Blockchain developers didn’t have ten days to win a new Bitcoin (BTC) contest launched by independent BTC researcher Paul Sztorc and a 6.1 BTC fund ($ 53,600) as a prize to win. However, participants have at least 12 days left.
The contest started last week and includes a potential total reward of up to 6.1 BTC, for developers who can successfully implement the data protection-oriented cryptocurrency Zcash (ZEC) as a Bitcoin drive chain. All of this using a sidechain model, which is a separate blockchain connected to the main blockchain.
A drive chain is A kind of sidechain in which miners efficiently keep money in the collateral sidechain. Bitcoin users can send BTC to a drive chain, which is a completely different blockchain, to gain access to various functions that are not currently available on Bitcoin’s main network. The downside is that a 51% attack on Bitcoin would mean miners can now steal money held in the drive chain.
Sztorc initially announced his idea of the drive chain in a blog post in November 2015. The researcher worked on this project because he needed a way to implement his peer-to-peer oracle protocol called Bitcoin Hivemind.
What are the goals of this competition?
For Sztorc, the goal of this competition is to compensate people for the time they need to research their drivechain project, test the software, and develop something amazing. “It is also helpful for me to know if other people have a sense of our sidechain model or how it works, and we can get more feedback on how we can better conduct future competitions,” Sztorc told a sales outlet.
According to him, Zcash was chosen as the altcoin that should be implemented in the sidechain model for certain reasons. “The competition will pay people if they are the first to put together a certain type of software,” said Sztorc.
Zcash was made by forking Bitcoin, so really all people have to do is just that again. So software development is pretty difficult again, so I have no idea if I have offered enough time or money or what.
Paul Sztorc, developer of Bitcoin Hivemind
Sztorc said that at that time Nobody has successfully completed the implementation of the Zcash sidechain for Bitcoin.
When for the drive chain in Bitcoin?
Once someone is able to implement the Zcash sidechain using the drivechain software, it can be used for testing on the DriveNet test network (DriveNet). “It’s pretty similar to how SegNEt was used to test SegWit,” said Sztorc.
Once the drivechain features have been added to Bitcoin or another cryptocurrency network, this Zcash sidechain can be used. “It’s like a plug-in,” added Sztorc.
According to him, the drivechain code has been vastly improved in terms of the number of steps that need to be taken to create a new sidechain, as stated in a blog post in December 2019. However, this is still necessary. a first turn to activate drive chains in Bitcoin.
“So the initial consensus fork is required to use the drivechain, but it doesn’t require a bureaucratic trick to add individual sidechains,” the researcher said. As soon as the drivechain functionality is activated in the Bitcoin network, Each drive chain can be activated with the approval of miners, who represent 95% of the network hashrate.
Regarding the innovations, Sztorc explained that the consensus fork code for activating sidechains based on drive chains should be terminated before anything else happens. Sztorc said: “We have one or two more things to add and debug.”
Translated version of Kyle Torpey’s article, published on CryptoNews.