cool hit counter Ulord design thinking: the value of sidechain presence_Intefrankly

Ulord design thinking: the value of sidechain presence


The success of Bitcoin laid the foundation for blockchain technology to enable trustworthy currencies, creating the Blockchain 1.0 era. Ethereum is integrating smart contracts on the blockchain and pushing decentralized applications into development popularity for the Blockchain 2.0 era.

Blockchain wants to achieve deeper market application popularity, the key is to solve the problem of data transmission throughput and transaction speed, also in the world of blockchain often heard of scalability, in the current blockchain scalability technology mainstream sidechain (Sidechain ) and sharding (Sharding) mainly.

In this post, let's explore the techniques for scaling sidechains.

What is a sidechain?

Sidechains essentially do not refer to a particular blockchain specifically, but to all blockchains that adhere to the sidechain protocol, the term initially being used relative to the main Bitcoin chain.

A sidechain protocol is a protocol that allows coins to be securely transferred from the main chain to other blockchains and back to the main chain from other blockchains. It allows you to move your coins from one blockchain to another and then use them on another blockchain while moving them back at a later point in time, a process that does not require the presence of a third party at all.

chart1, come fromBlockstream Moves Ahead with SidechainElements. Giulio Prisco

In some ways, the sidechain protocol is a bridge between the various blockchains.

Some characteristics of side chains

1. The main chain coin is anchored to the side chain coin by a two-way anchoring technique, usually at a 1:1 ratio or other predetermined exchange rate.

2. Side chains cannot produce main coins themselves, they can only accept input from the main chain and generate the corresponding side chain coins on their own chain.

3. The sidechain needs sufficient arithmetic power and consensus to guarantee the security of the sidechain.

4、Side chains exist independently of the main chain, and anything that happens on the side chains will not affect the main chain, which can ensure the security of the main chain.

By definition any chain can be considered a sidechain as long as it implements a sidechain protocol, then in fact any chain can be a sidechain to another chain.

The value of side chains to Ulord

The Ulord Sidechain Rule means that the Ulord sidechain can verify data from the main Ulord chain and enable chain-to-chain asset transfers by two-way anchoring (Two-way Peg, 2WP), allowing UlordToken to be transferred securely out and in between the main and sidechains at a fixed exchange rate.

Two-way anchoring is broadly divided into the following stages.

(1) Send a 2WP transaction to lock UlordToken to the main chain.

(2) Waiting for a confirmation period that allows the transaction to be confirmed by a sufficient number of blocks.

(3) Transfer of UlordToken to the sidechain with proof of SPV or miner vote.

(4) Waiting for a recombination period to prevent double flowers.

(5) Unlock the UlordToken so that it can be used properly on the sidechain.

If after some time, the user wants to redeem the UlordToken to the main chain, just perform the reverse action. The redemption operation provides an exit mechanism for sidechain users to prevent them from being forced to bind their assets to unwanted sidechain applications.

chart2,UlordBi-directional anchoring between the main chain and the side chain chart

Each sidechain can run in a different network, with a separate economic form and corresponding DApp. Developers can construct a sidechain and then dock it to the Ulord main chain, sharing the pressure of the Ulord main chain while inheriting and reusing the Ulord main chain technology.

Each DApp deployed on a sidechain is allowed to have a unique set of ledgers, and depending on the application scenario of the DApp, the consensus mechanism and block parameters of the sidechain are allowed to be reformulated. And since the sidechain is a standalone system, in case of a serious problem with a DApp on the sidechain, it will only affect the sidechain itself and has no effect on the Ulord mainchain.

Ulord supports multiple sidechains, each of which can support one or more DApps. Sidechains can have their own virtual machines, publish smart contracts, and remain compatible with the Ethernet virtual machines.

conclude

1. Through the sidechain technology, other kinds of digital assets can be authentically anchored on Ulord to realize the circulation of all digital assets on the Ulord public chain.

2. The sidechain is an independent system, in case of serious problems with DApps on the sidechain, it will only affect the sidechain itself, and has no effect on the Ulord main chain.

3、There are multiple ways to use side chains, how to choose depends on the specific business scenarios and applications.

Ulord official website:

http://ulord.one

Ulord Telegraph Group:

https://t.me/ulordone

Github :

https://github.com/UlordChain

Twitter:

https://twitter.com/Ulordchain

Slack:

https://ulord.slack.com

Facebook:

https://www.facebook.com/Ulord-225365864705246


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