RSK Bitcoin sidechain ports Dai to connect with Ethereum DeFi
This post was originally published on this siteThis post was originally published on this site The team behind the smart contract-enabled sidechain extension for Bitcoin, RSK, announced Tuesday that Maker’s Dai (DAI) stablecoin is now available on the platform. The integration makes it possible to transfer Dai from Ethereum to the RSK sidechain, which makes it available for use in its Bitcoin-backed […]
09-27 18:15 - 'Is Ethereum Just a Bitcoin Sidechain? Panelists Discuss at Magical Crypto Conference VR 2020 | the crypto feed articles' (thecryptofeed.net) by /u/kyletorpey removed from /r/Bitcoin within 69-79min
A transfer from Bitcoin (parent chain) to Ethereum (sidechain) would allow a user to use the functionality of Ethereum (i.e., fully expressive smart contracts), but the underlying original asset would remain precisely that, Bitcoin. So, a Bitcoin on an Ethereum sidechain technically remains a Bitcoin. Federated Sidechains RSK and Liquid are both federated Bitcoin sidechains that are effectively backed by real bitcoin held by a federation of custodians via a multisignature Bitcoin address. While Liquid is mostly targeted at the users of various centralized exchanges, RSK is effectively a version of Ethereum with ETH replaced by a token pegged to BTC (rBTC). Blockstream CEO: Bitcoin Sidechains will replace Ethereum, XRP and all Altcoins By Jake Simmons October 22, 2019 No Comments The CEO of Blockstream, Adam Back, explained at the Transylvania Crypto Conference that Bitcoin sidechains will one day replace altcoins such as Ethereum and Ripple. Right now, established protocols like Ethereum and upcoming projects like Cardano and Algorand are all racing to increase transactions per second. The higher those numbers get, the more things can be done on the blockchain. Yet, there has been a solution for scalability problems brewing on the periphery sidechains. Two other sidechains worth mentioning are MimbleWimble, which is a much more private and scalable alternative to the current version of the bitcoin blockchain, and RSK, which intends to enable advanced smart contracts, such as those found on Ethereum, in bitcoin.
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