Actually people would be able to send mainchain bitcoin to a sidechain self custody wallet address.
No need to pay to open multiple Lightning channels to do self custody.
Cheaper, more convenient and more choice.
More choice meaning you can have a sidechain that prioritises defi and smart contracts for financial apps.
You can have a sidechain that prioritises privacy and scalable cheap payments.
If people keep their mainchain bitcoin on exchanges, they will do the same with any sidechain coins
There’s a reason metamask is the most popular wallet in the world because it’s user friendly, multi chain and allows for self-custody. Obviously not as secure as a cold wallet buts it’s much bigger improvement that custodial lightning wallets.
I imagine if dc was implemented everyone would use a metamask style wallet that allows for various sidechains and main chain bitcoin with user friendly atomic swaps and peg ins and peg outs of sidechains.
That’s how I see it.
Barriers to entry for that model are no different than what we have now. It's very simple to install Phoenix today and have a self-custodial lightning wallet - but apparently people don't
You have to pay to open lightning channels and transactions sometimes fail due to liquidity issues. This is not a good UX or model.
To open a sidechain wallet would cost nothing and transactions are executed by miners.
