RATE Group | Creating Altcoins More Attractive Than Building on Bitcoin
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Creating Altcoins More Attractive Than Building on Bitcoin

22 Oct Creating Altcoins More Attractive Than Building on Bitcoin

Posted at 14:40h in Bitcoin News by

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Bitcoin (BTC) technology pioneer Adam Back explained at the Transylvania Crypto Conference that there’s a greater financial incentive to creating altcoins compared to building on Bitcoin.

Forbes reported Back’s remarks on Oct. 21, noting that he is also the co-author of the “Enabling Blockchain Innovations with Pegged Sidechains” paper about Bitcoin sidechains released about five years ago. In the document, he and his fellow researchers first expressed the idea that Bitcoin’s sidechains will have substantial advantages over altcoins.

It is worth mentioning that Back’s Blockstream is the company that launched the Liquid Bitcoin sidechain. In July, Blockstream also launched a new tool that allows users to execute atomic swaps for all assets supported by the Liquid network.

Bitcoin sidechains to decrease altcoin pull

During the aforementioned conference, Back explained that — despite five years already passing since the sidechains proposal — he still believes that…

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