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.
Sidechains offer a way for new, more radical settings and technologies to be implemented without affecting the main chain. This ensures that the main chain is as secure as possible whilst providing the freedom to explore options which would never be considered for use on the main chain. Sidechains should be quite powerful as they provide cases like anonymity, transparency, confirmation times and turing complete options like rootstock all whilst utilizing bitcoins rather than relying on the hashing power (security) of some far less secure alt coin. That being said… there is quite some controvery regarding blockstream’s funding of most of the core development team and their inflexiblity regarding the max blocksize. This inflexibility has directly contributed to the success of ethereum and it remains to be seen whether the dream of bitcoin maximalism will survive long enough for sidechains with all of the promised functionality to be rolled out. I am skeptical.
A partir de este momento, se podrán intercambiar y mover estas monedas para hacer uso del potencial de esa sidechain siguiendo las directrices y protocolo que ésta tenga estipulado. Por ejemplo, quizá la velocidad de creación de los bloques es más rápida en esta o quizá los scripts de transacción en esa cadena son turing completos (disponen de un poder de cómputo equivalente a la máquina universal de Turing).
I said above that you can build sophisticated rules into Bitcoin transactions to specify how ownership is proved. However, the Bitcoin scripting language is deliberately limited and many ideas in the Smart Contracts space are difficult or impossible to implement. So projects such as Ethereum are building an entirely new infrastructure to explore these ideas
Sidechains as an idea have existed and had been floating around for quite some time now, the bases is to extend the decentralization of trust into other sectors and to other digital assets. However, while this all sounds great it's a perfect example of good in theory but not so much in practice. Nevertheless, this hasn't stopped people from trying with groups such as Blockstream exploring the idea and our friends over at Rootstock co-creating a Sidechain which is allowing Litecoin and Bitcoin to execute smart contracts and all without changing the core software of the original currency.
The original Litecoin we started out with are now Rootstock Litecoin, which I can use for creating smart contracts and as previously mentioned Sidechains can exist for all types of digital assets with propositions of not only smart contracts but the ability to provide more freedom for experimentation with Beta releases of core software and Altcoins, as well as the taking over of traditional banking instruments such as the issuing and tracking of shares, bonds and other assets.
When blockchain technology was introduced to the public in 2008 (via Satoshi Nakamoto’s famous white paper), it would have been hard to predict that private or consortium blockchains would become popular. But recently, there’s been a lot of buzz about this in the digital currency community. Many companies are beginning to experiment with blockchain by implementing private and consortium chains, although some people are critical of this. This discussion not only centers on use cases and benefits, but whether non-public blockchains are an appropriate application of the protocol to begin with.
Sidechains are blockchains that allow for digital assets from one blockchain to be used securely in a separate blockchain and subsequently returned to the original chain. The term “sidechain” in this case is used for context, in that the paper initially refers to Bitcoin as the “parent chain” and connected blockchains (altcoins) as “sidechains,” but the term is interchangeable so that altcoins interacting with each other can each be a parent chain interacting with sidechains. You may have also heard of “childchains,” which are also sidechains.
@mowliv I think a good way to think about it is by looking at our economy. The Federal Reserve prints US dollars for the US Government (the main blockchain) to boost the US economy. However, US dollars can be exported to other countries (a side chain) that could have a completely independent economy but still use a currency backed by the US government. – Olshansk May 30 '17 at 0:56
Public chains to the rescue! Public chains offer public transaction data that can be verified in real-time by anybody that cares to run a node. The more independent users or institutions that take part in verification, the more secure and decentralised the chain becomes! At Iryo, we strive to have every clinic doing full validation of the global state for the relevant smart contracts (EOS based). Public blockchains are mainly useful for two things; value routing (including initial creation and distribution) and trustless timestamping of messages.

"I see quite a few use cases for private blockchains, and they definitely have their place. Traditional institutions won't switch to a completely public blockchain from one day to the other. A private blockchain is a great first step towards a more cryptographic future. The biggest advantages of private blockchains in comparison to centralized databases are the cryptographic auditing and known identities. Nobody can tamper with the data, and mistakes can be traced back. In comparison to a public blockchain it is much faster, cheaper and respects the company's privacy. As a conclusion, it's better to rely on a private blockchain than no cryptographic system at all. It has merits and pushes the blockchain terminology into the corporate world, making truly public blockchains a bit more likely for the future." 

Sidechains as an idea have existed and had been floating around for quite some time now, the bases is to extend the decentralization of trust into other sectors and to other digital assets. However, while this all sounds great it's a perfect example of good in theory but not so much in practice. Nevertheless, this hasn't stopped people from trying with groups such as Blockstream exploring the idea and our friends over at Rootstock co-creating a Sidechain which is allowing Litecoin and Bitcoin to execute smart contracts and all without changing the core software of the original currency.

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Of course, the drawbacks of public and private blockchains are still very much present in the case consortium chains. This all depends on the way each consortium is constructed: a more public consortium chain will bear the burdens of public chains, while a more private one might suffer from the relative lack of openness and disintermediation. The right configuration depends on the needs and vision for each specific chain. Strategy and tailoring are always necessary to get the best solution.

Because decentralization has been viewed by many as intrinsic to the revolutionary potential of blockchain, the point of private blockchains might be called into question. However, blockchains offer much more than a structure that accommodates decentralization. Among other features, their strong cryptography and auditability offers them more security than traditional protocols (although not bulletproof, as noted), and they allow for the development of new cryptocurrencies. Furthermore, voting platforms, accounting systems, and any type of data archive can arguably be optimized with blockchain technology. We are still in the early days of blockchain technology, and the power it has to reshape older systems has yet to be seen.
By the end of this post, you’ll be able to freely participate in conversations like the above. This is not a coding tutorial, as we’ll just be presenting important concepts at a high level. However, we may follow up with programming tutorials on these ideas. This article will be helpful to both programmers and non-programmers alike. Let’s get going!
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Terasol's mission is to create apps that would help people learn and grow with tech. Every member of Terasol shares the same dream of working towards building apps that would not only create history but also give people the opportunity of experiencing tech they did not know could become essential part of their lives. A lot has changed since we developed our first app; we have grown with each project and refined our skills to serve nothin ... Read more

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, eg. 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. Of course, one can argue that one can do this on a public blockchain by giving the government a backdoor key to a contract; the counter-argument to that is that such an approach is essentially a Rube Goldbergian alternative to the more efficient route of having a private blockchain, although there is in turn a partial counter-argument to that that I will describe later.


Pegged sidechains employ a two-way peg to transfer assets between chains, and they consist of providing proof of possession in the transferring transactions. The idea is to enable the capability of locking an asset on an original parent chain, which can then be transferred to a sidechain before eventually being redeemed on the original chain. Notably, the original asset on the parent chain is locked in a specific output address and is not destroyed like early implementations of sidechains.

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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.
However, the Lightning Network would, again, require a change to the existing Bitcoin protocol. (Though again it would be a “soft fork,” i.e. the existing blockchain would remain fully valid.) And/or — you guessed it — a Lightning sidechain. What’s more, one of the changes it requires, the elimination of transaction malleability, is handled by the Segregated Witness work in Sidechain Elements. (correction: all of of the changes required are incorporated into Elements Alpha — it’s Lightning-ready out of the box.)
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Our Proof of Work tutorial talks about it in depth, but the best explanation might come from Satoshi Nakamoto himself. If the camps above start receiving messages that don’t agree, they rely on executing a Proof of Work. The Proof of Work is sufficiently complicated and requires significant computing power. Once one camp solves the Proof of Work, it broadcasts the results to the other camps. This message is now accepted in a chain of messages and the competing messages are dropped by the other camps.
The consensus mechanism involves ascertaining transaction validity and uniqueness. Smart contracts address the validity portion. To ensure uniqueness, the protocol program in Corda checks whether any other transaction has used any of the input states of this transaction. If no other transaction has used any of the input states, that this transaction is unique.
Bitcoin blockchain design has been done for a specific purpose, and this is a money (crypto currency) transfer. But what will we do, if we want to change or add some functions of the bitcoin blockchain? What if we want to transfer other assets rather than money, what if we want to do transactions automatically when pre-determined events occurred. Or what if we don't want other people see our transactions, or track our transactions' history. You can ask countless of what if questions and every answer to these questions drive you to a different blockchain or configurations
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