Re: Drivechain critiques by gmaxwell revisited, maybe you changed your mind?
For the newbies, who might not know. Drivechain is a software side-chain project by Paul Sztorc, which may help Bitcoin in scaling, privacy, and other "short-comings" that altcoins are trying to "fix". With Drivechain, we wouldn't need altcoins. Everything will be a side-chain of Bitcoin.
Drivechain allows BTC to travel back-and-forth to other software applications (called “sidechains”). Thus, BTC-owners can opt-in to new features or tradeoffs. Those who don’t opt-in, never need to care what any sidechain is doing.
As with the Lightning Network, DC-users move their coins into a “layer-2” – a zone where BTC can change hands an unlimited number of times. Eventually, just the net effect of these transfers is recorded back on layer-1.
Bitcoin Core can’t observe any layer-2 (by design), so we need a way to discourage fraudulent “netting”. LN counters theft via “justice transactions”; DC via forsaken mining revenues. LN-netting is private and instant; DC-netting is public and VERY slow (once per ~3 months).
Key benefits – only obtainable via Drivechain:
Three existential threats to BTC are neutralized – altcoin-competition, hard fork campaigns, and extension block campaigns.
BTC development becomes anti-fragile with respect to CoreDev mistakes.
BTC maintains hashrate security in the long run.
BTC can scale to credit-card level txn-processing – without changing the CONOP of Bitcoin Core. These cheap txns have optimal fungibility and supply vital pretext to the BTC ecosystem.
BTC gains new, experimental abilities, especially P2P event derivatives.
Quote
Drivechain allows BTC to travel back-and-forth to other software applications (called “sidechains”). Thus, BTC-owners can opt-in to new features or tradeoffs. Those who don’t opt-in, never need to care what any sidechain is doing.
As with the Lightning Network, DC-users move their coins into a “layer-2” – a zone where BTC can change hands an unlimited number of times. Eventually, just the net effect of these transfers is recorded back on layer-1.
Bitcoin Core can’t observe any layer-2 (by design), so we need a way to discourage fraudulent “netting”. LN counters theft via “justice transactions”; DC via forsaken mining revenues. LN-netting is private and instant; DC-netting is public and VERY slow (once per ~3 months).
Key benefits – only obtainable via Drivechain:
Three existential threats to BTC are neutralized – altcoin-competition, hard fork campaigns, and extension block campaigns.
BTC development becomes anti-fragile with respect to CoreDev mistakes.
BTC maintains hashrate security in the long run.
BTC can scale to credit-card level txn-processing – without changing the CONOP of Bitcoin Core. These cheap txns have optimal fungibility and supply vital pretext to the BTC ecosystem.
BTC gains new, experimental abilities, especially P2P event derivatives.
Here are your problems, offchain solutions do not add any actual onchain capacity to Bitcoin.
Altcoins chains have solved the energy waste by using Proof of Stake.
Offchain solutions have no effect on Bitcoin's energy waste.
At some point even offchain solutions would increase Onchain transactions needs to the point of locking up the onchain network.
At that point both the offchain btc and onchain btc seized up like a engine without oil.
That is not a foundation for a economic system for a entire planet.
BTC will remain a niche player until the energy waste becomes unsustainable.
Altcoins that solved the energy waste and continue to grow their Onchain Capacity will be more sought after than a Coin such as BTC that is artificially limited for built in transaction congestion.
