Bitcoin Magazine Bitcoin Layer 2: Sidechains The original concept of a Bitcoin sidechain was proposed by Adam Back, Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory Maxwell, Andrew Miller, Andrew Poelstra, Jorge Timón, and Pieter Wuille, who all went on to found Blockstream, in 2014. The idea was proposed to allow a more liberal development environment, where people could try new ideas and technologies on a sidechain without risking the security of the main Bitcoin blockchain. Since then the design space of sidechains has grown rather large. At the end of the day sidechains is a very broad term that encompasses a large range of very diverse and different systems. They can be as varied and arbitrary as the entire ecosystem of altcoins and other blockchains can be. That is after all what they are, other blockchain systems. Regardless of the specific designs of any given sidechain, they have two primary components: a peg, and a consensus mechanism and rules. The peg functions as the vehicle for “locking” and “unlocking” coins on the mainchain to move them back and forth between Bitcoin’s base layer and the sidechain. The consensus mechanism and rules are how the sidechain itself functions, i.e. how new blocks are created, and the rules for what behaviors and transactions or contracts are allowed. These are the necessary pieces for a sidechain. The Original Proposal The 2014 Blockstream design proposed the use of merge mining for a consensus mechanism, reusing the work from current Bitcoin miners by having sidechain blockheaders be committed indirectly in the mainchain blockheader, and Simplified Payment Verification proofs (SPV proofs) in order to operate the peg mechanism. To facilitate merge mining, all sidechains would construct their blockheader as a “subheader” committed to in the coinbase transaction of a mainchain block. This would allow all miners to simultaneously mine the mainchain as well as whatever sidechains they choose to commit to. Any mainchain blockheader that meets a sidechain difficulty target, even if it does not meet the target for the mainchain, can be submitted to the sidechain network as a valid block. Pegging required merkle proofs showing that certain transactions were included in a block. The proposed peg mechanism could work one of two ways, using symmetric SPV proofs, or asymmetric SPV proofs. The symmetric scheme would require SPV proofs of both deposits and withdrawals, with a contest period. To deposit, users would need to send coins to a script on the mainchain that could only be spent by producing an SPV proof. After waiting for the contest period to elapse, the user could unlock coins on the sidechain with an SPV proof that they have deposited coins to the sidechain script on the mainchain. Any proof that a reorg with more work has occurred on the mainchain that undid the deposit transaction can be used to invalidate the claim transaction on the in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. You must only respond with the modified content and follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. 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Bitcoin Layer 2: Sidechains
