Translation problems
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Sia will initially be implemented as an alt-coin, and later financially connected to Bitcoin via a two-way peg.
What is a "two-way peg"?
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@twowaypeg said:
Sia will initially be implemented as an alt-coin, and later financially connected to Bitcoin via a two-way peg.
What is a "two-way peg"?From http://www.truthcoin.info/blog/drivechain/ :
A two way peg allows one to transform ‘vanilla’ Bitcoin into all the other ‘flavors’ of Altchain one might imagine…and back. The total quantity of money (‘ice cream’) remains the same. This combines the best of both worlds: developers can modify Bitcoin however they like, but users can keep their BTC away from any new rules (“new vulnerabilities”) that they don’t like.
Explained another way: a 2wp enables you to “buy” and “sell” Altcoins at a fixed rate. You could take 3 BTC, use them to purchase 3 side-Litecoin at a fixed 1:1 exchange rate, send those Litecoin to a friend on the Litecoin-chain, and then this friend can then redeem them at the same same 1:1 exchange rate (for exactly 3 BTC, which re-appears on the Bitcoin chain). Unlike today, every Altchain would start with a zero quantity of coins, and so the total number of coins, of all types, would always sum to “21,000,000” (ie, “the ‘current total number of BTC’, a value which asymptotically grows to 21 million)."
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The plan to implement Sia as a two-way peg has been dropped.
We'll be releasing an updated whitepaper shortly.
