Thanks to our guest writer Ray, we have another great post: Sidechains: How Many Sides Does a Cryptocurrency Have?
Please, enjoy reading and commenting.
The discussion is available on the Bytecoin Forum
Please, enjoy reading and commenting.
The discussion is available on the Bytecoin Forum
Quote
Bitcoin is wonderful. Bytecoin is wonderful. Dogecoin is wonderful. All cryptocurrencies are wonderful (well, let us think for a moment that it is true).
You can pay Bitcoins for sandwiches in Subway, use Bytecoins for private purchases, send Dogecoins to your friends as gifts and so on. That is, you can use features of each cryptocurrency for suitable cases. But - what a nuisance! - you would not like to keep a dozen wallets with all these coins.
Naturally, you can just make another cryptocurrency, which will combine all the best features. A kind of a standard for cryptocurrencies. Wait... it reminds me of something...
Of course, such approach might be viable... in theory. But practically, it is not feasible. First, the idea of "all the best" is very personal. Not everyone thinks that demurrage in Freicoin is a very useful feature. It would be a challenge to select a standard from the wide range of Proof-of-Work functions as well. Second, some things cannot be combined by their very essence: imagine yourself in the shoes of a service, which has to take into account a million features of a SINGLE cryptocurrency. Would you like to accept it? Finally, it is very difficult from the technical point of view to keep implementing all the innovations that appear in other projects.
You can pay Bitcoins for sandwiches in Subway, use Bytecoins for private purchases, send Dogecoins to your friends as gifts and so on. That is, you can use features of each cryptocurrency for suitable cases. But - what a nuisance! - you would not like to keep a dozen wallets with all these coins.
Naturally, you can just make another cryptocurrency, which will combine all the best features. A kind of a standard for cryptocurrencies. Wait... it reminds me of something...
Of course, such approach might be viable... in theory. But practically, it is not feasible. First, the idea of "all the best" is very personal. Not everyone thinks that demurrage in Freicoin is a very useful feature. It would be a challenge to select a standard from the wide range of Proof-of-Work functions as well. Second, some things cannot be combined by their very essence: imagine yourself in the shoes of a service, which has to take into account a million features of a SINGLE cryptocurrency. Would you like to accept it? Finally, it is very difficult from the technical point of view to keep implementing all the innovations that appear in other projects.