<b>Blockstream CEO Adam Back: Creation of Altcoins Way appealing than Building on Bitcoin</b><b> </b>
<div dir="auto"><a href="https://www.reddit.com/r/btc/comments/bk8f6g/adam_back_blockstream_ceo_the_fud_around_tether/">Cryptocurrency developer and British Cryptography master</a>, Adam Back spoke at the Transylvania Crypt conference regarding Bitcoin sidechains. He said, there is a vast monetary reward to creating altcoins rather than building on Bitcoin.</div>
<div dir="auto">Forbes informed about the Back's remarks on 21st Oct.  Reporting that he also wrote the "Enabling Blockchain Innovation with Pegged Sidechains" white paper regarding Bitcoin sidechain that was published five years back. In the white paper, Back along with the fellow researchers share the idea that Bitcoin's sidechains will have significant advantages than Altcoins.</div>
<div dir="auto">Back's Blockstream is the Liquid Bitcoin Sidechain launching company. In July, Blockstream further initiated some other tools to enable the users to implement atomic swaps for all the assets that are being backed by the Liquid Network.</div>
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<h2><b>Bitcoin Sidechains to diminish the altcoin appeal</b><b> </b></h2>
<div dir="auto">During the conference, Back said that despite passing five years since the <a href="https://www.cryptoknowmics.com/crypto/malta-university-launches-masters-degree-program-in-blockchain-and-dlt-technology/">blockchain</a> proposal, he affirms that Bitcoin's sidechain will decrease the altcoin pull. Furthermore, he put his own ideas onto the table for the evolution of Altcoin advancement:</div>
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<div dir="auto"><i><b>“In the history of altcoins, apparently  there was a period where there were a huge number of them that had no features. [...] And that played out. And then people started to need a new way to market them, so they added features. Some of them were real features, and some of them were stories to market [their altcoins].”
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<div dir="auto">Back further explained that sidechains could bring the functionalities of Altcoins to Bitcoin. Nonetheless, that financial reward diminishes the encouragement to advance such systems.</div>
<div dir="auto">The creation of altcoins is way appealing than advancing a sidechain with no new crypto asset. Still, he anticipates fee alterations to happen after sidechains become more feasible than they are now:</div>
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<div dir="auto"><i><b>“This financial incentive will remain, but it will have less credibility because if you have a very easy to use extension mechanism for Bitcoin and examples of extensions that do something simple that you can build on, there’s not really a good story about why you’re doing it somewhere else.”</b></i></div></blockquote>
<h2><b>Trustless, Secure Sidechain Still Ways Off</b></h2>
<div dir="auto">He also reported that his own takes implement on sidechains as well as on every second-layer solution developed on top of Bitcoin like scalability solution, Lightning Network. Since he acknowledges that the recent sidechain solutions are still not trustless and secure.</div>
<div dir="auto">Andrew Poelstra, a mathematician at Blockstream earlier revealed his idea that bleeding edge cryptography Zero-Knowledge Proofs ultimately enable better sidechains. Back said such implementation could need a period of years for better advancement. He said:</div>
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<div dir="auto"><i>“That’s an enormous proof, and all of the current proof systems are orders of magnitude away from being able to do that, and some of them make experimental security assumptions. [...] Maybe the bulletproof-like security and scalability will improve enough, and then we can make general, fully-secure sidechains just by having the main chain block verify a list of them. That would be very nice.”</i></div></blockquote>

Blockstream CEO Adam Back: Creation of Altcoins Way appealing than Building on Bitcoin

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