Blockchain 2.0 – Let a Thousand Chains Blossom

[sickpig]

Mind blowing

http://letstalkbitcoin.com/blockchain-2-0-let-a-thousand-chains-blossom/#.U0XUXYn8Lcd

Edit: For anyone interested in getting more details just listen to LTB episodes 77 and 99. If you don't have enough time jus read Adam Back posts on this reddit thread:

http://www.reddit.com/r/Bitcoin/comments/22m063/blockchain_20_let_a_thousand_chains_blossom

[seriouscoin]

Mind blowing

http://letstalkbitcoin.com/blockchain-2-0-let-a-thousand-chains-blossom/#.U0XUXYn8Lcd

[Bit_Happy]

"This past week, Adam Levine interviewed the two gentlemen and learned that Hill and Back have created a company that includes several Bitcoin core developers working on a project momentarily dubbed “Blockchain 2.0” (the actual name and website will be released soon)."

Mind blowing

http://letstalkbitcoin.com/blockchain-2-0-let-a-thousand-chains-blossom/#.U0XUXYn8Lcd

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[jr3951]

what I want to know is how the lead singer for Maroon 5 got into bitcoin and if he plans to make it as bad as his music

[Bit_Happy]

"So in essence, while there are multiple chains, no new bitcoins are created. Protecting the digital scarcity of the finite amount of tokens (ultimately 21 million) is a core point to this project. By linking chains they have set Bitcoin up as a “transactional currency for all the innovation and all new assets so you can potentially issue shares in a sidechain, that specializes in smart contracts shares, derivatives, user assets, ultimately backed by Bitcoin pegged to Bitcoin,  explained Back."

Isn't something/someone else already doing this? (i.e. Mastercoin)

[Peter R]

We've been working on a related concept here on the forum since yesterday.  Instead of side chains, it is a method to bootstrap altcoins using snapshots of the unspent outputs to determine the initial distribution of any pre-mine.    

https://bitcointalk.org/index.php?topic=68655.msg6134782#msg6134782

https://bitcointalk.org/index.php?topic=563925.0

https://bitcointalk.org/index.php?topic=563972.0

[g4c]

Interesting.

So am I right in thinking that the interface between the main blockchain and a "sidechain" in effect just does the job that Cryptsy already does:

Provide an exchange interface for a free market of altcoins, albeit in a decentralised manner.

[sickpig]

"So in essence, while there are multiple chains, no new bitcoins are created. Protecting the digital scarcity of the finite amount of tokens (ultimately 21 million) is a core point to this project. By linking chains they have set Bitcoin up as a “transactional currency for all the innovation and all new assets so you can potentially issue shares in a sidechain, that specializes in smart contracts shares, derivatives, user assets, ultimately backed by Bitcoin pegged to Bitcoin,  explained Back."

Isn't something/someone else already doing this? (i.e. Mastercoin)

I haven't already understood all the details nor thought about all the implications, but Adam Back said that the current metacoins implementations are somewhat limited (e.g. in regard of smart contracts), whereas the one built on a 2way peg side chains will be based on tagging not watermarking in such a way to avoid those limitations.

[sickpig]

Interesting.

So am I right in thinking that the interface between the main blockchain and a "sidechain" in effect just does the job that Cryptsy already does:

Provide an exchange interface for a free market of altcoins, albeit in a decentralised manner.

The main aims are preserving bitcoin digital scarcity and innovating bitcoin without risking to blew  everything due to a fast pace of innovation. A decentralized "exchange" is "only" a side effect :-)

[shads]

I've been thinking about a similar concept lately as a way of handling visa scale transactions.  It also relies on being a lock a coin to another merge mined chain and later unlock it with verification from the side chain.

The point being to create many transaction processing blocs.  Coins are spent into a bloc then bulk transactions are processed and at some point coins are returned to bitcoin.  Thus bitcoin acts more as a store of value and clearing house rather than a bulk transaction processor.  The side chains might even have limited lifespans i.e. every x days the chain stops operating, everyone returns coins back to bitcoin chain then a new one is started from scratch.

[b!z]

I really like the sound of "Let a Thousand Chains Blossom"

[Come-from-Beyond]

These guys r interested in their own profit. Why do u think u'll jump their train?

[sickpig]

These guys r interested in their own profit. Why do u think u'll jump their train?

"these guys" who?

[Come-from-Beyond]

"these guys" who?

The guys behind Blockchain 2.0.

[BittBurger]

Mind blowing

Agreed.

Can't recommend enough.  Check out the LTB episode.  Everyone needs to hear this.

http://letstalkbitcoin.com/e99-sidechain-innovation/#.U0bMk1c1Gn8

-B-

[trout]

videos, reddit posts, crap-slaps  ... someone pleast post a link to the paper!

[Come-from-Beyond]

An unknown guy with a funny name Satoshi Nakamoto came out of the blue and launched Bitcoin.

A famous guy with a funny name Dacoinminster spent a lot of time talking to people on conferences and tried to launch Mastercoin having 4000 BTC (failed).

An unknown guy with a funny name BCNext came out of the blue and launched Nxt having 21 BTC.

Famous guys spent a lot of time talking to people on conferences and are trying to launch Ethereum having millions USD (in progress).

Famous guys will be spending a lot of time talking to people on conferences and will try to launch Blockchain 2.0 having millions USD (in progress).


Am I the only one who sees a clear pattern here?

[vnvizow]

An unknown guy with a funny name Satoshi Nakamoto came out of the blue and launched Bitcoin.

A famous guy with a funny name Dacoinminster spent a lot of time talking to people on conferences and tried to launch Mastercoin having 4000 BTC (failed).

An unknown guy with a funny name BCNext came out of the blue and launched Nxt having 21 BTC.

Famous guys spent a lot of time talking to people on conferences and are trying to launch Ethereum having millions USD (in progress).

Famous guys will be spending a lot of time talking to people on conferences and will try to launch Blockchain 2.0 having millions USD (in progress).


Am I the only one who sees a clear pattern here?

Nope but aye! Random color patterns that tickles my OCD

[Come-from-Beyond]

Nope but aye! Random color patterns that tickles my OCD

CTRL+A

[Mashuri]

An unknown guy with a funny name Satoshi Nakamoto came out of the blue and launched Bitcoin.

A famous guy with a funny name Dacoinminster spent a lot of time talking to people on conferences and tried to launch Mastercoin having 4000 BTC (failed).

An unknown guy with a funny name BCNext came out of the blue and launched Nxt having 21 BTC.

Famous guys spent a lot of time talking to people on conferences and are trying to launch Ethereum having millions USD (in progress).

Famous guys will be spending a lot of time talking to people on conferences and will try to launch Blockchain 2.0 having millions USD (in progress).


Am I the only one who sees a clear pattern here?

I see a competition to make Bitcoin 2.0.  My money is on the team with the most credibility: Bitcoin 1.0 core devs and the creator of Hashcash (also one of the original cypherpunks) and the best, most sensible idea (Blockchain 2.0)