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Elqnt|Arbitrage║Powerful Cryptocurrency Arbitrage A simple explanation of Bitcoin “Sidechains” | Richard Gendal Brown Could sidechains be the enabler of “semi-decentralised” Bitcoin products and services? An important paper was published this week: If you’ve followed Bitcoin for any time, you’ll know this is a seriously eminent group of authors It describes a way to build “pegged sidechains”. But what are they? A mental model for Bitcoin The key to understanding most innovations in the Bitcoin space is to make sure you have the right mental model for how Bitcoin itself works. To help with this, I came up with an analogy for Bitcoin earlier in the year, based on thinking of Bitcoin “unspent transaction outputs” as parcels of land. But in this piece, I’ll skip the analogy and net it down to the basics. First, clear your head of anything related to money, currency or payments. When you “move” Bitcoins, what you’re saying is: The critical three parts of a Bitcoin transaction There are several important points here: Keep saying the three steps to yourself until they’re etched on your memory! Fine. Block interval
Smart Property Smart property is property whose ownership is controlled via the Bitcoin block chain, using contracts. Examples could include physical property such as cars, phones or houses. Smart property also includes non-physical property like shares in a company or access rights to a remote computer. Smart property was first proposed by Nick Szabo in his 1997 paper, "The idea of smart contracts". Background Primitive forms of smart property are already common - if you own a car, it probably comes with an immobilizer. Many other forms of modern property are protected against theft using cryptography, for example, some smartphones will refuse to release certain keys if the correct PIN unlock isn't entered, and cryptography not only renders a stolen device fairly useless but makes it impossible to steal someone's phone number as well. Although these are victories for cryptography, the potential of cryptographically activated property has not been fully explored. Theory Loans and collateral