Sidechain Elements
elementsproject.org
elementsproject.org
These developers are working on a way to create another blockchain that is separate from the Bitcoin blockchain but allows you to move Bitcoins back and forth in a safe way. The name for the second blockchain is "Elements". By doing this, they can add features to Bitcoin that Bitcoin itself doesn't support, but you can still use standard Bitcoins.
Unfortunately, for "Elements" to be fully functional, it needs some programming tweaks in the main Bitcoin software, so right now it isn't 100% working the way it needs to (they have to use central servers as a shimmy).
I highly recommend the video on the page, it covers a wide number of interesting Bitcoin stuff and is totally free of fluff (very refreshing for what is ostensibly a marketing video)
Federated, not central:
The initial sidechain included in Sidechain Elements works on a federated security model; while it’s still peer-to-peer and consensus-based, security for the blockchain is provided by a set of predefined functionaries in an arrangement called a Fed-Peg. A number of academic groups and individual contributors have agreed to run the Sidechain Elements Fed-Peg, including blockchain groups at Stanford, MIT, and Princeton. The sidechain does not include mining or proof-of-work at this point.