Peerplays is a concept dedicated to bringing something new to the table. While The DAO is still evaluating whether or not to invest in this concept, Peerplays is working on a sidechain solution. Exciting times are ahead for the Ethereum ecosystem; that much is certain.
Ethereum enthusiasts who have been following the Peerplays proposal may recall how the project asked shareholders of The DAO to contribute to the project. To be more precise, the company wants to develop a blockchain-based gaming and tournament wagering network. So far, the overall feedback to this proposal has been positive overall.
Despite that positive response, Bunkerchain Labs President Jonathan Baha stated:
“But it quickly became clear that in order to fulfil the requirements of the DAO, we would need to move forward with our sidechain technology plans so that value could transferred between Peerplays and Ethereum in a fully trust-free manner.”
Sidechains hold a lot of promise in the cryptocurrency world. At its core, this technology lets users transfer coins from one blockchain to the next. However, there seems to be little to no practical use for this technology, as there are some complex issues to overcome. Peerplays is planning to change all that by using the Ethereum blockchain to create fully operative sidechains.
In fact, Peerplays is currently developing a sidechain solution which other The DAO-sponsored projects can make use of in the future. An updated proposal has been published, which offers 20% of the Peerplays earnings to The DAO in exchange for an increased valuation to cover costs associated with developing this sidechain at an accelerated pace.
It is partially thanks to supporters of The DAO this proposal has come to fruition. The Peerplays team feels the time is right to develop a functional sidechain which can be embraced by current and future projects alike. Holders of DAO tokens will start voting on this proposal once the review period has concluded.
Source: Press Release Via Email
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…
