Instead, what if the game was played in its own “channel”? Each time a player made a move, the state of the game is signed by each player. After an epic battle where the Protoss player takes out the remaining Zerg forces and forces a gg, the final state of the game (Protoss wins) is sent to a smart contract on the main chain. This neutral smart contract, known as a Judge, waits a while to see if the Zerg player disputes the outcome. If the Zerg player doesn’t, the Protoss player is paid the 1 ETH.
Send your Bitcoins to a specially formed Bitcoin address. The address is specially designed so that the coins will now be out of your control… and out of the control of anybody else either. They’re completely immobilized and can only be unlocked if somebody can prove they’re no longer being used elsewhere (I’ll explain what I mean by this in a minute). In other words, you’ve used the core bitcoin transaction rules I described above to lay down a specific condition that the future owner – whoever it ends up being – needs to fulfil in order to take control
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Let’s switch gears quickly before we get back to talking about trust mechanisms. We’ll define what a “smart contract” is. The first blockchain that was popularized is obviously the Bitcoin blockchain. But the functionality of Bitcoin is very limited. All it can do is record transaction information. It’s only useful to keep track of the fact that Alice sent Bob 1 Bitcoin.
Bitcoin’s block interval is ten minutes so it takes about five ten minutes on average for a new transaction to find its way into a block, even if it pays a high fee. This is too slow for some people so they have experimented with alternative cryptocurrencies, based on the Bitcoin code-base, which employ quicker block intervals [UPDATED 2014-10-27 to correct my embarrassing misunderstanding of mathematics…]
However, even this would have its own separate value and wouldn't necessarily solve any issue especially if a market is deemed to be, well, worthless. The two-way peg isn't perfect however. Especially since SPV can theoretically be tricked into crediting more coins than were originally deposited. If the attack will then transfer those coins back onto the parent it would take coins from another user on the Sidechain to fund the imbalance. And in the process create a permanent dissilience between the two chains. In order to strengthen the security of a Sidechain beyond just SPV, it would require the parent to soft fork and upgrade its core wallet software so that both chains can then validate transfers between them.
Cabe destacar el papel de la gente de Blockstream, una de las compañías centradas en la búsqueda de este objetivo (con un extremeño en sus filas, Jorge Timón). Blockstream está trabajando actualmente en el desarrollo de un protocolo que permita crear sidechains. Son los responsables de uno de los papers más conocidos sobre el tema, publicado en Octubre del 2014:
– The transactions added to the blockchain are public: the whole world (Member of the network as non-members) can access transactions that are added to the blockchain. The information of the transactions is made public for the miners who do not know the other members, to check the conformity (for example that the person who has created a transaction holds enough bitcoins). These transactions are obviously not nominative, only your public key appears, but if someone knows your public key, he will be able to find all the transactions that you have created.
Private blockchains are valuable for solving efficiency, security and fraud problems within traditional financial institutions, but only incrementally. It’s not very likely that private blockchains will revolutionize the financial system. Public blockchains, however, hold the potential to replace most functions of traditional financial institutions with software, fundamentally reshaping the way the financial system works.
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That is however not all. Sidechains also have some specific use cases, unique to a certain blockchain. One example is the usage of sidechains in EOS. EOS is currently facing a RAM problem. RAM is too expensive and developers are complaining. Sidechains could compete with the EOS mainchain by having lower RAM prices, this would lead to competition, incentivizing both the EOS mainchain block producers and sidechain block producers (mainchain and sidechains of EOS are maintained by the same group of block producers) to keep the RAM price as low as possible. This also means there is more RAM available, so the RAM price will go down as a result.
The ethereum-based app builder has a dedicated team of experts looking at all varieties of fiat cash on distributed ledgers, and it's working with UnionBank of the Philippines to create a low-cost tokenized fiat solution for rural banking. In time, this could be extended to cover a larger network of banks and perhaps even the central bank, ConsenSys says.