The first question to answer is “What is public blockchain?” The very name of this type of networks implies that they are open and permissionless. It means that anyone in the world can join the network, add blocks and view the information stored there. Indeed, public blockchains are totally transparent as any of their members can audit them. For this reason, independent participants can easily agree on transactions without middlemen and the fear of deception.
The Blockstream Satellite network broadcasts the Bitcoin blockchain to the entire planet. The satellite network provides an opportunity for nearly 4 billion people without Internet access to utilize bitcoin while simultaneously ensuring bitcoin use is not interrupted due to network interruption. Utilizing the latest open source Software Defined Radio (SDR) technologies, the Blockstream Satellite network offers a breakthrough in the cost effectiveness of satellite communications.
What Bitcoin’s development team is essentially doing through feature-creep is forcing everyone in the non-tech world to use Bitcoin through commercial proxies to avoid all this complexity (crypto-what? security? sidechain?), which effectively results in the loss of security, relative anonymity and decentralized properties that helped to make it interesting in the first place.
Security issues. Like the blockchain, the sidechain needs the work of miners to stay safe from attacks. Without sufficient power, the sidechain is vulnerable for assault. If hacked, only the sidechain will be damaged, while the main chain remains untouched and ready to continue work. If the main chain comes under the attack, the sidechain still operates, but without the value of the peg.
The creation of sidechains have been a direct result of scalability issues associated with the main blockchain for projects such as Ethereum. Making sidechains increasingly popular way to speed up transactions. Lisk was the first decentralized application (dapp) to implement sidechains. With Lisk, each dapp created exists on its own sidechain without interfering with the mainchain.
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.