Fintech News | Fintech Zoom

‘Working Drivenet:’ Bitcoin Proponent Discusses the Advantages of Drivechain Versus Lightning Community

Throughout the previous couple of days, plenty of cryptocurrency supporters have been discussing Paul Sztorc’s Drivechain mission, additionally known as “Drivenet.” The Drivechain mission has been a piece in progress for years now, and only recently Sztorc printed a brand new model of the Drivenet software program. On June 29, the Bitcoin proponent John Gentle tweeted “Running Drivenet” on Twitter, letting the general public know concerning the software’s “important benefits.”

Over the last 5 years scaling ideas, offchain networks like Lightning, and sidechains have been each scorching and controversial subjects. This week, plenty of bitcoiners have been discussing Paul Sztorc’s Drivechain and the platform Drivenet.

The Bitcoin supporter, John Gentle, tweeted about Drivenet on Wednesday. Equally to Hal Finney’s 2009 tweet that mentioned: “Running Bitcoin,” Gentle tweeted:

Gentle detailed how he synced the platform and obtained testnet tokens from a faucet. He then despatched some cash to a sidechain and after syncing up his sidechain node, the deposit confirmed. Following the confirmed deposit, Gentle determined to ship some cash to a second sidechain, which additionally confirmed. “This is where the magic happens: withdrawing funds from the sidechain back to the mainchain,” Gentle wrote.

“My withdrawal [transaction] has been included in a bundle of sidechain [transactions] waiting to get transferred to the specified addresses on the mainchain. If mainchain miners ‘upvote’ this bundle in 140 of the next 300 blocks, the transfer will complete. Currently at 27/140 upvotes required. Mainchain status: Spent. [The] Sidechain withdrawal went through. Thank you testnet miners for not censoring or stealing my coins,” Gentle tweeted. The Bitcoin proponent additional tweeted:

To recap: I despatched some testnet cash from a modified bitcoin testnet to a Drivechain-based sidechain. I despatched some sidecoins to myself. I withdrew the sidecoins again to my mainchain handle for a full spherical journey. That is very thrilling to me. When Drivechain mainnet?

Drivechain has been a preferred mission for fairly a while, and plenty of builders have been working in stealth mode messing round with the Drivenet software program. The builders have a vigorous Telegram chat channel, the place Sztorc and plenty of others take a look at and focus on the Drivechain mission. Sztorc released a brand new model of Drivenet on June 23, 2020.

READ  Why Are Bitcoin Trade Buying and selling Volumes Dropping?

“A new version Drivenet. (Mainchain v33, Sidechain v06) has been released,” Sztorc tweeted. “Sidechain mining now just involves clicking a button, there’s also a really nice “Withdrawal Explorer” GUI now, [and] tons of UX and sidechain withdrawal-logic enhancements.”

People who find themselves excited about Drivechain can learn concerning the mission’s specs and accompanying literature on the mission’s net portal drivechain.data. After John Gentle advised his 8,900 Twitter followers that he was operating Drivenet, a person asked Gentle “What sorts of use cases and benefits do you foresee for Drivechain as opposed to Lightning?” Gentle responded and mentioned that’s a “good question.”

“[In my opinion] Drivechains have three important benefits vs [Lightning Network]: No hot wallet requirement, no channel limitations, and not constrained in functionality by mainchain consensus rules. One use case I am excited to see is a zcash-like fully encrypted sidechain using Drivechain,” Gentle mentioned.

Throughout the previous couple of months, bitcoiners have observed that Ethereum has dominated as Bitcoin’s (BTC) most important sidechain. Regardless of belief model debates, there is no such thing as a denying Ethereum’s present position and the variety of artificial bitcoins being transferred and saved inside the chain.

Moreover, the federated sidechain deployed by Blockstream has been a controversial matter in latest days too. The explanation for the competition about Bloskstream’s Liquid sidechain, is as a result of the founding father of the Summa mission, James Prestwich, defined on Twitter that the emergency 2-of-Three managed 870 bitcoin “violates Liquid’s security model.”

What do you consider the Drivechain mission? Tell us what you consider this topic within the feedback part under.

Tags on this story
Bitcoin (BTC), BTC, Cryptocurrency, Drivechain mainnet, Drivenet, John Gentle, Lightcoin, lightning community, Liquid, ln, Mainchain, Offchain, Paul Sztorc, sidechains

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Twitter

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or corporations. Fintech Zoom doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss precipitated or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

READ  Bitcoin 29th April rally had 681 minutes of sell-volume to 505 minutes of buys

Learn disclaimer



Source link

Yuuma Nakamura

Advertising

Add comment