Charles Hoskinson, founder and CEO of the IOHK Foundation, recently appeared in an interview to discuss the presence of side chains on the Bitcoin Blockchain [BTC]. This has recently become a hot topic in the cryptocurrency community with the launch of Liquid, a Bitcoin sidechain channel started by Blockstream.
Liquid aims to be a way for users to use the Bitcoin Blockchain with both instant and private transactions, with a 1: 1 indexed asset on BTC known as Liquid BTC. On the subject of L-BTC, Hoskinson said in an interview with Crypto Insider:
“They do side chains with a federated peg because they cannot folk Bitcoin to take their stuffs out. I’m happy to see interoperability, I’m happy to see someone trying to Inovate with Bitcoin, it’s the hardest job of all. “
I explained why it was difficult to innovate on the Bitcoin blockchain, mainly because of its position as “king of the hill”. That’s why I’ve moved “incredibly slowly,” According to Hoskinson:
“Therefore, we need to create the only thing to do federated services. These services depend on a hack to connect bitcoin. [Then] You have a collection of Federated Systems that does everything, whether you like it or not, it’s a philosophical thing It really is your innovation space with Bitcoin.”
He also shared his experience with side chains at the beginning of the cryptocurrency space, where he worked with the former CEO of Blockstream. Reportedly, he was interrogated by the press:
“The press have asked me; if you do not want to do anything about it. With Ethereum being useless and pointless, because Bitcoin becomes useless because they can simply connect Ethereum via a side chain. I said, when the side chains come. They said the last one would be in 2015. And I said, okay, good luck with that.”
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