Blockchain technology is indeed a timely technology. Regardless of this, this technology is yet to gain mainstream recognition. The lack of mainstream recognition for blockchain can be attributed to a couple of factors. However, most prominent among them is the issue of poor scalability. There are quite a number of proposed solutions to issues of poor scalability. However, for this article, we will focus on sidechain projects. Let’s understand what these projects are all about, as well as sidechain projects that every blockchain developer should know about.
What is a Sidechain
This is sometimes called a child blockchain. It is usually attached to a parent blockchain through the use of a two-way peg. It enables transactions to be carried out safely off the parent blockchain.
Below are some sidechain projects that blockchain developers should be aware of.
As the pioneer economic sidechain that was put up by blockstream, liquid ensures the immediate transfer of funds from one exchange to another without a need for a confirmation on the Bitcoin blockchain. This sidechain project can be taken advantage of by individuals that make use of all interacting Bitcoin exchanges.
POA simply stands for Proof of Authority. It is a sidechain project that is completely synergistic with ethereum protocol and ensures faster block time. This sidechain project is a perfect combination of security, cost efficiency, and speed. It also allows a wide range of proof of identity.
Rootstock is Bitcoin compatible, very secure, scalable, and ensures immediate payments. This project is the premier open-source smart contract program which features a 2-way peg to Bitcoin in addition to rewarding the miners of Bitcoin through merge-mining. The goal of this project is to facilitate smart contracts, better scalability, and almost immediate payments. With this, value can be added to the Bitcoin community.
Through the use of Rootstock, up to 100 transactions can be scaled in just a second without having to give up on decentralization.
With Loom, you can build games that can only be developed through the use of blockchain, as well as develop social media apps that are not dependent on advertising but can be used to generate money through karma tokens.
Bitcoin Codex involves redesigning Namecoin in form of a sidechain. With this project, reliability, safety, and privacy can be greatly improved when making use of the internet.
The Elements Project
The Elements project is a sidechain project that can be used to extend the Bitcoin functionality in addition to discovering new blockchain applications. With the element project, you can ensure confidential transactions.