FAQ

What about ordinals?

Regarding the current situation of Ordinals on Bitcoin. Skydoge is an ealier version of Bitcoin on which Taproot is not activated. Taproot gives in combination with segwit a huge discount on transaction price, which permit the upload of up to 4MB to the blockchain per block.

Skydoge will not have this problem. Also the next update will implement lower blocksize as mentioned in the whitepaper and the vsize of the segwit block extension will also be lowered. Having a small block size is really important in order to have more decentralization of the consensus layer.

What is Drivechain?

Drivechain BIP300 and BIP301 are proposed improvements to the Bitcoin protocol that introduce the concept of sidechains, allowing for the creation of separate blockchain networks that are pegged to the value of the main Bitcoin blockchain.

BIP300 introduces the concept of a "two-way peg" between the main Bitcoin blockchain and a sidechain, allowing for the transfer of assets between the two chains. The peg is maintained by a system of "merged mining," in which miners on the main chain also mine on the sidechain, providing additional security for the sidechain. This is done through a process called "sidechain SPV" which allows for a simplified version of the block headers to be broadcasted on the mainchain and allows the miner to prove that they mined on the sidechain.

BIP301 builds on this by introducing the concept of "drivechains," a type of sidechain that allows for decentralized control over the addition and removal of assets on the sidechain. This is achieved through the use of "drivechain nodes," which are specialized miner nodes that are responsible for maintaining the sidechain and making decisions about the addition and removal of assets. The Drivechain nodes use a voting mechanism to decide whether to add or remove assets from the sidechain.

One key benefit of drivechain BIP300 and BIP301 is that it allows for the creation of new, innovative blockchain applications and services without the need for a separate, independent blockchain network. This can be achieved through the use of sidechains, which can be created and managed in a decentralized, trustless manner. This can also help to increase the security and scalability of the main Bitcoin blockchain, as the use of sidechains can offload some of the transactional load from the main chain.

Additionally, drivechains can also be used to create new financial instruments, such as derivatives and prediction markets, and can also be used to facilitate cross-chain atomic swaps, allowing for the exchange of assets between different blockchain networks.

Drivechain also aims to solve issues such as the scalability problem and the concentration of mining power by allowing miners to move their hashing power to whichever chain is more profitable, providing more security to sidechains.

However, it should be noted that the drivechain BIP300 and BIP301 are still under development and have not yet been officially adopted by the Bitcoin community. Further research and development is needed before they can be fully implemented and integrated into the Bitcoin protocol. Additionally, there are ongoing debates around the security and scalability of the proposed solution, as well as the possible centralization of the Drivechain nodes.

Who is Paul Sztorc?

Paul Sztorc is an economist and researcher who is best known for his work on the concept of drivechain, a proposed improvement to the Bitcoin protocol.

He is the creator of the concept of drivechain and he published the first whitepaper on drivechain in 2014. Sztorc holds a PhD in economics from George Mason University, where his research focused on the intersection of economics and computer science. He has also worked as a researcher at the Bitcoin Development Fund and has been a visiting scholar at the Federal Reserve Bank of St. Louis.

In addition to his work on drivechain, Sztorc is also known for his research on prediction markets and decentralized finance. He has published several papers on these topics and is a frequent speaker at conferences and events in the blockchain and cryptocurrency space. He is also the founder of Truthcoin, a decentralized prediction market platform, and he is a well-known figure in the Bitcoin community, known for his contributions to the development of the technology.

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