Paolo Ardoino, the technical director of Bitfinex, and Tether CEO spoke about promising solutions for the Bitcoin network that will bring about significant changes, such as enhanced privacy and faster transactions.
Ardoino specifically brought up the reintroduced BIP-300, originally proposed by Layer 2 Labs’ head Paul Storz in 2017.
This proposal entails the use of drivechains, a technology that permits the development of sidechains based on Bitcoin.
In contrast to traditional cryptographic keys, transactions on these sidechains are signed using a bulk multisig system, where each block represents a new signature.
However, the creation of these “master blocks” requires a large number of confirmations, typically 13,150 out of 26,300.
Ardoino believes that drivechains have the potential to be a “game changer” as they can improve blockchain efficiency and privacy, and open up the possibility for more complex smart contracts. However, these changes may also pose a risk to the stability of the main network.
According to the white paper, BIP-300 prioritizes slow, transparent and verifiable transactions, making it user-friendly but difficult for attackers to breach.
