Blockstream announced that it's raised 55 Million to continue development on its sidechain(s) to exploit the Blockchain for commercial use. 

AXA Strategic Ventures, Blockchain Capital, AME Cloud Ventures, and Future\Perfect Ventures were among the venture capitol firms involved with the series funding.

It's nice to see somebody is still using their brain.

Blockchains, and Altchains, and Sidechains ... Oh My

Everyday it seems a new announcement is made about 5 banks uniting to make a private blockchain and then another 5 start-up firms uniting 23 more banks to fund a new secret chain planning to make digital altcoins followed by a 50 bank conglomerate to make an all-powerful super-chain. None of which use bitcoin or its blockchain, which is the original, and what many say is the blockchain.

Considering the blockchain was the bitcoin blockchain up until about last year when startups decided to try and cash-in on the term blockchain and began calling atlchains (pre-2015 terminology) blockchains or any other square peg they could manage to shove in a round hole, there may be an argument there. However, all terminology aside, the news of Blockstream's efforts being further funded are indeed positive.

It shows that somebody out there gets it. Somebody out there realizes that no matter how much money your throw at something and no matter how many times you call it a "blockchain" it doesn't necessarily mean that it is, or ever will be, as powerful or as secure as the original public blockchain that just so happens to be powered by the one thing banks seem to want to avoid. Bitcoin.

Sidechains work with the blockchain and Blockstream's efforts are not isolated. There are many sidechains being developed worldwide by others who also get it. Instead of taking the "if we build it, they will come" approach that works sometimes in the movies, they are aiming to take the best of the blockchain and enhance it by adding utility and functionality that works with the real world blockchain.

By processing things that don't necessarily need to touch the blockchain in their sidechains and utilizing the blockchain when it needs to utilize its functionality, power, and/or security, these companies stand to give us the real next generation blockchain. 

While others fumble around trying to reinvent the wheel, these companies may well prove to be the future because sidechain technology has the most realistic chance of actually being the future and Blockstream's 55 million Series-A funding along with other like it may just prove to be the best venture capitol investment into blockchain technology to date.





Story by dinbits
image by dinbits staff


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