Ethereum HardFork Ahead? Side chain to the rescue!

Sidechain to the rescue

Bitcoins side chain is faster, cheaper and scale able.Perhaps ETH 2.0 blockchain could work in concert, instead of replacing it.

As I contemplated the role of Binance Smart Chain, as a cheaper, faster alternative to Ethereum, requiring some token wrapping and other maneuvers for cross chain trading it occurred to me that perhaps there is an alternative to the impass we have on Ethereum now, a sidechain.

It works for Bitcoin

I have previously written about Lightening Network, the Bitcoin side chain, where native Bitcoinis traded in micro transaction sizes and with micro transaction fees, then the trades are recorded on the Bitcoin blockchain later.
This marvelous invention makes Bitcoin trading divisible to small amounts within the affordable reach of small investors, and the micro transaction fees make it economically viable.

So could Eth 2.0 work instead as a sidechain instead of a replacement?

A question for smarter people then me for sure, I am a conceptionalist with a penchant for learning the details when I actually start trading.

But I was struck by how converting the ETH 2.0 blockchain into a sidechain, where POS and Sharding would allow economical small transactions, which could be documented on the Mainet later, in a similar fashion as Lightening Network does for Bitcoin. These are two different blockchains for sure, but necessity is the mother of invention and the profit motive drives innovation.

This solves the problem of the miners revolting against losing their golden goose of high gas fees...

After all who can blame them for putting up a fight when there’s 1.7 billion dollars USD at stake.

A win-win, both for miners, node Validator and investors, most importantly for Ethereum.

I see it as a win win, DeFi investors get there own side chain to base DeFi applications on, with low transaction costs, faster transactions and greater scaleability. The miners get to keep mining on the mainet and Etheteum developers meet with Lightening Network developers to share knowledge on the development of Lightening Network, and if the money is invested, we could have a total DeFi blockchain/sidechain...

Penned by my hand @shortsegments

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@shortsegments

I came for the crypto and I stayed for the Community.

Shortsegments has been writing on the Blockchain, Crypyocurrency and FinTech for 3 years.