Adding Sidechain support
What are Sidechains?
Sidechains are emerging mechanisms that allow tokens and other digital assets from one blockchain to be securely used in a separate blockchain and then be moved back to the original blockchain if needed. Sidechain functionality holds tremendous potential to enhance the capabilities of existing blockchains. (source)
How do Sidechains work?
A sidechain is a separate blockchain that is attached to its parent blockchain using a two-way peg. The two-way peg enables interchangeability of assets at a predetermined rate between the parent blockchain and the sidechain. The original blockchain is usually referred to as the ‘main chain’ and all additional blockchains are referred to as ‘sidechains’.
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A user on the parent chain first has to send their coins to an output address, where the coins become locked so the user is unable to spend them elsewhere. Once the transaction has been completed, a confirmation is communicated across the chains followed by a waiting period for extra security. After the waiting period, the equivalent number of coins is released on the sidechain, allowing the user to access and spend them there. The reverse happens when moving back from a sidechain to the main chain. (source)
Support for SideChains in Arkane
With the latest update of Arkane developers are now able to set their custom RPC node address and network name using the Arkane SDK/API. Allowing developers to connect to any Ethereum testnet or sidechains such as Loom or Auctionity.
Our demo application has been upgraded so you can easily start playing with customer RPC nodes to get a feeling.
