The CEO of Blockstream, Adam Back says that Bitcoin’s sidechains will destroy the altcoins in the future.
According to the report of Forbes, the CEO of Blockstream has made this claim while speaking at the Transylvania Crypto Conference.
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Adam Back predicts the future of Altcoins
The sidechain pioneer and CEO of Blockstream, Adam Back has commented on the future of altcoins and predicts that the Bitcoin sidechains will kill the altcoins by making them useless and impractical in the long run.
He further says that several altcoins will become redundant with the development of sidechains into the Bitcoin.
According to the report of Forbes, at the Transylvania Crypto Conference, the Blockstream CEO added while commenting on the future of altcoins:
In the history of altcoins, it seemed like 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].
Adam Back also said that the sidechain technology will prove beneficial for the bitcoin and aims to develop “easy-to-use extension mechanisms” for the coin. With the help of this mechanism, developers would be able to introduce new features in the Bitcoin.
He says that with the development of this mechanism by the sidechain technology, the altcoins would become less credible as compared to the bitcoin.
Bitcoin Sidechains have Original White Paper
The original white paper was released on Bitcoin sidechains on 22nd Oct 2014. The CEO of Blockstream, Adam Back, with the help of some famous developers, launched the original white paper successfully on the Bitcoin sidechains.
This development helped bitcoin users very much. Because of this, the bitcoin users got the facility to move and transfer their coins between different blockchain networks. It also created ways for the development of new features in the cryptocurrency and made the crypto industry updated.