18.1.18 - IOHK | Cardano whiteboard; Sidechains, Dionysis Zindros

The idea behind sidechains is that they will allow multiple blockchains to work with one another, as opposed to traditional cryptocurrencies where each blockchain is independent. As such, sidechains are a key component of third generation blockchains in that they enable interoperability. An asset on one blockchain would be able to be moved to another and back without going through a counterparty.

Sidechains are being developed for use in Cardano, a third generation blockchain being designed and built by IOHK.

Watch the whiteboard below:


Sounds fuc… great.

Thanks a lot! :yum:

Wow this is amazing. It could potentially make life so much simpler. And if Cardano will be the first to present a usable version of this, it could be the game changer.

Great explanation, the popow, mipopow, etc, its incredible how the video have only 5000 views on youtube

PoPoS for Cardano side chains does not need to be this complicated.

I’m toying around with a research proposal / whitepaper on it. It’s slow going as I am full time employed in an unrelated industry, with kids running amok.

Essentially, you’re positing a chaotic ecosystem with problems like potential reorgs and lack of synchronization, like what the original sidechain authors addressed, but that is not really the use case for Cardano.

Edit: let me amend this by saying, I recognize there are different use cases that will require different solutions, even within Cardano.

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I have two questions:

1.) I imagine such sidechains (or the parallel epochs generally?) are also a challenge for explorer-portals like www.cardanoexplorer.com, because if there is no single blockchain, they have to query multiple ones or all of them for a certain transaction id. A sidechain - to become traceable - would have to ask the explorer portal to become a node of the sidechain.

2.) NIPoPoWs are strongly compressed proofs of the right to own and not having spend. The goal is to have a strong proof without any unnecessary amount of data. And the into a sidechain transferred amount of coin X sometime later can be transferred back to the original chain.
This looks like an almost perfect mechanism for money laundering. I can set up my own sidechain, having a couple of nodes. Of course, they are not only confirming and trusting, but they all are under my full control. After having received amount x from main chain I can return this amount (eventually also split to parts) to the main chain without having ANY trace from the initial transaction.
Then I destroy the entire sidechain. Better than every mixing service.
Do I miss something or is this a side-effect of scalability and interoperability or is this something wanted on top of anonymity and privacy?

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Will there be a way for direct fiat to ADA Conversion via ACH transfer?

Are there legal hurdles that many are trying to avoid?

Yes there are legal hurdles, primarily KYC I think, which is why a few exchanges such as Coinbase specialise in fiat/crypto and others concentrate on crypto/crypto.

By the way if you want to pursue this you should do it elsewhere, this is very off-topic here.

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My apologies . . .

I was informed that Cardano would eventually have a debit card linked to
Dadelus Wallet

How is this off topic or different from my initial question?

One of the best whiteboards of IOHK :wink:

btw, I spend some time to “normalize” the auto-generated subtitles. English is not my native language But from the spokesman’s name to all the “cardinals” and “ADDAS”, I think I’ve improved and clarified a lot, to have a base for the German translation.

As youtube subtitles are handled in a community manner, they require some confirmation or even further improvements by other members.
Simply click on the HD-settings icon > subtitles > add subtitle >

There you can simply confirm or elaborate my work.

(If your chrome browser becomes slow showing the timedtext-editor I recommend using Firefox)

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No problem.

I was talking about fiat->ADA, ADA->fiat is different regarding legalities, though for other reasons exchanges will tend to offer both or neither. I’d expect the debit card to be quite a long way off yet, given other priorities.

This thread is about the whiteboard video.