Bitcoin brought some new friends: The SideChains

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Altcoin Killer. This sympathetic nickname was attached this week to THE next big project in the crypto world. And this, not so friendly name, is exactly the reason and the purpose for which it was conceived

The SideChains project is a project that was spoken of a lot lately as the one that will bring an end to Bitcoin’s competitors and settle once and for all who is the ultimate king of digital currencies. SideChains will allow the creation of a perfect synergetic system that will multiply bitcoin’s power a thousand folds

The project’s Whitepaper was released earlier this week by an All-star team of cryptographic developers

Before I explain what exactly the developers are hoping to achieve is this project it is important to note one significant point that emerges from the Whitepaper: The project’s development team which consists mostly from Bitcoin adherents openly admits that Bitcoin, in its current form is simply not good enough

Don’t get me wrong. Bitcoin, even with its current limitations, is still superior to any other monetary system known today. I’m not talking about that. All I’m saying is it’s about time to admit (and do something about it) that if Bitcoin won’t do some reaching technological improvements soon, he may lose the lead

I know. it seems far and not really possible from where we standing today. I also know that Bitcoin is currently accountable for about 95% of the entire crypto-sphere, but bear in mind that this cryptographic world is not exactly characterized by patience and restraint, and that’s to say the least

I believe that if the desired changes will not come in time, it is an inevitable process. Once one of the market-leading digital currencies will reach a turning point and will be caught in the public eye as superior to the original crypto-coin, its price and market cap could skyrocket overnight and do to Bitcoin what Bitcoin did to… Yeah, well he was the first, but you get what I mean

For those of you who think Bitcoin is irreplaceable, I will remind that as of today 99% of the world’s population is not even using Bitcoin. So there shouldn’t be any problem with another coin taking the lead. To the most of the world, that only heard about Bitcoin, the transition to another currency will be smooth and simple and will put Bitcoin in the history books as the one who brought the change and opened the hatch for others. No more. And finally, to those who are already using digital currencies, the currency transition is expected to be even easier and smoother. They are already familiar with the technology; they have experienced it in use. What does it matter what you call it if it’s better and everyone uses it

 But before I eulogize Bitcoin, let’s first see what it’s all about

In short, The SideChains project aims to create a complete and new system of secondary blockchains, at the side of Bitcoin’s Blockchain, that will be able to communicate with the main Blockchain and transfer to and from it Bitcoins, digital assets, smart contracts and everything else they’ll come up with in the future. Each sidechain will be able to apply on itself endless features and new developments without the need to change anything in the core of the Bitcoin network. And That is a key point of the project

The idea is to put up a real fight to the technological superiority of competing currencies and actually make Bitcoin into a Bitcoin 2.0 without the need to create new coins. If there is one immense advantage that Bitcoin has over all of the rest of the digital currencies it is the strength and stability of the Bitcoin network. This advantage combined with the features that SideChains will allow is Game Over for the Alts

Exactly how the technology will work is less interesting right now. You can trust the development them with that part. What is more important is the effect the SideChains will have on the digital currencies world if the development succeeds. What the SideChains developers are actually saying, to all of the digital currencies and their developers is this: “Thank you so much for the wonderful ideas and many experiments you saved us, we are now going to copy the best things you did into Bitcoin and then destroy you “. Cruel, but fair enough considering the fact that Alt coins were the first to copy Bitcoin

Talk about Cryptographic justice

But hold on before you panic sell all your digital currencies (if you have any), Considering this project anticipated complications, development can take years. Especially given the pace of recent developments presented by the Bitcoin team and its complex internal politics. Other problems could come from the miners who now will be required to maintain many Blockchains to support the network. Either way, the SideChains project is the most ambitious project Bitcoin has set for itself since its emergence and is expected to undoubtedly encounter many obstacles along the way. Will the end result will be achieved? This is left for us to discover

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