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January 13, 2016, 08:44:43 AM |
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I keep seeing sidechains suggested as a way to expand the Bitcoin network, and I don't understand how they can be integrated into the main blockchain. This is especially true when it is suggested that they arre administered by some 3rd party. The only way that I can see for it to work is if the sidechain was based on a main chain wallet owned by the 3rd party. They would then operate a separate blockchain to administer this wallet, and transfer Bitcoins in and out of the main chain as required. They would pick up the transfer fee as a payment for managing this sidechain.
Is this feasible, or have I misunderstood things yet again?
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