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MikeC317

The XRPL is THE biggest bitcoin sidechain.

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Posted (edited)
30 minutes ago, MikeC317 said:

Hi Guys,

This is my first post on here, but I've been part of the twitter and discord community since 2017. And I'm here to shill my first coil blog post.

If you are wondering what IS a sidechain, what bitcoin sidechains are out there, and why the XRPL is the biggest, have a read in here:

Mirror Mirror on the Wall, How on Earth Is the XRP Ledger the Greatest Bitcoin Sidechain of Them All?

It includes some metrics on the state of other bitcoin sidechains and a comparison to bitcoin IOU's by trusted entities.

Thanks for reading and please drop me some feedback or start a discussion.

According to your blog a sidechain is "a separate blockchain that is attached to its parent blockchain". I strongly disagree that Bitcoin is "the parent" of the XRP Ledger. This implies that the XRPL was created to piggyback Bitcoin, but in fact it was just designed with interoperability in mind (you mention this, too) and does not depend on Bitcoin in any meaningful way. Of course XRPL can be technically used as something that behaves like a BTC sidechain, but this is not its main purpose.

Edited by DavyJones

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Posted (edited)

@MikeC317An excellent read. Tnx! I really enjoyed learning about this still relatively unknown XRPL - BTC 'sidechain' relationship. I will tag @Hodor as he is also the kind of 'digger' who loves this info. Keep up the good work and I am looking forward to your next post!

Edited by cryptoxrp

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@DavyJones - Consider that every second-layer solution accomplishes a change in ownership from party A to party B while some third party retains custody until settlement. It may not be the primary intent or function of the XRP ledger, but they included a DEx for a reason and this is how it's being used. I believe the parent-child relationship he's referring to is mostly regarding the relationship between BTC and something like Bitstamp.BTC on XRPL. Maybe "parent" isn't the ideal word, but it most definitely means "underlying asset/chain". Regardless, I love @MikeC317's characterization of this for the simple reason that it's a good way to anger Bitcoin maximalists who actually believe Lightning is the miracle of the future.

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“....XRPL is the most active, most liquid bitcoin sidechain, it’s native payment channels and 4-5 second blocks means it is far superior to either liquid or lightning...”

XRPL is not a Bitcoin sidechain, even by the definition provided in the article.

As the reader, it seems the author is attempting to position XRPL under a “Bitcoin umbrella” encompassing an “all-things-Bitcoin” inclusionary view which is at the very least, incongruent by any source.

 

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Posted (edited)

This whole space is a confusion of terminologies, but if this 'sidechain' business helps anyone get clear, fine by me.

What I read:  "xrpl is a 'sidechain' capable of carrying btc, or any asset, for that matter (most often with higher degree of alacrity, utility, scalability, speed, whatever)..."

In plain english:  "hey, you can trade any other asset, including btc, over the xrp ledger (and then you don't have to wait for their hype to meet up with xrpl's execution)"

A more smug way to say it might be:  "If you trade BTC over XRPL, BTC can actually deliver all the utility and grand scale that it's been promising to deliver for forever"

Of course, that then begs the question why one needs BTC... which is always the uncomfortable next step in this learning process.. but... hey... let's go for baby steps.

 

Edited by NightJanitor

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Yes, 'Ripple's' distributed exchange as viewed on XRPCharts.Ripple.com serves as a BTC sidechain ... 

....and an XLM sidechain

...and an ETH sidechain

...

now, as to it being the 'biggest' of any of these? ... I don't think so, but it would be great if all the crypto exchanges were gateways ... I get the feeling that functionality is dying out tho. It certainly isn't being encouraged like it used to ... 

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8 hours ago, NightJanitor said:

hey, you can trade any other asset, including

Except they're not assets, they're IOUs. There's nothing wrong with using the XRPL to manage IOUs: for instance, if you trust GateHub enough to send EUR to their bank account, then it's reasonable to trust an EUR IOU issued by GateHub on the XRPL, but it's still an IOU.

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On 5/16/2019 at 8:27 AM, DavyJones said:

Of course XRPL can be technically used as something that behaves like a BTC sidechain, but this is not its main purpose.

This was of course my intention, the parent/child relationship is the currently accepted definition of a sidechain, and I could argue that a trusted BTC IOU on the XRPL is the "child" of a parent bitcoin, but it is not my intention to suggest that the XRPL is under BTC's umbrella. 

My opinion is obviously that the XRPL is a bitcoin sidechain PLUS a whole lot more. Thanks to everyone who read and replied, sorry I fell asleep on this thread.

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