Years-old Bitcoin Drivechain proposal sparks renewed debate

A debate has resurfaced among Bitcoin enthusiasts regarding a six-year-old Bitcoin Improvement Proposal (BIP) that suggests the addition of “sidechains” to the Bitcoin network. While some individuals believe that this proposal could lead to an increase in scams on the Bitcoin network, others argue that it would attract new users to the cryptocurrency. However, a developer claims to have found a way to achieve the proposal’s objective without requiring a soft fork of the blockchain.

The BIP-300, also known as Bitcoin (BTC) Drivechains, was initially introduced in 2017 and proposed the implementation of separate blockchains called sidechains on top of the Bitcoin network. The author of the proposal, Paul Sztorc, who is also the founder of the Drivechain development firm LayerTwo Labs, explained that these sidechains would allow BTC to be transferred onto them, enabling the creation of altcoins.

The discussion surrounding the proposal gained momentum when a Bitcoin core developer, Luke Dashjr, rewrote the proposal’s code and requested its addition to Bitcoin’s codebase on August 22. Implementing BIP-300 would require a soft fork of the Bitcoin network, similar to the Taproot soft fork in November 2021.

However, Maxim Orlovsky, the CEO of the blockchain scaling solutions project Pandora, claimed on Twitter on September 10 that he had successfully created a two-way peg on Bitcoin without needing a soft fork of the blockchain. He explained that an old project proposal could serve as an alternative to BIP-300, with an oracle validating the sidechain’s state and achieving consensus on its accuracy. Orlovsky pledged to provide additional details in a forthcoming paper.

While proponents of BIP-300, including Sztorc, argue that Drivechains would allow users to choose their preferred blockchain security model and customize their Bitcoin experience, there are critics of the proposal as well. Cory Klippsten, the CEO of BTC-only exchange Swan Bitcoin, expressed concern that Drivechains could lead to an increase in scams on the Bitcoin network, potentially drawing the attention of regulators.

Pierre Rochard, the VP of research at Bitcoin miner Riot Platforms, criticized the proposal for relying on speculative economic arguments rather than substantive engineering ones and categorized it as “pure hopium.”

Nonetheless, BIP-300 received support from figures like educator Dan Held, who claimed that Bitcoin would benefit from the addition of more speculative assets as they would introduce new audiences to the cryptocurrency. Jameson Lopp, the co-founder of Bitcoin wallet provider Casa, also supported the proposal, stating that he has yet to see a convincing argument demonstrating the potential dangers of sidechains to the main Bitcoin blockchain. Lopp suggested that if a sidechain became more valuable, it could indicate that the base chain should adopt that sidechain’s features.

The debate surrounding BIP-300 continues, with proponents and critics presenting their arguments on whether implementing sidechains on the Bitcoin network would be beneficial or detrimental. While the proposal aims to bring new features and possibilities to Bitcoin, concerns about potential scams and the impact on the overall network remain central to the discussion.

Source: CoinTelegraph

Source link

Please follow and like us:
Pin Share