New blockchains are born all the time. Bitcoin was the lone blockchain for years, but now there are hundreds. The problem is, if you want to use the features offered on another blockchain, you have to buy the tokens for that other blockchain.
But all that may soon change.
One of the most-anticipated bitcoin projects is planning a live network launch later this year.
Revealed in an interview with CoinDesk, startup RSK aims to soon go live with technology that will bring smart contract functionality to bitcoin in the form of an interoperable sidechain. According to RSK co-founder and chief scientist Sergio Lerner, with the formal launch, users will be able to use ethereum-like tools on bitcoin for the first time.
As profiled by CoinDesk, sidechains allow for tokens to be traded back and forth between bitcoin and other blockchains with different technical properties.
A pseudonymous developer is seeking to refresh an old idea for boosting bitcoin's functionality.
Named 'proof-of-mainstake,' the paper proposes an incentive system for the mining of sidechains, blockchains with alternative rulesets that developers believe could one day be "attached" to bitcoin.