Scino Chains
The open-source nature of bitcoin and the greater digital asset sector allows for a range of projects. We have a litany of shitcoin projects trying to compete for your attention and money, claiming to be better than bitcoin. While most blockchains take this stance, others are looking for a different approach trying to peg themselves to bitcoin as a supposed scaling solution.
A layer 2 in name only, these chains can essentially function without bitcoin, the network or the asset, yet loosely tether themselves to bitcoin in the hope of absorbing liquidity. Instead of being a native layer two solutions like a side chain, a bitcoin scino chain is an independent blockchain that has the ability to transfer representative bitcoin tokens internally once bitcoin has been sent to a wallet they use for validation.
The only interaction with the Bitcoin network and a scino chain is the pegging in and out, while the scino chain will also have support and mechanisms for using a money/token native to that chain that is different from bitcoin.
What is a scino chain?
The scino chain is also sometimes referred to as a remora chain. It gets this name from the Remora, which is a fish that attaches to another fish for its own benefit, but it neither helps nor harms its host.
While these blockchains may have some technical merits and offer you access to other features, the existence of a separate, often competing non-Bitcoin money economy makes them non-sidechain and should alert bitcoiners.
In addition, scino chains don’t have a way to force final settlement back to the base chain, so you’re often at the mercy of this network once you’ve handed over your bitcoin and received your representative or wrapped bitcoin on these scino chains.
Why are scino chains antithetical to bitcoin?
A new blockchain with a money token tries to capture a share of the store-of-value market and effectively works against Bitcoin by creating new inflation. As long as it competes instead of using bitcoin to pay for fees, settle transactions and pay for services, it inflates the supply of store-of-value coins while eroding its qualities of such. Therefore any token-collateralised scino chain is, in fact, to some extent leeching Bitcoin rather than assisting it, despite the marketing narratives they try to push out.
Bitcoin does have layer two solutions with a blockchain like the Liquid Network as well as those without blockchains; these overlay protocols are Counterparty, Omni, and the Lightning Network. These networks offer scaling solutions without the need to take on the network counterparty risk or exposure to conflicting assets.
Examples of scino chains
| Platform | URL |
|---|---|
| Counterparty | https://counterparty.io/ |
| Sequentia | https://sequentia.io/ |
| Stacks | https://www.stacks.co/ |
| Veriblock | https://www.veriblock.org/ |
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