Bitcoin was the first cryptocurrency to be introduced into the digital sphere and since then it has grown and changed the lives of millions of people as well as businesses. New crypto companies still rely on the technology used to create Bitcoin to come up with their own digital assets. Therefore, we cannot afford to ignore the impact that bitcoin has on the global cryptocurrency market.
As reported by CoinDesk, a proposal has being tabled to expand or increase the capabilities of bitcoin. If the proposal is approved, it will be possible to add new features to the current supply of bitcoin in the market. Note that the supply of this digital coin is limited to safeguard its value in the market.
Test Version of Code to Be Made Public in Tuesday
In a recent interview, the director of research at Tierion, Paul Sztorc, stated that the test version of the new code would be announced on Tuesday. It is important to note that the last improvement of this digital asset was done three years ago. Experts who have read the proposal are of the idea that this is the best way to add sidechains on the existing bitcoin network.
Bitcoin Sidechains Concept and Impact
First thing to note is that bitcoin sidechains concept was first floated in 2014 and since then it has been debated in various cryptocurrency conferences by industry leaders. One of the objectives of the new concept is to facilitate creation of branches or sidechains on the current bitcoin blockchain network. Contrary to popular belief, the sidechains or branches will be similar to Ethereum tokens but will not be functioning the same. One of the main differences is that the digital assets locked in the channels will be custom programmed.
In a recent blog post, Paul Sztorc stated that if the idea of a multi-network were to be approved by the board, the salient problems associated with cryptocurrencies would be resolved. Bitcoin will have the power to copy or mimic any blockchain technology including ring signatures, larger blocks, and turing-completeness without compromising the stability of the network.
Paul also revealed that even though the code is not yet perfect, it would have a major impact on the industry by showing investors what Drivechain concept is and the impact it can have on the industry. If the code is incorporated into Bitcoin, problems that bitcoin developers have being struggling to resolve will be resolved completely. One of the problems that it will solve is the inability to add new features without changing the primary incentives of the blockchain. To better understand Drivechain code, consider is as a soft fork that is meant to improve the network.
Just like any other technology, it is important to continue improving the current infrastructure to improve its functionalism. Bitcoin will provide more opportunities to investors and businesses if launched as a multi-network cryptocurrency. What are your views about this topic? Let us known through the comment section.