Sidecoin: a snapshot mechanism for bootstrapping a blockchain
This addresses the challenge of starting a new blockchain without losing existing economic value, but it is incremental as it builds on Bitcoin's infrastructure.
The authors tackled the problem of bootstrapping a new blockchain by introducing Sidecoin, a mechanism that takes a snapshot of Bitcoin's unspent transaction outputs to preserve its economic state, enabling the creation of a new blockchain with potential innovations.
Sidecoin is a mechanism that allows a snapshot to be taken of Bitcoin's blockchain. We compile a list of Bitcoin's unspent transaction outputs, then use these outputs and their corresponding balances to bootstrap a new blockchain. This allows the preservation of Bitcoin's economic state in the context of a new blockchain, which may provide new features and technical innovations.