The company RSK, or Rootstock, is the first open-source smart contract platform with a 2-way peg to Bitcoin that also rewards the Bitcoin miners via merge-mining, allowing them to participate in the Smart Contract revolution actively. The goal of RSK is to contribute and add the aspects of value and functionality to the ecosystem of Bitcoin. They are planning on doing this by the enabling of smart – contracts, close to instant payments and higher scalability.
The company has just announced that it will be deploying its smart contracts for the Bitcoin ecosystem within the day. The platform will be performing in beta mode within the day.
The reason why the company is important is because there has been significant talk about the utility of the Ethereum blockchain for the launch of various financial oriented products, as bonds and other financial products have already been tested through the Ethereum blockchain. The smart contracts that can be deployed via Ethereum is also a core part of the platform. None of this talk has spilled over to that of the Bitcoin ecosystem. Why? Efforts on the Bitcoin network were focused elsewhere.
If RSK can efficiently deploy the platform, this would allow for an increase in the potential utility of the Bitcoin platform. These various other functionalities, if implemented correctly will be what keep Bitcoin in the lead of the pack of the increasing number of altcoins. The implementation of further complex self-executing code would undoubtedly be pillar of an addition to the platform.
Bitcoin and Adoption
Many users believe that Bitcoin is getting started and will continue to grow in price and user base. This is only true if it can integrate improvements that will continue to make it valuable. There are those who believe that due to the secure and extensive network of BTC, different innovations taking place elsewhere can be implemented quickly into BTC. Thus, users will stick with Bitcoin and wait until these upgrades are given to BTC as well.
It’s entirely possible because Bitcoin commands a premium in the marketplace.
But RSK is not yet in the process of where they can make improvements to the network of Bitcoin. Instead, RSK will be able to utilize the concept of a sidechain to implement the changes. Users can use this to improve their experience.
The deployment has already taken place.
The team announced yesterday:
This is a significant development because there will be an implementation of the concept of smart contracts for the first time on a Bitcoin network.
The sidechain will have an issuance of blocks per the range of 10-15 seconds; the sidechain will also utilize the language of Turing Complete, characteristics that are shared with Ethereum.
Turing complete blockchain means that one can write programs (contracts) that are most likely able to solve computational problems within means. Turing completeness holds great value because then one can be able to address the aspect of sophisticated logic.
The RSK SideChain
RSK will be slowly deploying this over time, and they need to make sure that their federated side chain checks out across all components, from safety to miners, to federation members.