<![CDATA[<figure class="image"><img src="https://cimg.co/news/126583/334250/paolo-ardoino.jpg" alt="" srcset="https://cimg.co/news/126583/334250/responsive-images/paolo-ardoino___media_library_original_897_524.jpg 897w, https://cimg.co/news/126583/334250/responsive-images/paolo-ardoino___media_library_original_720_421.jpg 720w, https://cimg.co/news/126583/334250/responsive-images/paolo-ardoino___media_library_original_600_351.jpg 600w, https://cimg.co/news/126583/334250/responsive-images/paolo-ardoino___media_library_original_300_175.jpg 300w" sizes="100vw" width="897" class="content-img"><figcaption>Source: Instagram/Paolo Ardoino</figcaption></figure>Bitfinex's Chief Technology Officer (CTO), Paolo Ardoino, stated in a recent exclusive interview with The Block that drivechains within the Bitcoin network have the potential to be a "game changer."This statement comes amidst the ongoing debate surrounding the Bip-300 proposal.Ardoino cited that drivechains have the needed capabilities to change the concepts of Bitcoin since they aspire to enhance throughput, improve privacy, and simplify complex smart contracts.&nbsp;The idea of drivechains was introduced to improve the functionality of Bitcoin's networks by allowing the creation of <a href="https://cryptonews.com/exclusives/what-are-sidechains-2658.htm">sidechains</a>, which are separate blockchains anchored to the main Bitcoin blockchain.&nbsp;<figure class="media"><oembed url="https://twitter.com/Hercules_Defi/status/1714660521453211935?s=20"></oembed></figure>Ardoino believes the primary goal of drivechains is to enable the development and deployment of various features and applications that can interact with Bitcoin while maintaining its security and decentralization.According to him, drivechains would require a change to the Bitcoin network to have throughput and privacy enhancement on Bitcoin.&nbsp;<h2 id="developers-debate-on-bip-300-reignites">Developers Debate on BIP-300 Reignites</h2>Drivechains were proposed by Layer 2 Labs Chief Executive Officer (CEO) Paul Sztorc through a Bitcoin Improvement Proposal (BIP) <a href="https://en.bitcoin.it/wiki/BIP_0300">300</a>.&nbsp;The proposal inclined a potential native sidechain mechanism for Bitcoin, allowing BTC to be trustlessly bridged to separate chains.&nbsp;The debate on whether the proposed functionality to improve Bitcoin is making rounds of debates on X (formerly Twitter) and is stirring controversies among global developers and enthusiasts.&nbsp;Some believe a Bitcoin upgrade can guarantee the network's supremacy over all other crypto assets, while others think it will allow pathways for shitcoins.<figure class="media"><oembed url="https://twitter.com/hodlonaut/status/1695844744063025304?s=20"></oembed></figure>Drivechains creation of sidechains is secured through blind merge mining, enabling existing Bitcoin miners to secure other blockchains without operating the sidechain&rsquo;s software.&nbsp;These networks could be created with alternative functionality developers want while inheriting Bitcoin&rsquo;s security and native token.&nbsp;Sztorc believes sidechains could be the holy grail upgrade to Bitcoin and allow the creation of better features on the network.&nbsp;However, developers within the Bitcoin community are wary of change and the motives of anyone supporting it.&nbsp;<figure class="media"><oembed url="https://twitter.com/_Checkmatey_/status/1695962065566069131?s=20"></oembed></figure>Saifedan Ammous, an avid Bitcoiner, explained that drivechains is a thinly-veiled excuse to introduce shitcoin similar to the Ethereum ecosystem as they&rsquo;re not convinced it will offer much utility.&nbsp;<figure class="media"><oembed url="https://twitter.com/saifedean/status/1696201724699066497?s=20"></oembed></figure>However, he claimed the opposite is true. The concept of the BIP-300 does not require a new asset but can be used for BTC-centric purposes like private and scalable transactions.&nbsp;Through one upgrade, drivechains could foster future developments to run on Bitcoin.&nbsp;<figure class="media"><oembed url="https://twitter.com/dangershony/status/1684861434813943808?s=20"></oembed></figure>Nevertheless, most developers are critical of drivechains technicality, notable for their integrated peg-out mechanism.&nbsp;Ardoino's latest comments on the drivechains' potential upgrade to Bitcoin are expected to reignite a new wave of debates in the coming days, which may be a paradigm for future innovations.&nbsp;
]]>

Drivechains in Bitcoin Could Enhance Higher Throughput and Improved Privacy: Bitfinex CTO

Table of Contents

Cryptonews.com

Other articles published on Oct 18, 2023

White House urged to curb Hamas crypto use amid escalating crisis in Gaza

Looking for the Top Altcoins? Find the Top Cryptos to Invest Now

FUBO Stock Price Forecast: Short-Term And Long-Term Outlook

Akankah Harga Dogecoin (DOGE) Mengikuti Bitcoin Tanpa Tweet Elon Musks? Kapan Kenaikan Berikutnya?

LEN Stock Forecast: Can (NYSE: LEN) Thrust Upward & Reach $150?

Bitcoin Exchange Binance Announced That It Decided to Delist These Altcoins!

Join our free newsletter for daily crypto updates!