settlement layer</strong></a> that gives the possibility for traders and trading platforms to experience quicker and more concealed transactions as well as virtual asset development. Liquid Network is tied to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, which implies that Bitcoin is the primary chain. Therefore, only activities connected to Bitcoin can be executed in it.</p>\n<p>Sidechain envisions a worldwide decentralized network of many blockchains, each with its own system of laws, objectives, and features that stay separate from one another while forming one smooth environment.</p>\n<p>Another example is Ethereum 2.0, which has its own variant of sidechains known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-shard-chain/">shard chains</strong></a>. 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One?","featured_image_id":11310,"status":"published","chapter_id":7,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/ico-vs-ido","featured_image":{"id":11310,"uuid":"315e8a2b-93a1-4870-be48-a2a09d801663","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/ico-vs-ido-featured-image.jpg","path":"crypto/storage/optimized/ico-vs-ido-featured-image.jpg","original_path":"crypto/storage/original/ico-vs-ido-featured-image.jpg","name":"ico-vs-ido-featured-image.jpg","original_name":"ico-vs-ido-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"64.39KB"},"youtube_video":null},{"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get 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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":949,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Shielded Address?","slug":"what-is-shielded-address","section":"S","keyword":"Shielded Address","status":"published","definition":"refers to an alternative method of doing a financial transaction that is safe as well as confidential.","content":"<p>A <strong>shielded address</strong> is an alternative method of executing financial transactions that are secure and confidential. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">Cryptocurrencies and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain technology have prompted the interest for methods of doing secure transactions to skyrocket. That&rsquo;s where shielded addresses come in handy.</p>\n<p>To be more specific, a shielded transaction is a type of transaction that uses \"mixing\" as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptography/">cryptographic approach in order to keep both the sender's and receiver's addresses completely private.</p>\n<p>In order to do this, a new address must be formed particularly for the transaction. Additionally, the funds must be sent from the initial sender address to this newly produced address, while equal amounts must be transferred from another newly generated address back to the receiver's initial address.</p>\n<p>A mixer service only works externally from blockchain and is typically only utilized for every transaction, hence the two newly produced addresses are, in fact, generated by a mixer service. Therefore, this ensures that it would be impossible to figure out the exact location a specific transaction came from or ended up in. So, complete anonymity is a guarantee for senders as well as receivers.</p>\n<p>Because only these <strong>two addresses are used </strong>and&nbsp;no one can tell who owns them or where their funds came from or went to.</p>\n<h2>The Main Advantages of Shielded Transaction</h2>\n<p>It is preferable not to link your transactions on the blockchain for overseas payments or purchases if you want to distinguish your spending patterns from others.</p>\n<p>Furthermore, the shielded transaction allows for greater <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fungible/">fungibility on the blockchain by enabling users to transmit payments without disclosing their transacting partners, quantities sent, or even the transaction records. This is accomplished by generating a new address for each transaction that can only be spent with the user's <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private key</strong></a>.</p>\n<p>Since Zcash transactions are not completely visible, the quantity of information that can be extracted from the blockchain is restricted. This makes it harder for outside spectators to establish how much overall revenue is being invested in certain use cases, such as gambling websites.</p>\n<h2>What is Zcash?</h2>\n<p><strong>Zcash</strong> was the first to use zero-knowledge proofs. Additionally, it's considered to be the first \"miner-friendly\" <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">proof-of-work (PoW)</strong></a> coin with no founders' reward.</p>\n<p>Furthermore, Zcash transactions are broadcast on a public blockchain, but the sender, receiver, and transaction amount stay confidential. This is done by the use of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-zk-snarks/">zk-SNARK, a zero-knowledge proof structure.</p>\n<p>There are two types of addresses on the Zcash protocol: transparent and shielded.</p>\n<p>Transparent addresses work in the same way as Bitcoin addresses.</p>","level":"medium","meta_title":"What is Shielded Address? 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It can be installed on any device whether it&rsquo;s a phone, a tablet, or a computer.</p>\n<p>Software wallets enable easy interaction between a user and a blockchain by facilitating graphical user interfaces (GUIs). This is done since cryptocurrencies are stored on-chain.</p>\n<p>There are three types of software wallets: <strong>mobile, desktop, and web</strong>.</p>\n<p>The most well-known software wallets include Guarda Wallet, Electrum Bitcoin Wallet, Exodus Wallet, and Coinbase Wallet.</p>\n<p>It&rsquo;s important to note that software wallets are encrypted. This means that in order to be granted access, one has to know the password of the software wallet.</p>\n<p>Generally speaking, software wallets are considered to be non-custodial which refers to the absence of a central authority that has custody of a cryptocurrency stored within a specific wallet. The end-user has the ability to transfer cryptocurrency held in a software wallet. They can do this through <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></a>.</p>\n<p>Typically, there is a link between software wallets and cryptocurrency exchanges. Moreover, there are software wallets that are connected to exchanges where cryptocurrency trading is facilitated by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-automated-market-maker-amm/">AMMs or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-atomic-swap/">atomic swaps</strong></a>.</p>\n<p>What are the main advantages of software wallets?</p>\n<ul>\n<li><strong>Ease of access.</strong> Anyone can have a software wallet since it comes at no cost. This is a substantial advantage over <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hardware-wallet/">hardware wallets</strong></a>;</li>\n<li><strong>User-friendly. </strong>Software wallets are accessible via mobile phones, tablets, and computers;</li>\n<li><strong>Convenience.</strong> Its users are able to easily participate in exchange by buying and selling cryptocurrencies. Users can also send and receive cryptocurrencies;</li>\n<li><strong>Multi-chain support.</strong> It supports multi-coin, also known as multi-chain, wallets.</li>\n</ul>","level":"easy","meta_title":"What is Software Wallet? Definition & Meaning | Crypto Wiki","meta_description":"Software Wallet meaning: Software Wallet - is a type of application whose primary function is to create a virtual space for holding, sending, and receiving cryptocurrencies.","meta_keywords":null,"language":"en","created_at":"2022-04-12T07:35:55.000000Z","updated_at":"2023-03-28T05:38:49.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-software-wallet"},"currentChapter":"S","currentSection":"what-is-sidechain","chapterTitle":"S","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-sidechain","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter S

What is Sidechain?

Sidechain MEANING:
Sidechain - a blockchain ledger that runs in parallel to a primary blockchain and has two-way connectivity between the two chains.
Medium
2 minutes

Let's find out Sidechain meaning, definition in crypto, what is Sidechain, and all other detailed facts.

A blockchain ledger that is linked to the primary blockchain in two-way connectivity is referred to as a sidechain. These secondary blockchains have their own consensus mechanisms, which allow a blockchain network to increase its security and privacy while reducing the additional trust necessary to keep the network running.

This established cryptographic mechanism allows tokens and other digital assets to move anywhere freely from the main chain.

Liquid Network is a great example of a sidechain. It is a settlement layer that gives the possibility for traders and trading platforms to experience quicker and more concealed transactions as well as virtual asset development. Liquid Network is tied to Bitcoin, which implies that Bitcoin is the primary chain. Therefore, only activities connected to Bitcoin can be executed in it.

Sidechain envisions a worldwide decentralized network of many blockchains, each with its own system of laws, objectives, and features that stay separate from one another while forming one smooth environment.

Another example is Ethereum 2.0, which has its own variant of sidechains known as shard chains. These are linked to a newly formed Beacon Chain, which intends to eventually become the primary chain of Ethereum's Proof-of-Stake protocol.

Besides, based on the functions they are developed for, sidechains can come in several forms. Even though Rootstock, as well as Liquid, are both Bitcoin sidechains, they operate very distinctively from one another. For instance, Rootstock is particularly developed to conduct smart contracts in a more effective manner.

How Does a Sidechain Work?

  • To begin, the main chain user is required to transmit coins or other virtual assets to an output address where they are sealed as unspendable in any other place.
  • When the transaction is accomplished, a verification is sent through the chains. This is accompanied by a waiting time to provide additional protection.
  • Following that, the coins or assets are entirely moved to the sidechain, allowing participants to easily shift them around on the new network.

It should be noted that if the user wishes to return the coins to the main chain, he merely needs to reverse the operation.
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