Paul Sztorc Launches 'Layer 2 Labs' Company to Promote and Develop Drivechains Proposal with $3M Seed Funding
The primary goal of drivechains is to enable altcoin functionality without the need for the respective tokens. For drivechains to be implemented it would require a soft fork of the bitcoin network. This change is extremely unlikely to get implemented.
- The source of funding has not been disclosed.
- Sztorc is the author of two Bitcoin improvement proposals, BIP 300 and BIP 301.
- The primary goal of drivechains is to enable altcoin functionality without the need for the respective tokens.
- Drivechains enable the creation of separate blockchains linked to the Bitcoin blockchain. Bitcoin is locked on chain, represented as an equivalent amount on a sidechain, with the goal of maintaining a 1:1 peg.
- For drivechains to be implemented it would require a soft fork of the bitcoin network.
- Based on current discussions within the bitcoin community this change is extremely unlikely to get implemented.
First, we will focus on the Bip300 sidechain. We have 6 sidechain-designs in development already, including two which are exact clones of Ethereum and zCash (but BTC-only). These allow for immediate global scale, easy-to-use impenetrable privacy, and total protocol flexibility.
— LayerTwoLabs (@LayerTwoLabs) December 20, 2022
Sztorc presented his proposal at TabConf last year:
