New Bitcoin Improvement submits Drivechain technology proposal

Bloq software developer and Hivemind chief scientist, Paul Sztorc has submitted a Drivechain technology proposal or the so called Bitcoin Improvement Proposals (BIP)  that enables side chains.

With the new technology, which can fork into blockchain network. Since it can enable various blockchain networks to connect by adding several sidechains and mining features. Sidechains function as smart contracts or process blocks faster but to work with the blockchain network instead of working as altcoins.

The two proposals are not yet finished in code but revolve around ‘hashrate escrow’ and ‘blind merged mining.’ Hashrate escrow works like a 2-of-3 multi-signature escrow but the third party is a group of miners who sign the escrow by dedicating hashpower.

Blind Merged Mining (BMM) is a mining method that uses sidechains or ‘extension blocks’. Wherein miners do not need to do any validation on the block. However,  validates it with strong guarantees that the block is valid for any arbitrary strong rules.

Also Read: IOTA hates Blockchain as Ethereum displeasures tangle

Miners will be requiring to run a full node of the other chain and are paying on the other chain. Thus, not on the regular BTC mainchain.

“For example, miners who MM Namecoin will earn NMC (and they will need to sell the NMC for BTC. It is before selling the BTC in order to pay for electricity)”. Details the blind merged mining explanation on GitHub.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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