Post
Topic
Board Bitcoin Discussion
Re: Sidechain Observer - Bitcoin L2 Projects & current state of development
by
d5000
on 05/07/2024, 18:50:53 UTC
It doesn't take years for Drivechain and most of the stuff is already ready to be deployed with BIP 300 and BIP 301.
Than you can create any sidechains you want, we could have actual privacy on bitcoin, and most of the shitcoins would become useless and dead.
Well I hope you are right, but BIP 300/301 were already created in 2019, and the problem is that there are several high-profile developers skeptical about the concept. Unfortunately I have read no recent news about that to be changing.

Regarding shitcoins becoming useless and disappear, I really doubt it. The incentives for shitcoins aren't that much "that they offer something different" than Bitcoin. For example if you start a simple Bitcoin clone from 0, a lot of people could actually buy it only because they would even make a profit if the coin gets 0.001% of Bitcoin's market cap, even if all the difference is that it has a new genesis block. That's what happened with some of the first altcoins, namely Bytecoin (BTE), but you could say it even about LTC which managed to survive until today in the top-25 altcoins. There are lots of other coins out there having a lot in common, that's also true for the 999 "Ethereum clones". They'll never put Bitcoin's (and Ethereum's) leadership in danger, but they survive.

I think Sztorc's opinion there is of course directed to those that say that Bitcoin is "outdated" and there will be a "flippening", and in this case I somewhat agree.

So many l2 projects without any real users. We already have lightning network and it still not wide supported, that's sad especially when you know how fast it is
The issue is that it is extremely easy to build a blockchain today. There are a lot of open source libraries. And then you add a centralized bridge and call it a "L2". Or directly clone Ethereum's Optimism rollup and add a wBTC bridge. That's what happened with most projects I've reviewed on the l2.watch website.

Not that this is bad per se, maybe somebody actually creates an interesting project. But a 50% premined "L2" with no convincing 2-way peg and only vague ideas how this could be decentralized is a no-go for me.