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July 10, 2016, 08:25:52 PM |
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When looking at the operation of sidechains and the way that they are supposed to atomically swap, it makes perfect sense, in terms of two sidechains that both carry the code to allow for such.
This would however be executed on chain, rather than off chain, as in the lightning-esque fashion. Most atomic swap transactions would most likely be off-chain, in between multiple chains, while the on-chain atomic swaps would probably carry quite some significance to be done on-chain.
From the Lightning page it describes shortly that chains that support the same cryptographic hash function, would be allowed to swap in the secondary layer, the channel layer.
Can someone clarify exactly what an off-chain transaction exactly is in this instance? For example between Bitcoin and a sidechain (when SegWit is enabled on Bitcoin).
Would it not mean that a sidechain's payments channel that is swapping for a Bitcoin's bitcoin on a payment channel, or mixing them together to form a third layer of abstraction combination wise, indirectly give value to the token itself on the sidechain, in its secondary layer. I am specifically thinking about a sidechain that is assets based in this case.
Its been bothering me for a while that the lack of PoW on sidechains makes them no more interesting from a security point of view than any other environment. Would a secondary or third layer, after mixing the tokens together, form a more substantial protection for the sidechain asset chain?
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