What if we could run heavy computations in a more centralized fashion, say on a single server, and then periodically integrate the results onto the main blockchain for posterity. We temporarily expose some vulnerability while the parallel server runs the heavy computation, but we get a massive benefit in that we don’t have to run the computation on chain, and simply need to store the results for future verification. This is the general premise behind Truebit. We won’t get into all the details of Truebit but there is a concept of challengers, who check to see the computations that were made have high fidelity.
Plasma, a project by Ethereum, uses this side chain concept. It encourages transactions to happen on side chains (or child chains). An authority governs each of the child chains. If the authority starts acting maliciously, anyone on the child chain can quit the child chain and take back their pegged assets on the main chain. It’s in its early stages of development but shows a lot of promise in handling some of Ethereum’s scalability issues.

Private and Public Blockchain occurs when the financial enterprises start to explore the various blocks of the Blockchain technology. These two Blockchains are coming up with business oriented models as to obtain the difference between the two. The private blockchain generates at a lower cost and faster speed than the public blockchain. In the previous years, the blockchain has grown to become an interesting subject globally. It is becoming an integrated part in the financial sectors all over the digital world.
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Let me explain. The Lightning Network allows for the creation of “micropayment channels” across which multiple Bitcoin transactions can be securely performed without interacting with the blockchain, except for the initial transaction that initiates the channel. There is no counterparty risk: if any party ceases to cooperate, and/or does not respond within an agreed-on time limit, the channel can be closed and all its outstanding transactions kicked up to the blockchain to be settled there.
As you know, we at LTP have been doing a lot of research to understand other use cases of blockchain apart from Bitcoin-based payments. Recently we had released a comprehensive analysis of 50+ startups and 20 use-cases of blockchain. Though there have been news of large companies accepting bitcoin (Ex.: Amazon, Microsoft, Dell) and the overall acceptance reaching a 100,000+ merchants figure, upon deeper examination we realize that large corporations do not store the Bitcoin payments. They generally partner with a Bitcoin payment processor who converts the Bitcoins to cash as and when they receive a payment and this converted amount is what the corporates take into their account. What a bummer!

“RSK directly “plugs in” to achieve a perfect merged-mining and to ensure that cryptographic work, that will be discarded in Bitcoin mining, is reused in the first smart contract open-source platform secured by the Bitcoin network. RSK has an agreement with Bitcoin miners: we share with them 80% of the fees arising from transactions made within the smart contract network.”


Sidechains have been a concept for a relatively long time in the cryptocurrency space. The idea took flight in 2014 when several eminent figures in cryptography and early digital currency innovations published an academic paper introducing Pegged Sidechains. Several of the authors are central figures at Blockstream, who is at the forefront of innovation in sidechains and other Bitcoin developments.
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It doesn’t matter if you’re moving $1bn or 0.01c across the Bitcoin network, you get the same security guarantees.   And you pay for this in fees and time.   What if you were prepared to trade safety for speed?   Today, your only real option is to send the coins to a centralized wallet provider, whom you must trust not to lose or steal your coins. You can then do all the transactions you like on their books, with their other customers and you never need touch the Bitcoin blockchain. But now you lose all the benefits of a decentralized value-transfer network.
Write permissions are kept centralized to one organization. Read permissions may be public or restricted to an arbitrary extent. Example applications include database management, auditing, etc. which are internal to a single company, and so public readability may in many cases not be necessary at all. In other cases public audit ability is desired. Private blockchains are a way of taking advantage of blockchain technology by setting up groups and participants who can verify transactions internally. This puts you at the risk of security breaches just like in a centralized system, as opposed to public blockchain secured by game theoretic incentive mechanisms. However, private blockchains have their use case, especially when it comes to scalability and state compliance of data privacy rules and other regulatory issues. They have certain security advantages, and other security disadvantages (as stated before).

“The consortium or company running a private blockchain can easily, if desired, change the rules of a blockchain, revert transactions, modify balances, etc. In some cases, e.g. national land registries, this functionality is necessary; there is no way a system would be allowed to exist where Dread Pirate Roberts can have legal ownership rights over a plainly visible piece of land, and so an attempt to create a government-uncontrollable land registry would in practice quickly devolve into one that is not recognized by the government itself….

– A cost per transactions which can be high: Miners only participate in the process of mining because they hope to get the reward (coinbase and fees) allocated to minors who have added a block to the blockchain. For them it is a business, this reward will finance the costs they have incurred in the process of mining (electricity, computer equipment, internet connection). Tokens that are distributed to them are directly issued by the Protocol, but the fees are supported by the users. In the case of the bitcoin, for example, minors receive 12.5 bitcoins for each block added, to which are added fees paid by the users to add their transactions to the blocks. These fees are variable and the higher the demand to add transactions, the higher the fees.
External Account, which stores ETH balance – This contains the address of the User that was created using the Web3.js API, e,g, personal.newAccount(…). These accounts are used for executing smart contract transactions. ETH is your incentive received for using your account to mine transactions. The address of the account is the public key, and the password of the account is the private key.
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Start mining on node 1 by using the function miner.start(1), where 1 refers to the number of threads. Note that the miner.start(n) function will always return "null." Unless you have many CPU cores, keep the thread number low to avoid high CPU usage. Note that mining without any pending transaction can still earn your default account incentive (ETH). It creates empty blocks, thus strengthening the integrity of the blockchain tree.
Unfortunately our second option cannot be done yet, because to use these sidechains, main chain (here it is bitcoin) needs to do some upgrade (soft fork). By the way, upgrades in public blockchains are very painful yet. There will be a user activated soft fork (UASF) on August 1. All bitcoin forms’ trend topic is this soft fork which is about a code change for Segregated Witness Adoption.
A side-chain is a separate block-chain that runs parallel to the main chain, for example the Bitcoin network, and is attached to the main chain through a simple two-way peg, or special 'address'. A user sends coins to this special address and this amount is effectively 'locked' out from use on the main chain and available on the side chain. This currency is released back to the main chain once its been proven that the side chain is no longer using it.
A diferencia con la, hasta ahora, plataforma estrella de smart contracts Ethereum, otra de las diferencias más importantes de Lisk es que, en Lisk, cada aplicación corre sobre su propia sidechain y no sobre una única cadena, cómo es el caso de Ethereum. Por lo tanto, un entorno propio e independiente que podrá exprimir cada desarrollador para cada DAPP desarrollada con un backend en JS/NodeJS y un frontend HTML/CSS/JS.

Let me explain. The Lightning Network allows for the creation of “micropayment channels” across which multiple Bitcoin transactions can be securely performed without interacting with the blockchain, except for the initial transaction that initiates the channel. There is no counterparty risk: if any party ceases to cooperate, and/or does not respond within an agreed-on time limit, the channel can be closed and all its outstanding transactions kicked up to the blockchain to be settled there.

Let me explain. The Lightning Network allows for the creation of “micropayment channels” across which multiple Bitcoin transactions can be securely performed without interacting with the blockchain, except for the initial transaction that initiates the channel. There is no counterparty risk: if any party ceases to cooperate, and/or does not respond within an agreed-on time limit, the channel can be closed and all its outstanding transactions kicked up to the blockchain to be settled there.


My take is that the Bitcoin architecture is a solution to the problem of how to maintain consensus about a ledger when the participants are unknown and many of them are adversarial (I know this is loose language… computer scientists working in the consensus space are more precise but I think this captures the essence…. i.e. we’re explicitly in a world where there is no “leader” and no identities for those providing the consensus services).
The immense promise and accelerated development of permissioned blockchain technology, combined with intense business interest from a wide range of industries, is acting as a perfect stimulant for more and more enterprises to start rolling out blockchain networks into production. I envision these permissioned networks will soon directly or indirectly influence every facet of human enterprise.
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