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ConsenSys weds Ethereum with bitcoin

#ConsenSys team announced the official launch of #BTCRelay , considered the first #sidechain , BTC Relay will connect the #Ethereum ’s network with the #Bitcoin ’s one in a secure, #decentralized way. This Relay uses the smart contract functionality in Ethereum to allow people to verify Bitcoin transactions from Ethereum’s #Blockchain .....

Funded by the Ethereum Foundation and Wanxiang Blockchain Labs, the project was adopted by ConsenSys as soon as its developer Joseph Chow joined the company. The project’s functionality includes verification of bitcoin transactions, relaying bitcoin transactions to any Ethereum contract, bitcoin block headers storage and inspection of a latest bitcoin block header stored in the contract. ....

The main idea behind sidechains is that of a mechanism that allows people to send transactions not only to other addresses or accounts but to other blockchains. This simple idea has populated the mind of Bitcoin developers and members of the community for some time now. Instead of using a centralized server (like a #Cryptocurrency exchange for example) to get tokens of a particular blockchain (AKA buying a crypto) you could just simply send Bitcoins to an address and have them automatically and securely converted into the blockchain’s token.....

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