Drivechain is a new feature created for Bitcoin that allows Bitcoin to create, delete, send BTC to, and receive BTC from Layer 2 ecosystems.
These Layer 2 chains are known as “sidechains” to the Bitcoin ecosystem. Layer 2’s are secondary protocols that are built on top of an existing blockchain.
Some examples of these Layer 2’s are:
- Bitcoin Lightning Network
- Ethereum Plasma
- Polygon / MATIC
- Optimism
- Arbitrum
Positives For Bitcoiners:
Drivechains allow bitcoiners to opt-in to altcoin technology if they wish to learn about new advancements.
Some of the projects that have been confirmed are:
- Bitcoin Extended
- Hivemind
- Mimblewimble
- Liquid
Some projects that are in discussion to be used are:
- Monero
- ZCash
- Original Ripple
- Bitmessage
- Counterparty
- DropZone
If Bitcoiners don’t wish to get involved with sidechains, they don’t have to.
Positives For Everyone
The innovation of Drivechain also has a positive effect on altcoin and altcoin investors.
- Users get the opportunity to use every crypto coin, ecosystem, and all their functionalities.
- Investors don’t have to worry about rival coins, and whose coin is better than the other.
- Miners automatically collect transaction fees form all chains at once.
- Developers have the opportunity to manage their own blockchain, but also minimize the chance other blockchains will ruin theirs.
Overview
Drivechain has many benefits that we could dive deeper on.
Bitcoin is built on freedom, decentralization, and open minds. That’s exactly what Drivechain is expanding on it.
Permissionless innovation will allow new blockchain projects to be born without the headache of bootstrapping a new unit of money, the freedom to choose what protocol you use, and eliminating competition between protocols.
Drivechain is the future of Layer 2 projects.
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