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--- | ||
title: Announcing Sidechain Elements: Open source code and developer sidechains for advancing Bitcoin | ||
source: | ||
github: | ||
--- | ||
We're excited to announce the release of Sidechain Elements. Sidechains extend | ||
Bitcoin functionality through interoperable blockchain networks and today's open | ||
source release includes an | ||
experime[](https://www.blockstream.com/wp-content/uploads/2015/06/elements_logo.png)ntal | ||
sidechain that has a number of new working capabilities. With the release of | ||
Sidechain Elements, Blockstream is moving this effort into the community. We're | ||
inviting developers to work with us, to test and use the code for their | ||
projects, and to share their proposals and code for additional capabilities. | ||
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Sidechains are decentralized, peer-to-peer networks that provide useful | ||
security, risk, and performance enhancements for global systems of value | ||
exchange that don't need intermediaries, central banks or other third parties. | ||
They are distributed ledgers that are interoperable with each other and with | ||
Bitcoin, leveraging the most secure blockchain and code infrastructure in an | ||
additive way. Sidechains enable innovators to safely develop new applications | ||
without jeopardizing Bitcoin's core code and putting billions of dollars worth | ||
of digital currency at risk. | ||
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||
We began our work on sidechains almost one year ago first through extensive | ||
discussions and debate with others in the technical community, and then in the | ||
publication of a | ||
[whitepaper](https://www.blockstream.com/2014/10/23/why-we-are-co-founders-of-blockstream/ | ||
"Why we co-founded Blockstream") and [launch of | ||
Blockstream](https://www.blockstream.com/2014/11/17/blockstream-closes-21m-seed-round/ | ||
"Blockstream closes $21M seed round"). Over the past several months, we've been | ||
coding and testing initial implementations all in preparation for today's | ||
release. | ||
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Sidechain Elements consists of several components: the core network software to | ||
build an initial testing sidechain, eight new features not currently supported | ||
by Bitcoin, a basic wallet, and the code for moving coins between blockchains. | ||
We've selected a collection of elements chosen to be both exciting and useful to | ||
three audiences with overlapping interests: the broader Bitcoin community; core | ||
technologists and smart-contract programmers; and businesses just starting to | ||
explore blockchain use cases. The new elements include Confidential | ||
Transactions, Basic Asset Issuance, Relative Lock Time and several others. We've | ||
posted a video of our CTO, Greg Maxwell, walking through all of new | ||
capabilities. | ||
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The initial sidechain included in Sidechain Elements works on a federated | ||
security model; while it's still peer-to-peer and consensus-based, security for | ||
the blockchain is provided by a set of predefined functionaries in an | ||
arrangement called a Fed-Peg. A number of academic groups and individual | ||
contributors have agreed to run the Sidechain Elements Fed-Peg, including | ||
blockchain groups at Stanford, MIT, and Princeton. The sidechain does not | ||
include mining or proof-of-work at this point. | ||
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In the coming weeks, we'll be publishing an early draft of a proposal for a | ||
fully decentralized, two-way peg and merge-mined sidechains, which will enable | ||
us to test other types of sidechain functionality. | ||
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Sidechains are an emerging technology, and this work is in its early stages. The | ||
code and working sidechain provide a basis for research and prototyping. We'll | ||
undertake many of these efforts, and anticipate many others will happen | ||
independent of Blockstream with over 30 major financial institutions launching | ||
blockchain innovation projects, as well as interest in this tech from other | ||
Bitcoin and blockchain-based ventures. | ||
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**Here be dragons:** While much of the underlying science isn't new, this is an | ||
alpha code release. We've intentionally focused on a Testnet sidechain and | ||
strongly urge others to avoid implementations that involve bitcoin or other | ||
real-world assets. Fiduciary code like this requires significant peer review | ||
before moving onto production environments. | ||
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Sidechain Elements is available under the MIT open source license, along with | ||
initial documentation, on Blockstream's code repo. We'll make ourselves | ||
available to work with developers, and we invite the technical community to join | ||
the discussion and get involved in moving sidechains and distributed ledger | ||
technology forward. Complete info and links can be found on our new | ||
[Developers](https://blockstream.com/developers/) page. |
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extends layouts/elements | ||
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prepend site-title | ||
| #{page.title} — | ||
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block content | ||
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include partials/menu | ||
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.ui.main.text.container | ||
.ui.cards | ||
- site.posts.each(function(post, i) { | ||
a.ui.fluid.card(href="#{post.path}") | ||
.content | ||
.header #{post.title} | ||
.meta | ||
.right.floated.time #{post.date} | ||
.description | ||
p !{post.excerpt} | ||
.extra.content | ||
if (post.author) | ||
a.right.floated.author(href="/people/#{post.author}") | ||
img.ui.avatar.image(src="/img/#{post.author}.png") | ||
| #{post.author} | ||
.left.floated.star | ||
i.icon.star | ||
- }); |
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@@ -15,7 +15,7 @@ html(lang="en") | |
.right.menu | ||
.item | ||
a.ui.button test | ||
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block content | ||
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block footer | ||
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.ui.right.floated.buttons | ||
if (page && page.edit && page.source) | ||
a.ui.button.tooltipped(href="#{page.edit}", title="Launch an editor to change content on this page.") | ||
i.icon.pencil | ||
| edit this page | ||
.or | ||
a.ui.button.tooltipped(href="#{page.source}", title="View the original content used to generate this page.") | ||
i.icon.code | ||
| view the source |
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h2 #{page.title} | ||
h2 #{post.title} | ||
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.post-meta | ||
include meta | ||
+postDate(page.date) | ||
+postCategory(page.categories) | ||
+postDate(post.date) | ||
+postCategory(post.categories) | ||
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.post-body !{page.content} | ||
.post-body !{post.content} |
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