Sidechains pre-BIP Discussion

Dear list,

This message concerns pegged "sidechains", namely the Two Way Peg [1]. Specifically, it is to introduce a new OP Code (perhaps called "OP_CheckVotesVerify"). This OP code can be deployed by soft fork, and has (as we all probably know) many benefits, including:

1. ("Optional hard forks") Sidechains allow 'opt in' adoption of new features. As a result, Bitcoin (the bearer asset, not the software) will never need to worry about competing with an alternate system. This includes competitors such as Ripple or Ethereum (supposedly "innovative"), as well as BitcoinXT and Bitcoin Classic (supposedly "popular").

2. ("Staging Upgrades") SCs allow complex updates to Bitcoin to be tested, in a realistic environment (where actual BTC are at risk, and utilizing actual network mining resources). If these updates fail, they can be revised; if they succeed, they can be incorporated into the mainchain.

3. Directing "blockchain resources" to Bitcoin. This includes money, developer talent, public attention, etc.

4. Less time spent debating controversial features. Instead, we return to a culture of "permissionless innovation".

Again, as we all know, the concept has generally received high interest and favorable appraisal.