BIP-300, the controversy that is panicking the Bitcoin community
The Bitcoin protocol is in perpetual development. Although few developments reach the mainnet, many suggestions for improvement continue to emerge. Recently, an old proposal, the BIP-300, was brought back to the forefront, relaunching the debates around Drivechains. In 2017, developer Paul Sztorc submitted a proposal for improving Bitcoin.
Thus, the BIP-300 proposal, also known as Bitcoin Drivechains, aims to introduce sidechains on Bitcoin.In practice, users can send BTC between Bitcoin and its sidechains. To do this, BTC are locked on the main chain and an equivalent representation is issued on the Drivechain.
When the user wishes to repatriate their BTC to Bitcoin, the BTC on the Drivechain are destroyed and those locked on Bitcoin are released.
