The first general purpose smart contract platform secured by the Bitcoin Network.
Full story available at https://coinsolidation.io/reviews/rootstock/
Its been more than a week since the last article, the biggest pause so far. Unlike here, the things were not quiet at all with so many new projects emerging on a daily basis. A lot of time was spent to stay up to date with all of the new projects, but we stayed uncertain which one is way better than the others to be covered in a more detailed way. We stopped for a minute and from the sea of new promising projects, we decided to go back to one that is out there for a while and wants to improve the chain that matters the most — Bitcoin.
A 2-way peg
Rootstock (RSK) is a smart contract platform that is connected to the Bitcoin blockchain through the sidechain. RSK uses a 2-way peg to allow users to send Bitcoin directly to the Rootstock chain which is then converted into smart Bitcoins on the Rootstock blockchain. These RSK coins can be used to deploy or to interact with smart contracts and dApps on the RSK blockchain.
A 2-way peg (2WP) allows the transfer of bitcoins from the Bitcoin blockchain to a Secondary blockchain and vice-versa. The “transfer” is in fact an illusion: bitcoins are not transferred, but temporarily locked on the Bitcoin blockchain while the same amount of equivalent tokens are unlocked in a secondary blockchain. The original bitcoins can be unlocked when the equivalent amount of tokens on the second blockchain are locked again (in the secondary blockchain). This is essentially the 2WP promise.
While Bitcoin already allows users to create simple smart contracts (multisig wallets), RSK Turing-complete VM smart contract will provide capabilities similar to ethereum. Rootstock connection to the most popular, secure and oldest blockchain gives it an advantage over other smart contract platforms.
By introducing the smart contract technology to the Bitcoin network, Rootstock is creating an extremely powerful use case scenario for Bitcoin. Bitcoin is not just a payment system, it is also a development tool that can be used by anyone to deploy decentralized applications and smart contracts.
Merge-mining is a process in which Bitcoin miners can mine both Bitcoin and RSK at the same time, with the same hardware and consuming the same electricity. RSK merge-mining uses the same cryptographic hash function as Bitcoin (SHA256). However there is an important difference: Bitcoin always uses double SHA256, while RSK merge-mining security is of single SHA256.
When Bitcoins are transferred onto the RSK platform, they are converted into SmartBitcoins (SBTC) and they will have the same value as normal BTC and their quantity will not exceed the quantity of BTC. SBTC can be used to deploy or to interact with smart contracts and dApps on the RSK blockchain.
The RIF Token is intended to be a utility token allowing any token holder to consume most of the services that are compatible with the architecture of an integrated to the RIFOS. Such services may include third party-developed infrastructure services, and any other apps that might be deployed on RSK protocol that agrees to accept RIF Tokens as a means of accessing/consuming the service or app.
Rootstock was introduced in December 2015. and soon after the company RSK Labs was founded in order to implement the proposed platform. RSK is an evolution of QixCoin, a turing-complete cryptocurrency created back in 2013 by the same development team.
The original whitepaper is dated from November 2015. and is followed by technical papers released in the following years.
RSK team is very active on their blog and they are often releasing data about progress and details of the project. You can check it out at https://media.rsk.co/
Diego Gutiérrez Zaldívar, CEO & Co-Founder
Diego Gutiérrez Zaldívar - CEO & Co-Founder - RSK Labs (a.k.a. Rootstock) | LinkedIn
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Ruben Altman, co-founder
Ruben Altman - Co-founder - RSK Labs | LinkedIn
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Adrián Eidelman, co-founder
Adrián Eidelman - Co-Founder - RSK Labs | LinkedIn
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Sergio Demian Lerner, co-founder & Chief Scientist at RSK Labs
Sergio Demian Lerner | LinkedIn
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Adrian Garelik, co-founder
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RSK Blog: https://media.rsk.co/
By introducing the smart contract technology to the Bitcoin network, Rootstock is creating an extremely powerful use case scenario for Bitcoin by using all the advantages of the Bitcoin blockchain — proven security, wide distribution and awareness, strong hashing power and enabling at the same time ability to execute ethereum smart contracts on a bitcoin blockchain.
While there is not an official date, the rumour is that mainnet 1.0 will go live in 6–9 months from now in Q4 2018. A current beta version of mainnet is able to provide 100 TPS with a promise of 1000 TPS in the future.
We are interested in this project because of the close connection to the Bitcoin blockchain. Is this the thing we need to improve the use case for Bitcoin and trigger the next crypto bull run?
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