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Subject: [bitcoin-dev] Using Merged Mining on a separate zero supply chain,
instead of sidechains
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Some people think that sidechains are good. But to put them into some worki=
ng solution, people think that some kind of soft-fork is needed. However, i=
t seems that it can be done in a no-fork way, here is how to make it permis=
sionless, and introduce them without any forks.
First, we should make a new chain that has zero coins. When the coin supply=
is zero, it can be guaranteed that this chain is not generating any coins =
out of thin air. Then, all that is needed, is to introduce coins to this ch=
ain, just by signing a transaction from other chains, for example Bitcoin. =
In this way, people can make signatures in a signet way, just to sign their=
transaction output of any type, without moving real coins on the original =
chain.
Then, all that is needed, is to make a way to withdraw the coins. It could =
be done by publishing the transaction from the original chain. It can be co=
py-pasted to our chain, and can be used to destroy coins that were produced=
earlier. In this way, our Merge-Mined chain has zero supply, and can only =
temporary store some coins from other chains.
Creating and destroying coins from other chains is enough to make a test ne=
twork. To make it independent, one more thing is needed, to get a mainnet s=
olution: moving coins inside that chain. When it comes to that, the only li=
mitation is the locking script. Normally, it is locked to some public key, =
then by forming a signature, it is possible to move coins somewhere else. I=
n the Lightning Network, it is solved by forming 2-of-2 multisig, then coin=
s can be moved by changing closing transactions.
But there is another option: transaction joining. So, if we have a chain of=
transactions: A->B->C->...->Z, then if transaction joining is possible, it=
can be transformed into A->Z transaction. After adding that missing piece,=
sidechains can be enabled.
However, I mentioned before that this solution would require no forks. It c=
ould, if we consider using Homomorphic Encryption. Then, it is possible to =
add new features, without touching consensus. For example, by using Homomor=
phic Encryption, it is possible to execute 2-of-2 multisig on some P2PK out=
put. That means, more things are possible, because if we can encrypt things=
, then operate on encrypted data, and later decrypt it (and broadcast to th=
e network), then it can open a lot of new possible upgrades, that will be t=
otally permissionless and unstoppable.
So, to sum up: by adding transaction joining in a homomorphic-encryption-wa=
y, it may be possible to introduce sidechains in a no-fork way, no matter i=
f people wants that or not. Also, it is possible to add the hash of our cha=
in to the signature inside a Bitcoin transaction, then all data from the "z=
ero supply chain" can be committed to the Bitcoin blockchain, that would pr=
event overwriting history. Also, Merged Mining could be used to reward side=
chain miners, so they will be rewarded inside the sidechain.
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