Pay attention To This Episode:
On this episode of The Van Wirdum Sjorsnado, hosts Aaron van Wirdum and Sjors Provoost speak about RSK’s shift from a federated sidechain type to the challenge’s new Powpeg resolution.
RSK is a merge-mined, Ethereum-like Bitcoin sidechain evolved by way of IOVlabs. Bitcoin customers can successfully transfer their cash to this blockchain that operates extra like Ethereum, and transfer the cash again to the Bitcoin blockchain after they so select. Some Bitcoin miners make the most of their hash energy to mine bocks at the sidechain, and earn some further transaction charges by way of doing so.
The tough a part of any sidechain is permitting customers to soundly transfer their cash between blockchains. That is technically completed by way of locking cash at the Bitcoin blockchain and issuing corresponding cash at the sidechain, and vice versa: locking cash at the sidechain to unencumber the cash at the Bitcoin blockchain.
Thus far, RSK has completed this by way of locking the cash right into a multisignature deal with, for which the non-public keys have been managed by way of a gaggle of well known firms (referred to as a federated sidechain type). A majority of them was once had to unencumber the cash, which they have been to just do if and when the corresponding sidechain cash have been locked.
RSK is now switching to a Powpeg type the place the keys to the multisignature deal with are managed by way of particular tamper-proof hardware modules which can be in flip programmed to just unencumber cash at the Bitcoin blockchain if and when the corresponding cash at the sidechain are locked, and the transactions to fasten those cash up have a vital collection of confirmations.
The hosts provide an explanation for how this works precisely, and speak about a few of Powpeg’s safety tradeoffs.