Two years ago, I posted four articles that discussed the use of the Ethereum (ETH) protocol. Those posts were the following:
- Providing credit to the Bitcoin economy through Credit Coin
- Asset Control Coin (ACC)
- The Customs Standardization Group
- On the use of the Ethereum protocol
I have always been pro-Bitcoin; I believe in Bitcoin. That is why I choose to suggest using the ETH protocol for these projects. The post “The Customs Standardization Group” had been an idea I had worked on in my head for years at the time of posting, and the posts about Credit Coin and Asset Control Coin I felt were good complements to the Customs Standardization Group post. So while I am a Bitcoin enthusiast, at the time I made those posts, I was not fully knowledgeable on the effect of Bitcoin side chains.
While I knew that starting a new ETH-based main chain would be an uphill battle, I was under the assumption that building a side chain on the Bitcoin network would spam and harm the Bitcoin main chain. In the two years since those posts were published, I have gained knowledge about the Bitcoin network that I didn’t have at the time. I went from just buying on Coinbase to dollar cost averaging on River, self-hosting my own Knots node and Alby Hub, and throughout all this, I’ve learned more about the Bitcoin network.
And I understand some may think it was irresponsible to publish those posts when I didn’t fully understand the Bitcoin network, and I get that. But at the time I published those posts, it was very important to my professional life to get the Customs Standardization Group post out. For legal reasons, I can’t discuss why it was important, but it was.
Endorsing the use of Bitcoin side chains
With all that being said, now that I am more knowledgeable on the Bitcoin network and its use of side chains, I fully endorse using side chains for the previously mentioned projects. Now only would this allow for a pre-built network, but utilizing a sidechain would not, as I feared, clog the network with spam and harm Bitcoin. Utilizing side chains would also allow for the use of Bitcoin as a settlement medium rather than having to link separate chains to accomplish this.
So when you read the post mentioned above, please substitute the ETH protocol for the BTC protocol and understand that there was a time constraint, and I had to work with the knowledge I had at the time of posting.
P.S. When you click on the River link, that is an affiliate link, and if you buy $100 worth of BTC, we both get $5.00 worth of BTC in our accounts at no cost to either of us.
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