Sidechains: Alpha Sidechain Tutorial

In this tutorial we will take a practical look at sidechains [1]. We will concentrate on the Elements project [2] and its first sidechain known as Alpha . Alpha is a developer sidechain that is pegged to Bitcoin’s testnet [3]. In order to play around with sidechains in general and with Alpha in particular we need to have the mainchain installed on our machine. The mainchain in our case is the bitcoin testnet. Then we will need to install the Alpha sidechain. Let’s proceed. The instructions below are for Linux Ubuntu. Step 1 – Install bitcoind & alphad First we need to get some dependencies:

If you do not have git installed on your machine:

To be organized

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Smart Contracts and Insurance on the Blockchain

Introduction Smart contracts are a new and exciting area in computing science. Their application in finance, gambling, e-commerce, and automation of various tasks that are currently performed semi-manually is very promising. Smart contract are computer scripts (software) that aid in the self-execution and self-enforcement of traditional contracts. For the first time in history money or more precisely digital tokens, like bitcoin, are native to these software contracts, opening up wide areas of possibilities. Having money as a native type available to a computer program is a big deal. It allows the removal of the whole complicated layer of payment processing that current websites, apps, and other software systems have to deal with. One area that might benefit immensely from smart

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Rootstock – Smart Contracts on the Bitcoin Blockchain

by Albert Szmigielski As a concept the Rootstock [1] platform is one of those ideas that once it is proposed it is obvious that it is a great idea. Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch. The way this will be accomplished is via the still not fully implemented sidechains technology [2]. This approach presents both advantages, and its own set of challenges. We will briefly outline what the Rootstock platform promises to offer and then will discuss the main points of the proposal. Smart Contract Platform Smart contracts are an active area of interest and research.

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Bitcoin, Blockstream, Sidechains, and Innovation.

Pick any one component of the bitcoin ecosystem and one company that you consider truly innovative in this component. What type(s) of innovation does it offer, e.g. in terms of the 4Ps framework? Would you consider this a disruptive innovation? Justify your answer. Since its inception in 2008 [1] the Bitcoin ecosystem has been slowly expanding. In recent years the expansion has accelerated. Investment in Bitcoin and blockchain related companies reached almost a billion dollars in the last 24 months [2]. Many commentators, speculators, investment professionals, and seasoned entrepreneurs argue that the potential of the blockchain technology may rival that of the Internet [3] [8]. A number of companies have been started whose sole purpose is to provide bitcoin related products

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Sidechains Explained

Introduction The current major cryptocurrency is Bitcoin[1]. Changes to the Bitcoin protocol have to be conservative and slow so as not to destabilize the network, and thereby diminish its value. This in turn prevents rapid innovation that is prevalent in software development. The original solution to innovate upon Nakamoto’s invention was simply to fork the Bitcoin software, tweak it as desired and release a new system. Namecoin[2] was the first such fork. It introduced features that were not present in Bitcoin, such as an alias system, a .bit top level domain registration and DNS service. Not too long after that developers started releasing Bitcoin-based clones on a regular basis. In late 2013, early 2014 there were upwards of a 100

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