Blockstream Releasing Sidechain Elements Open Source Code
- Blockstream, an emerging crypto startup focusing on the development of 'sidechains', has announced the release of Sidechain Elements.
Blockstream, an emerging crypto startup focusing on the development of 'sidechains', has announced its release of the alpha version of open source code behind its first major project, Sidechain Elements.
The startup received $21 million in venture funding late last year, one of the largest rounds in the industry at the time, and whose contributors included a number of notable tech leaders. The round affirmed growing investor interest in sidechains, believed by many as harnessing the future power behind Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology.
Blockstream began its work on sidechains roughly one year ago. The concept aims to create an entire ecosystem of alternative, interoperable blockchains supporting the decentralized transfer of digital property. Put differently, "Sidechains enable innovators to safely develop new applications without jeopardizing Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term’s core code and putting billions of dollars worth of digital currency at risk." The ‘sidechains paper’ is said to have been downloaded over 10,000 times within the first few days.
Sidechain Elements introduces core software to build an initial sidechain for testing, eight functions not supported by Bitcoin, a basic wallet and the code for moving coins between blockchains. The eight new functions include Confidential Transactions, Basic Asset Issuance, Relative Lock Time, among others.
Developers are invited to test and use the code for their projects and work collaboratively with the startup.
To date, a handful of banks have disclosed their intent to try blockchain technology for streamlining transaction processes. Sources familiar with the industry previously told Finance Magnates that many more are interested. On Blockstream's blog, Adam Back said that the company would join developers in their research effort, and noted the scale of institutional interest in blockchain technology:
"We’ll undertake many of these efforts, and anticipate many others will happen independent of Blockstream with over 30 major financial institutions launching blockchain innovation projects, as well as interest in this tech from other Bitcoin and blockchain-based ventures."
The company also said it will soon be unveiling a draft of its Bitcoin Improvement Proposal, which envisions a "two-way peg mechanism" to which sidechains will be migrated.
Blockstream, an emerging crypto startup focusing on the development of 'sidechains', has announced its release of the alpha version of open source code behind its first major project, Sidechain Elements.
The startup received $21 million in venture funding late last year, one of the largest rounds in the industry at the time, and whose contributors included a number of notable tech leaders. The round affirmed growing investor interest in sidechains, believed by many as harnessing the future power behind Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology.
Blockstream began its work on sidechains roughly one year ago. The concept aims to create an entire ecosystem of alternative, interoperable blockchains supporting the decentralized transfer of digital property. Put differently, "Sidechains enable innovators to safely develop new applications without jeopardizing Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term’s core code and putting billions of dollars worth of digital currency at risk." The ‘sidechains paper’ is said to have been downloaded over 10,000 times within the first few days.
Sidechain Elements introduces core software to build an initial sidechain for testing, eight functions not supported by Bitcoin, a basic wallet and the code for moving coins between blockchains. The eight new functions include Confidential Transactions, Basic Asset Issuance, Relative Lock Time, among others.
Developers are invited to test and use the code for their projects and work collaboratively with the startup.
To date, a handful of banks have disclosed their intent to try blockchain technology for streamlining transaction processes. Sources familiar with the industry previously told Finance Magnates that many more are interested. On Blockstream's blog, Adam Back said that the company would join developers in their research effort, and noted the scale of institutional interest in blockchain technology:
"We’ll undertake many of these efforts, and anticipate many others will happen independent of Blockstream with over 30 major financial institutions launching blockchain innovation projects, as well as interest in this tech from other Bitcoin and blockchain-based ventures."
The company also said it will soon be unveiling a draft of its Bitcoin Improvement Proposal, which envisions a "two-way peg mechanism" to which sidechains will be migrated.