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I can’t say exactly why is hasn’t been tried on other POW #blockchain. But because of the trustless nature of the peg-out system, it may not be wise for a POW blockchain with little hashrate to consider this proposal.

Also, if implemented, I don’t know if #drivechains would end up being adopted but the only blockchain that has a fair shot at seeing drivechains being adopted is #Bitcoin.

There is less of an incentive to deploy a blockchain on a layer 2 tied to a blockchain that has little network effect. You’d be better just build a new blockchain from scratch.

In terms of utility don’t you think that #drivechain enabling the anonymization of #BTC would provide utility to the network? That’s just one example but I don’t understand the argument to say that there is no utility for drivechains.

#Bip300

Rich Nost 2y ago

Sigwit was first implemeted on litecoin. Why not put DC on litecoin? That probably has sufficient POW and could demonstrate any unanticipated incentive model issues.

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LogicallyMinded 2y ago

#Drivechains won’t get any traction on #Litecoin (because of the lack of network effect) so you would have to wait that someone builds on top of it (which probably won’t happen) to then test your hypothesis.

It would be a great way to kill the concept of #drivechain without giving it a fair shot to succeed. Actually maybe opponent to #Bip300 should go ahead and deploy it on Litecoin but there is no reason for supporters to adopt an approach that is meant for failure.

Rich Nost 2y ago

I am sorry but that argument conflicts with even what Paul Sztorc himself speculates what might happen on an altcoin. He thinks Drivechains has so much utility value that it might actually cause Litecoin (or another alt) to rise significantly in price, creating a new network effect that challenges Bitcoin's!

LogicallyMinded 2y ago

I disagree with Paul on this one.

Rich Nost 2y ago

If Drivechains cant bring value, independent of the chain it is implemented on, it sounds like drivechains needs bitcoin more than bitcoin needs drivechains.

Rich Nost 2y ago

Ironically, this seems to be what Paul's behavior belies as well. He seems more in love with his own ideas than he is concerned about the risks inherent in implementing them on Bitcoin.

LogicallyMinded 2y ago

I just mentioned an example earlier where #drivechains would bring value to #Bitcoin (#BTC anonymization). Isn’t it a valid use case in your opinion?

#Bip300 #drivechain

Rich Nost 2y ago

Sure, but not at the risk of fundamnetally altering the miner incentive model. DC puts far more governance responsibities on miners and makes them custodians. The risk is not worth the reward, if it could be achieved via other layer 2 solutions that don't alter miner incentives.

LogicallyMinded 2y ago

I’ve listened to a lot of debates about the potential issue with #drivechains changing the miners incentive model but so far I’ve found those arguments unconvincing. That said, if you have a good resource/interview to share that clearly lay out this argument I’d like to see to see it.

#Bip300 #drivechain

corndalorian 2y ago

“Might make that coin extra valuable…” 😭😂🤣