That is an opinion editorial by Nikita Chashchinskii, a software program developer engaged on BIP300 sidechains.
Drivechain as outlined in BIP300 and BIP301 presents a brand new vision for Bitcoin, wherein the next issues are solved:
- It presents a substitute for our current contentious and political course of for altering Bitcoin. “Layer 1” guidelines by no means have to vary, and new options are as an alternative launched by including opt-in sidechains.
- It removes all affordable arguments in favor of Bitcoin’s rivals by copying any helpful options they could have, probably turning Bitcoin right into a monopoly within the cryptocurrency market, which may be very useful for an asset that aspires to be “cash.”
- It gives a possible solution to generate sufficient transaction charges to help the Bitcoin security budget. That is particularly essential, for the reason that block subsidy will inevitably fall as a consequence of halvening through the years, and the present alternate options for funding the safety price range are extremely problematic: introducing tail emission removes the 21 million BTC restrict through a tough fork, switching to proof of stake requires a considerable technical overhaul of Bitcoin and a tough fork, tying charge quantities to transaction values opens Bitcoin to competitors from altcoins and fiat cost techniques providing decrease charges.