side chain don't let main blockchain to impact while experimentation and innovation so it reduce risk of any bugs and other vulnerability.
- Side chain give free hand or flexibility to users to use any chain on the basis of their needs so in this way load becomes distributed in multiple chains which enhance scalability in this way also.
There are concrete examples of successful implementations of side chains in the blockchain especially in the context of steemit platform.
Steem smart media tokens are implemented at steemit platform. Smart media tokens is a form of side chain that permits users for the creation of their own custom tokens at steem blockchain. These tokens can represent various assets like digital currencies or virtual goods etc.
Steemit platform is helpful in providing additional functionality and customization options for their users by the utilization of side chain but it don't directly impact main steem blockchain.By offloading of certain transactions at smart media tokens side-chains it is very helpful for enhancement of scalability in a way of reduction of burden from main blockchain.
Implementation of smart media tokens as side-chains at steemit has various advantages I am explaining below 👇
It permits for creating new tokens with specific use cases like incentivization of content creators or facilitation of community engagement.Smart media tokens have their own rules and regulations which provides more flexibility for different projects and community engagements.
By the utilization of side chains, large volume of transactions and interactions can be handled by steemit platform which in return enhance scalability.Smart media tokens have their own chains so transactions can be processed more quickly and with lower fees in comparison to main blockchain.Congestion from main blockchain remain alleviated in this way and user's overall experience remain more enhanced.
Smart media tokens within steem blockchain enable experimentation and innovation.Steem blockchain infrastructure and security can be leveraged by developers while building their own unique applications at side-chains.It foster vibrant ecosystem of decentralized applications that would interact with steemit platform.
Smart media tokens at steemit is giving encouragement to users for building innovative projects and their own tokens.By providing additional features it contributes to growth of steemit and make it more vibrant community.Smart media tokens has been opened new opportunities for steemit community for managing other innovative projects.
Side chain can be used to diversify functionality at steemit platform beyond simple cryptocurrency transactions in the following way.
By the enabling of integration of decentralized applications at steemit side chain can enhance functionality.Developers can build and deploy decentralized applications which offers diversity of other features and it can be done by the help of side chain.Decentralized applications provide functionalities like content Discovery,voting systems etc.
Decentralized applications can work in independent way from main blockchain (which is steem) by the help of side chain which in return make transactions more efficient faster and cheap so users can enjoy this experience without congesting main blockchain.
By enabling of creation of specialized token for different purposes side chains can diversify functioning at steemit. These tokens can represent their self in the form of virtual goods and various assets.These specialized tokens are supported by steemit without overloading main blockchain.
Implementation of governance systems at steemit can also be facilitated by side-chains. Governance system permit users to show their participation in different decision making processes like voting on platform as well as on content moderation policies so by the utilization of side chain steemit create dedicated chain for activities related to governance so in this way transparency remains ensured in decision making process.
Interoperability can also be enabled between different blockchains by side chain so it means that steemit can connect with other blockchains also that permits for the secure and seamless transfer of data between them if I given example then suppose there is a side chain that is responsible for creating a bridge between steemit and with any other blockchain so in return it enables users to transfer tokens or interact with decentralized applications on both platforms.
By diversification of functions through side chains at steemit it Can attract more users and create a more engaged and dynamic experience at steemit and in between its users.
Side chains definitely help a lot for attracting new users and developers at this platform by the enhancement of the functionality and less transaction cost so let me explain it in more detail.
First, By the enabling of integration of decentralized applications at steemit side chain can enhance functionality.Developers can build and deploy decentralized applications which offers diversity of other features and it can be done by the help of side chain.Decentralized applications provide functionalities like content Discovery,voting systems etc.
Side chains are responsible for significant reduction in the transaction cost at this platform so in this way load at the blockchain don't appears too much because through side chain most of the transactions off load from main blockchain towards side chain. It helps in making transactions more cheaper and faster as well as helps in alleviation of congestion at main blockchain so low transaction cost make steemit attractive for users especially for that that may have been deterred by high fees of transaction at other blockchains.
Side chains can also attract more users by increasing scalability because we all know that when more and more users join the platform then demands of transaction and demand of data storage increase but side chain provide solution by permitting for parallel processing and independent validation of transactions so in this way it becomes very easy for main blockchain steem for handling higher volume of transactions without any compromise in performance of whole blockchain so improvement in scalability can attract more users in this way.
Steemit can foster more innovation and experimentation by leveraging sidechains so if developers want to test different new features or consensus mechanism without having any effect at main blockchain then they can create their own side chains so this level of flexibility motivate developers for exploring new ideas that may be very helpful for attracting new users especially those who are seeking for any experience so the ability to experiment can attact more users at steemit.
Saludos amigo, felicitaciones por esta nueva publicación con una muy buena calificación, demuestra lo muchos que te esfuerzas en cada semana presentar algo bueno.
En esta oportunidad otro tipo de blockchain de capa dos llamada sidechain, que son cadenas laterales que trabajan en paralelo con las blokchain de capa 1.
TEAM 2
Congratulations! This post has been upvoted through Curation Team#2. We support quality posts , good comments anywhere and any tags.Thank you so much friend for wishing me in such a nice word about my good and its all about due to my efforts that I need some days ago to write this post and yes I agree with you that player two blockchain is called side chain which works in parallel way with layer one blockchain I wish you congratulations for winning in this week
Hello friend greetings to you. Hope are having good time there.
Sidechain is the separated Blockchain that is attached to the main Blockchain. You have beautifully explained the difference between these two chains.
If more projects are lunch on Steemit side chain that it will increase the scalability of the Steemit. Steemit will become more faster and developed. It's transaction fee will be decrease and the transaction speed will be high.
You said it is possible to laugh, Games, Defi or NFTs on the side chain here. It will also help the main Steemit Blockchain and the whole platform.
I wish you very best of luck here in the contest.
Thank you so much friend for visiting my post and I agree with you that side chain is something separated from main blockchain and thanks for praising that I have beautifully describe the difference between these two chains
Increase of the scalability can we give to clear two blockchain or side chain you are right I totally agree with you and if it would implement at steemit then definitely it would increase solubility in it to as well as it would make it more faster in transactions and would be a great way to attract more users
Thanks a lot for wishing me good luck
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
You did a great job explaining sidechains in simple terms! Your example with Bitcoin made it easy to understand. You also highlighted the differences between sidechains and main blockchains, which help solve the issue of scalability.
You mentioned the successful use of sidechains on Steemit, like Steem's smart media tokens while also explaining how sidechains improve functionality, reduce costs, and attract new users and developers in a clear and detailed manner. Good luck pal.
Thank you friend for visiting my entry and yes I tried my best that in simple words I tried to convey most of my knowledge and concepts to all of you that I gain after understanding and to searching on this topic as well as I tried my best to give you some of the many common and simpler differences between side change and main blockchains and I have the successful idea for the use of side chains and this platform
Your explanation of sidechains is incredibly clear and insightful I love how you compared sidechains to experimental labs for blockchain improvements it makes Such a complex topic easy to understand. The examples especially with Steem Smart Media Tokens add a practical touch to your insights. Your vision for diversifying Steemits functionality using sidechains is forward-thinking and exciting.
Reducing transaction costs and improving Scalability are crucial for attracting new users and your emphasis on this is spot on. The integration of decentralized applications & governance systems is a brilliant way to enhance Steemit's appeal.
Best of luck in the contest
Greetings!
The acknowledgment that SMT has opened up new opportunities for managing innovative projects within the Steemit community speaks to the platform's adaptability and willingness to evolve with the needs of its users.
You can also check out my point of view to the challenge here.
hello @khursheedanwar Your comprehensive explanation of sidechains is commendable, providing a clear and detailed overview of their role in enhancing blockchain scalability. The analogy of Bitcoin as the main blockchain and the introduction of a side chain for experimentation and feature enhancement makes the concept easily digestible for readers.
Your breakdown of the main differences between the main blockchain and sidechains, along with their respective functionalities, is insightful. The emphasis on scalability solutions, such as offloading transactions, faster processing, customization, and experimentation, effectively highlights the benefits of incorporating sidechains into blockchain networks.
The inclusion of specific examples, such as Steem Smart Media Tokens, adds practical relevance to your discussion. The advantages of smart media tokens, including flexibility, scalability improvement, and fostering innovation, further strengthen your argument about the positive impact of sidechains on the Steemit platform.
Your explanation of how sidechains can be used to diversify functionality on the Steemit platform beyond simple cryptocurrency transactions, particularly through the integration of decentralized applications, demonstrates a forward-looking perspective. The potential for developers to build diverse applications that offer content discovery and voting systems adds depth to the narrative.
Overall, your contribution is well-structured, informative, and accessible, providing valuable insights into the world of sidechains and their applications in the context of the Steemit platform. Great job....
Has the name replies site chain are often blockchains that work has a backup or Assistant to the main blockchain this side chain are left with the duties of handling just few or specific duties and time.
Thanks for sharing wishing you success please engage on my entry https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-s14w3-sidechains
Greetings, dear @khursheedanwar! 🌟
Your intricate breakdown of sidechains' impact on scalability and functionality within blockchain networks is incredibly insightful! Your efforts in explainning complex concepts pave the way for quality discussions and learning.
Keep sharing these detailed insights; they enrich our understanding and drive the community towards greater depths of knowledge! 🚀🔗✨