[2018-05-14] First Bitcoin Smart Contracts Sidechain Now Secured By 1 in 10 Min

[tyz]

First Bitcoin Smart Contracts Sidechain Now Secured By 1 in 10 Miners

To be revealed Monday at CoinDesk's Consensus 2018 conference, RSK, the startup that built the long-anticipated technology, touted as a way to bring ethereum-style smart contracts to the world's largest cryptocurrency, is issuing new details on the number of bitcoin users dedicating computing power to backing the experimental idea.

https://www.coindesk.com/first-bitcoin-smart-contracts-sidechain-now-secured-1-10-miners/

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[BitHodler]

I wonder with developments such as lightning network and eventually also smart contracts, what purpose is there left for other altcoins? Technically it's possible to add any feature altcoins are rocking right now.

I am strongly of believe that when lightning network becomes fully deployed and easy to use at client level, it will cause a major shift from capital that will be flowing from altcoins back into Bitcoin.

With all that in mind I wouldn't feel comfortable hodling any altcoin for the long term. People keep saying that Bitcoin is slow and lacking features, but time will show them what Bitcoin is really capable of.

[vit05]

I wonder with developments such as lightning network and eventually also smart contracts, what purpose is there left for other altcoins? Technically it's possible to add any feature altcoins are rocking right now.

I am strongly of believe that when lightning network becomes fully deployed and easy to use at client level, it will cause a major shift from capital that will be flowing from altcoins back into Bitcoin.

With all that in mind I wouldn't feel comfortable hodling any altcoin for the long term. People keep saying that Bitcoin is slow and lacking features, but time will show them what Bitcoin is really capable of.

I do not think so. I hope that in the future the right to choose still exists. RSK looks like an incredible opportunity, but it's still an enterprise company offering smart contracts for a small fee on its closed network. Using Bitcoin's public ledger to record.

And Ethereum will have plasma

No, plasma is stronger. In a plasma chain, you are guaranteed the ability to recover funds even if there is a successful 51% attack against a plasma chain; such an attack can only delay your withdrawal by whatever the challenge period is. Merged mining is a multisig controlled by Jihan Wu, Wang Chun, Haipo Yang and a few other people.

Vitalik

[jjacob]

I wonder with developments such as lightning network and eventually also smart contracts, what purpose is there left for other altcoins? Technically it's possible to add any feature altcoins are rocking right now.

I am strongly of believe that when lightning network becomes fully deployed and easy to use at client level, it will cause a major shift from capital that will be flowing from altcoins back into Bitcoin.

With all that in mind I wouldn't feel comfortable hodling any altcoin for the long term. People keep saying that Bitcoin is slow and lacking features, but time will show them what Bitcoin is really capable of.

You cannot have everything on the Bitcoin blockchain. There will be some who want privacy and some who want total transparency in all transactions. So there will be those who use altcoins. Plus you need consensus to implement changes on the main chain- not a quick process.

[1Referee]

There will be some who want privacy and some who want total transparency in all transactions.

I think it's safe to say that there won't ever be a main net implementation of any sort of privacy features with how governments are likely going to outlaw all privacy centric incentives. I personally don't even see the point of having privacy features implemented in Bitcoin. Its open nature is what makes governments somewhat have an open minded stance towards Bitcoin.

Plus you need consensus to implement changes on the main chain- not a quick process.

While a large group of people consider that to be a negative aspect of Bitcoin, I personally find it to be one of its strongest points. It's not one party deciding what's happening, which isn't something that can be said about other altcoins (hint hint... bcrash). I think in the end, if there are certain features that do enjoy proper usage and that on a consistent basis, and thus aren't gimmicks meant to trap in investors, we might *eventually* see them be implemented.