Hah, just this morning we published a whitepaper explaining such a solution in greater detail:<p><a href="http://github.com/orisi/wiki/wiki/Orisi-White-Paper" rel="nofollow">http://github.com/orisi/wiki/wiki/Orisi-White-Paper</a><p>There is also a basic implementation of such a system that we've been preparing for the past week, and a website that will host a list of oracles: <a href="http://oracles.li/" rel="nofollow">http://oracles.li/</a>
What is the progress on sidechains right now?<p>I'm hoping we can stop the madness of forking the power of currencies and rather extend the core chain with new functionality. So many new currencies are dying because they don't have the required participants to survive attacks.<p>If ethereum and zerocash concepts could be merged with Bitcoin, it looks like it'd be an awesome platform for everything distributed...
> Bitcoin already provides a global currency and distributed ledger-- there is no need to re-invent those wheels.<p>Yeah, at a cost of several million dollars per year of burned power. You'll find the less BTC someone owns the less likely they are to bring up non-arguments like "more hashes = more security!" Let's stop pretending there isn't room to innovate.