Nov 02, · Rootstock (RSK) is a smart contract platform that is connected to the bitcoin blockchain through sidechain technology. Rootstock is an advanced version of QixCoin, a turing-complete cryptocurrency created in by the same development team. The Rootstock chain is connected to the to the bitcoin blockchain via a 2-way peg. Dec 21, · What is Rootstock Rootstock (RSK) is a smart contract platform that is connected to the Bitcoin blockchain through sidechain timberlandschuheherren.de: Antonio Madeira. Rootstock RSK price today is $29, with a hour trading volume of $84, RBTC price is down % in the last 24 hours. It has a circulating supply of 0 RBTC coins and a max supply of 21 Million. KuCoin is the current most active market trading it.
Bitcoin rootstockRootstock – ICO, RSK Token, Blockchain Review – BitcoinWiki
Rootstock RSK is an open-source smart contract platform with a 2-way peg to Bitcoin that also rewards the Bitcoin miners via merge-mining, allowing them to actively participate in the Smart Contract revolution.
RSK goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability . Smart contracts are an active and attractive field of research. Initially, they were offered more than two decades ago now the famous Nick Szabo.
At its core, these are computerized contracts that can be executed automatically according to rules and signals. Smart contracts are the next step or even the next generation of automation tools for all kinds of commercial activities. They have the potential to destroy many existing business models. As an example, take the car insurance, which is purchased for each trip.
As soon as the car starts moving, the insurance policy is activated. And when the trip ends, according to the location of the car or on the signal from the user, the policy is terminated.
This type of insurance can even be implemented on a peer-to-peer basis, completely eliminating the intermediary in the form of traditional insurance companies. This kind of innovation will be possible thanks to smart contract platforms like Rootstock .
Rootstock will be a bitcoin sidechain. How does a vending machine work? Step 2: You punch in the button corresponding to the item that you want. Each and every one of those steps is directly related to the previous step.
There is one more factor to think about, and it is an integral part of smart contracts. You see, in your entire interaction with the vending machine, you the requestor were solely working with the machine the provider.
There were absolutely no third parties involved. That is exactly how a smart contract works. Two parties can interact via a smart contract without going through a third party. Alright, so now you know what smart contracts are. Sidechains as a concept have been around for quite some time now. The idea is to have a blockchain which runs in parallel to the main blockchain. It allows users to move tokens and other digital assets from the main blockchain to the side chain and vice-versa.
The sidechain is attached to the parent chain via a two-way peg. So, what does this. It enables the interchangeability of assets at a predetermined rate between the parent blockchain and the sidechain. So, if a user were to interact with the sidechain, how exactly will they do it? Rootstock RSK is a smart contract platform that is connected to the bitcoin blockchain through sidechain technology.
Rootstock is an advanced version of QixCoin, a turing-complete cryptocurrency created in by the same development team. The Rootstock chain is connected to the to the bitcoin blockchain via a 2-way peg.
These coins can be used to deploy or to interact with smart contracts and dApps on the Rootstock blockchain. A smart contract needs to have three properties for successful execution. The properties are as follows:. To make sure that the smart contracts have this property, they are executed in an environment called virtual machines.
Rootstock utilizes its Rootstock virtual machine or RVM to fire up its smart contracts. This similarity exists because Rootstock wants developers who are comfortable with Ethereum to start developing on Rootstock with ease. The bitcoin blockchain and the Rootstock sidechain are connected by a 2-way peg which acts as a bridge.
As we have stated before, in order to interact with the Rootstock chain, users have to lock up some of their bitcoin in the bridge. Now, who exactly looks after these bitcoins? This is why Rootstock opted for another route by requiring trust on a set of a semi-trusted third-parties STTP. This federation serves as a gateway between the main chain and the side chain. Since they will be dealing with a lot of money, what guarantees are there that they will act in the interest of the system?
The Federation and the locked Bitcoins become part of a multi-sig wallet. The easiest way of understanding how a multi-signature multi-sig wallet works like is by thinking of a safe which needs multiple keys to operate. A multi-signature wallet is great for 2 purposes:.
The multi-sig wallet is a simple m-for-n multisig. Rootstock believes that PoW Proof of Work aka the consensus mechanism used by Bitcoin is the only consensus system which provides proper finality. The reason being that it is the only consensus system which actually consumes a valuable resource electricity. In order to make sure that there is a periodic supply of blocks with low orphan waste, miners have to stop their hardware and restart them the moment a new block is discovered.
Once merge-mining engagement reaches a target threshold, and Bitcoin can verify authentic SPV proofs from other chains, then drivechain-powered merge-mining will overtake the role of the notaries Federation. This relationship can also dynamically adjust based on the level of merge-mining engagement.
RSK provides a comprehensive analysis of the various forms of sidechains, drivechains, and hybrid models here. RSK focuses on adding smart contract functionality to the Bitcoin ecosystem along with improving transaction speeds and increasing scalability. The goal is to eventually reach a TPS of more than 2, on-chain by allowing for a higher volume of on-chain transactions using the same space consumed on the blockchain. However, the LTCP is a trade-off choice left to individual users, since transaction compression leads to data reuse and reduced privacy.
RSK also increases scalability by using fraud proofs and probabilistic verification of transactions. Rootstock offers an extensive amount of resources for its project and relevant technological concepts and tools. They also have a comprehensive bounty program for identifying vulnerabilities. Further, they have RSK Educate ; courses tailored explicitly towards business professionals and developers.
The RSK blog also provides key updates on the project and offers some independent analysis of ongoing trends and technical developments in the industry. There are also network statistics and a block explorer available through their website. Recently, it was floated that the RSK team is working on integrating an AWS-like infrastructure layer to be built on top of Rootstock for enabling AWS services to be utilized by the development community.
Such an infrastructure layer built on top of Rootstock would allow for applications to be deployed on top of Bitcoin using the LTCP for consuming ready-made services such as Oracles, payments, and data storage. RSK is an ambitious project with many moving parts. How RSK fits into the evolving landscape and improves the functionality of Bitcoin is another trend worth watching as projects continue to emerge that optimize the legacy cryptocurrency.