Bitcoin 2.0: Unleash The Sidechains

sidechains21 Apr 2014 / Tech Crunch – “Cryptocurrencies will create a fifth protocol layer powering the next generation of the Internet,” says Naval Ravikant. “Our 2014 fund will be built during the blockchain cycle,” concurs Fred Wilson. And Andreessen Horowitz have very visibly doubled down on Bitcoin.

Even if you don’t believe in Bitcoin as a currency, and I’ll grant there’s plenty to be skeptical about, you should be thinking: huh, a lot of extremely smart and successful people think that its underlying technology is a pretty big deal. But as I wrote myself just a few weeks ago, there’s a big difference between blockchain technology and Bitcoin itself, right?

…Maybe not.

A brief technical refresher: “blockchains” are the distributed-consensus technology introduced to the world by the mysterious Satoshi Nakamoto, wherein a peer-to-peer network is used to codify and cryptographically verify transactions, without any central authority. What’s more, transactions can be orchestrated by programmable contracts.

Bitcoin is both the first and most successful blockchain application, but there are many, many other “cryptocurrencies,” known as “altcoins.” What’s more, there are numerous other, non-currency applications being built on new blockchains, notably Namecoin and Ethereum, and several proposals for expanding and evolving Bitcoin itself, eg ZeroCoin, MasterCoin, Colored Coins, etc…..Read more

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