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by joeyspn
4252 days ago
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The only thing that matters is that Y amount of sidechain issued currency/protocol must be pegged to X amount of currency in the bitcoin network. And this ownership must be verifiable by crypto. At the higher level, it is basically a 2 way agreement. The sidechain-coin could have many different features, for instance it could be a clone of Ethereum and its "currency": "ether", being able to replicate its functionalities like issuing subcurrencies or assets (out of the blue) completely decoupled from the bitcoin blockchain. But the higher level currency (the Y issued ether) is pegged to X amount of bitcoin. The concept is not new and is similar to the proposed spin-offs... https://bitcointalk.org/index.php?topic=563972.0 |
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