Bitcoin Side Networks: An Emerging Market
According to Blockchain researchers, as of October 17, a total of 9,661 BTC ($ 76.96 million), or 0.054% of today’s Bitcoin supply, resides on three major network projects.
Side chains are separate blockchain clamps that are connected to a conventional cryptocurrency block, that is, the trunk. Users can interact with it through a related mechanism; They send money to or from another party, with security features ensuring that the coins are not available simultaneously on both networks.
Side chains have been around for several years and have different functions depending on the goals of the developers.
Blockstream Fluid Connectivity, or LBTC, for example, focuses on changing business while enabling enhanced functionality for merchants on Bitcoin’s core network.
Binance chain causes balances
Fluid launched in October 2018 currently includes 89 moderate BTC ($ 709,700). This figure was reduced to 9,001 BTC ($ 71.74 million) for the largest network, Binance Chain.
Even the Bitcoin WRApped Bitcoin (WBTC) lateral device, which is actually a collector of Ethereum-based ERC-20 standards, including 571 BTC ($ 4.55 million) – is more than liquid.
The WBTC debuted in January this year, and Binance Chain – the Binance cryptocurrency exchange home project – was able to open its mantle in April.
Earlier this week, blockchain wallet provider and digital asset manager CoinShares launched its own Bitcoin line, in the form of a gold mark network.