Sidechains are separate blockchains that connect with a parent blockchain and allow for greater transaction processing capabilities and assets to be exchanged between two different chains.
or a sidechain. Once the transaction is confirmed, a notice of the completed transaction is broadcasted across Bitcoin’s network.
Now, as simple as that may sound there are a few key components that allow sidechains to operate effectively. These components include:Sidechains were developed to facilitate the transfer of digital assets between blockchains, regardless of who is the holder of the assets. Digital assets should be able to be moved without any counterparty risk – meaning that no secondary actor should be able to stop the transfer of the asset from occurring.
Put plainly, a two-way peg allows digital assets such as bitcoin to be transferred back and forth between the mainnet and the new sidechain. Interestingly, the “transfer” of a digital asset never occurs. The assets are not actually transferred; instead, they are simply locked on the mainnet while the equivalent amount is unlocked in the sidechain.,” involved in the two-way pegged are acting honestly. Otherwise, fraudulent transfers could be made, or genuine transfers could be halted.
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