Sidecoin: a snapshot mechanism for bootstrapping a blockchain
Joseph Krug, Jack Peterson
TL;DR
Sidecoin introduces a snapshot mechanism to capture Bitcoin's state and bootstrap a new blockchain, enabling preservation of its economic data for innovative features.
Contribution
It presents a novel snapshot method for transferring Bitcoin's unspent transaction outputs to initialize a new blockchain.
Findings
Enables preservation of Bitcoin's economic state
Facilitates new blockchain features
Provides a practical snapshot mechanism
Abstract
Sidecoin is a mechanism that allows a snapshot to be taken of Bitcoin's blockchain. We compile a list of Bitcoin's unspent transaction outputs, then use these outputs and their corresponding balances to bootstrap a new blockchain. This allows the preservation of Bitcoin's economic state in the context of a new blockchain, which may provide new features and technical innovations.
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