Blockstream released the first open source code base side chain

Blockstream released the first open source code base side chain

Blockstream announced that it will release an open source code library and test environment for the side chain project.

This release is Blockstream since last fall in the public offering of the side chain white paper first important publication — known as the side chain elements (Sidechains Elements). According to Blockstream, the open source code will allow the community of developers of experimental side chain function, its initial function also allows users to exchange and issuance of digital assets.

In 2014 November, Blockstream raised $21 million in seed money, investors include LinkedIn co-founder and board member Reid Hoffman Airbnb (Reid Hoffman), Vc firm (Khosla before investment bitcoin developer Chain API and Real Ventures) Canada seed fund.

In the interview, Blockstream co-founder and CEO Adam Barker (Adam Back) said he hoped that the side chain element release can motivate the joint efforts of the members of the community project.

Buck said:

“I hope that the people in the community to participate in the project, we can, whether it is over the crowd, or submit patches, or participate in a contribution to.”

The side chain is designed by double anchoring mechanism (two-way pegs) will bitcoin blockchain and other block chain together, allowing the asset circulation between the two network. A potential solution to the project is to solve the problem of network extension bit coins, because it allows developers to experiment in the bitcoin code.

At present, the side chain allows developers to use the test network (testnet coins) to test the coin, and not with the real bitcoin, go to the center of the anchoring mechanism is only allowed in the bitcoin test network (bitcoin testnet) and the side chain test network (sidechain testnet) between the two-way transaction.

The next stage of development

Buck says the side chain element release will contribute to the development of the next stage: let the people who want to use the side chain of enterprises and institutions can use this code library.

He said the bank is very interested in this project, one is to use block chain distribution and deployment of assets of interest, on the other hand is the project to buck claimed “new market” to provide the infrastructure of interest.

“This side chain and its subsequent release function will be the good supplement of these projects.”

He also pointed out that the confidential transaction function is a notable feature of this release, this function can make the privacy of bitcoin has better. The number of people through the use of funds that can send the fuzzy function.

BIP submission

The Blockstream has taken the most important step is to prepare and submit a new “bitcoin improvement” (Bitcoin Improvement Proposal BIP), demand side chain function is added to the bitcoin code base.

If BIP is approved, then add to the bitcoin bitcoin code in the chain and the bidirectional anchor can be achieved to the center of the fixed mechanism and side joint mining. Buck said, soft bifurcation needs network instead of hard branch.

After the launch of the project, Blockstream company also plans to implement the Reddit AMA project, other members involved in the project include Blockstream, co-founder of the bitcoin core development team Zhegeleigerui Maxwell and Blockstream.

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