With the Bitcoin (BTC) network’s programmability and scalability still relatively limited compared to other blockchains, developers continue mulling over ways to push the protocol’s capabilities to its limits.
One hotly debated idea comes from BIP 300 and BIP 301 – aka “Drivechains” – a soft fork proposal to allow Bitcoin to effectively scale through sidechains. In a blog post on Monday, analysts from BitMEX explored the benefits and tradeoffs of the proposal.
BIP 300: Sidechain Peg-Out
Proposed by developer Paul Sztorc, Drivechains is an “improved merged mined sidechain mechanism for Bitcoin.” A sidechain is another blockchain that connects itself to Bitcoin’s main network by using the same internal currency, BTC, for transactions and gas payments.
The upgrade’s first component part – BIP 300 – would imbue Bitcoin with the necessary peg-out mechanism for sidechains. This would allow users to “trustlessly” move their BTC between the main blockchain and conne
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