The main benefit of #drivechains against existing L2 is that it is trustless and secured by PoW. There is no value in building it on top of a L2.
Discussion
It's not trustless. A large miner can potentially steal all coins in a drivechain. And thanks to merge mining the opportunity cost of attacking a small drivechain is basically zero.
A miner couldnโt practically steal coins from a chain that has the support from other miners. If a chain doesnโt have support of the miners then I guess, the chain doesnโt bring enough value to the table.
So someone's ownership of Bitcoin should be a popularity contest?
Basically a new BIP300 side chain can only be safely bootstrapped if all miners participate, making the whole BS scheme basically big blocks with more steps, but more centralizing because it cuts all other nodes out of the sidechain security model.
I donโt really understand the ยซย beauty contestย ยป analogy here ๐ค. Not all miners need to participate. Miners will do what is in their best economic interest and #drivechains activate based on pre-defined thresholds. Youโll probably be allowed to run a #drivechain node if you want. If you donโt want to have anything to do with #drivechains, then just keep using #Bitcoin as you currently do. I donโt see whatโs the problem with this.
You still need to peg in and out of the base layer. Imagine thousands of chains doing that everyday. Havenโt you learn anything from the shitty ordinals? This is Never going to get activated. If you want to shitcoin, go ahead and buy shitcoin and leave Bitcoin alone.
Bitcoin canโt scale on-chain? Maybe thatโs one reason we should have drivechainsโฆ
You donโt scale on chain. You scale on L2. Thatโs what lightning is for. Shitcoiners forked bitcoin not because they want to scale but because they want to scam. Having drivechains will not stop all the shitcoins, it will just make bitcoin one of them.
No it is not. Otherwise it would be the base layer. You still have to trust the miners to release the funds at the specified time frame. They can just refuse or just out straight rug. Why would we need this shit on a L1 securing $500B of value?
By your logic then #Bitcoin mining isnโt trustless either. You could say ยซย you need to trust the miners to include your transaction in the blockย ยป. The reason your transaction will be included is because miners are financially incentivized to do so. Same goes with pegging out your #BTC from a #drivechain. Honest miners will do it because that their interest to do so.