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Linked Together

05.04.2016

It is a fair assumption to say that Bitcoin was, is and will likely be the best blockchain regardless the amount of funds in the wallet. Linking to Bitcoin blockchain, other cryptocurrencies can rely on higher security.
 
Multi-blockchains and maximalism in Bitcoin sector: How much are they compatible?
Supporters of other cryptocurrencies (altcoins) call Bitcoin supporters “maximalists”. The latter, in their turn, are absolutely sure in lack of candidates worthy of confrontation with Bitcoin. They state that this cryptocurrency represents the best choice with no alternatives on the threshold.
As for altcoins, “maximalists” consider it as weak enough to overpass Bitcoin. This is relevant even with regular updates and implementation of innovations. “Maximalists” are confident that Bitcoin will anyway keep the top rank and will easily take over innovations.
Actually, many people do not support this approach. There are supporters of other idea that welcomes joined existence of large blockchains. But the bottom line is that the main blockchain concept has the right to exist together with a multi-blockchain. Moreover, such a structure means multiplicity (or plurality).
 
Joint mining
Specialists who feel at home with a blockchain structure cannot forget events of 2011. At this time a concept of joint mining was applied to the cryptocurrency Namecoin. In the beginning it was planned as independent mining of coins but in reality Namecoin was tied to Bitcoin blockchain.
In terms of volume the new cryptocurrency became the second one but actually it was included into the existing blockchain of Satoshi Nakamoto’s cryptocurrency. In fact, thanks to Bitcoin developer the concept of joint mining was made possible: when Bitcoin blockchain mergers with other blockchains. As a result, two systems not only co-exist together but have maximum security level.
The new cryptocurrency has succeeded to prove that Bitcoin can be linked with an entire group of chains, each one of which will present confirmations on performed operations (proof-of-work). As a result, Namecoin operates on the basis of POW Bitcoin. However, miners have to deploy additional software that supports Namecoin mining.
The greater load enters the system, the more active joint mining is. In this case the term “blockchain” in respect to “implementation” is used as a singular (for example, use of a blockchain, not blockchains).
At the present stage the cryptocurrency Namecoin is in little demand. And this is with the fact that it 270 thousand times more secure than Ethereum and 190 thousand times more reliable than Litecoin.
Linkage subtleties
Everything changes when it comes to protection against unauthorized corrections (including the blockchain). The main point of linkage implies that during making an invariable record a POW blockchain is implemented. The convenience of such a linkage is so obvious that there is no need in any additional strict requirements.
A special algorithm with cryptographic structure is of no little significance. Now everybody has a chance to attach to the blockchain parameters of any number of files of different volumes. Herein, there is no need for miners to use special software and for users to send the data.
 If you want to combine two blockchains (one of which is Bitcoin blockchain) or secure a file, it is easier to use a well-known cryptocurrency and its blockchain as a basis. In this case system reliability is explained by high hash-rate.
 
What can be set against?
Note that security system based on POW-system does not provide the result and does not work (like a car radio). Usually in case of coincidence of different radio frequencies interference occurs. However, blockchains have their own specific operation principles to be taken into consideration.
For instance, we can imagine miners (cryptocurrency extractors) as powerplants producing electric energy. They send a signal to the air through their antennas. Each individual cryptocurrency-blockchain operates on its own individual frequency which does not interact with others.
What will happen if the broadcasting will be carried out on the same frequency? The first thing that pops into the head is interference. But we have to proceed from objectives of miners. For example, honest miners work on the frequency “Х” (ex., 88.5 Hz) and employ almost 90% hash-rate. The same frequency is used by intruders who begin broadcasting other frequency “Y”. In this situation there will be no interference, only a clear signal “X”.
Let’s consider another scenario, when honest miners employ 50% of hash-rate. With that, “X” is broadcasted only by 40%, and simultaneously five hackers join in broadcasting by small portions of hash-rate (for example, 15, 15, 10, 10). In this case there will be no interference on the frequency “X”.
So what is the problem? If hackers unite to jointly broadcast other than X information to the network and they employ over 50% of hash-rate, so only hackers’ signal will go to the air.
The distinctive feature of Bitcoin is that it makes available for use its hash-rate and allows operating with any signals on the common frequency using full power.
 
In one harness with the leader
As of today Bitcoin has the greatest hashrate in the world that is why even the most powerful PCs are not capable of bringing at least minor damage to it. Interesting, available power can be used without limitation – partially (along with miners’ software) or in full (free). The latter variant is relevant when there is no need to preserve corrections in rules and parties have built a consensus.
As a result, there is a single leader that directs followers and covers them up. People who intend to change the existing system and overshadow Bitcoin do not realize what and why they will end up with.