What is Rootstock (RSK)?
Rootstock (RSK) is an open-source smart contract P2P platform rewarding bitcoin miners trough merge-mining. A two-way pegged sidechain to Bitcoin, Rootstock is designed to enable full Turing-complete smart contract functionality for the Bitcoin ecosystem. The RSK network is secured via merge-mining with a Federation checkpointing mechanism, providing the security of Bitcoin’s double-spend proofs and settlement finality.
In short, RSK facilitates the execution of smart contracts. While Bitcoin’s scripting system is limited on purpose for security reasons, RSK, like Ethereum, provides additional scripting opportunities through the use of smart contracts.
Both RSK and Ethereum’s smart contract systems give users the ability to create more expressive scripting systems. RSK saw all the advantages of Ethereum, like the fact it is a programmable blockchain and a platform for various DApps and decided to implement a solution for Bitcoin’s blockchain.
RSK’s virtual machine is backwards-compatible with the Ethereum Virtual Machine (EVM), which allows the developers working on Ethereum to benefit from the strength of the Bitcoin blockchain. This means developers can release an app onto Ethereum and RSK similarly like developers releasing an app onto iOS and Android.
Read more in their whitepaper.
Partnerships and Products
RSK’s partners include some of the largest names in the Bitcoin community, like Consilium, Bitmain, Digital Currency Group, BitPay, and WINGS. Here’s the long list of RSK’s partners:
As for products, the RSK main net is already operational but for now, it is closed to pre-approved (whitelisted) participants.
RSK does not have its own token, relying instead on Bitcoin for its currency. It uses as currency the SBTC (a Smart Bitcoin) which is generated in a 1: 1 ratio with Bitcoin (2-way peg).
This conversion between currencies is performed through the RSK Federation, composed mostly by respected members of the community (Ex: Xapo, Bitpay, Jaxx, BitGo, OKCoin, Zeppelin and etc).
RSK does this by pegging, or matching, its smart token to bitcoin, so the value of an RSK token is exactly the same as that of a bitcoin. The users can move their tokens back and forth between the two chains freely.
Community Around RSK
- Telegram: 3,591 members;
- Twitter: 29.6 K followers;
- Facebook: 4,091 followers.
The RSK team is also very active on their media page, communicating with their followers and wider public details and data about developments such as:
It would seem rather obvious that RSK’s competitors include huge blockchain platforms such as Ethereum and Bitcoin. However, RSK and Ethereum do not see each other as competition but are often quite friendly with one another and view the blockchain adoption promotion as their common goal. Having said that, unlike Ethereum, RSK focuses on a smaller sector.
As for Bitcoin, RSK does not see itself as their competition either, arguing that they actually complement each other and that their platform presents a new potential revenue stream and an increase of value for Bitcoin. Additionally, RSK is backed by powerful bitcoin miners. RSK also created a very convenient use case for Bitcoin by using all the advantages of the Bitcoin blockchain.
The project has a large team of employees and ambassadors across the world. RSK’s founders, also known as the original Rootstockers, include Sergio Demián Lerner with 24 years of experience in computer science and cryptography, Diego Gutiérrez Zaldívar with 25 years of experience in the web and technology industry, Rubén Ariel Altman with more than 13 years of experience in Java software development, Adrián Eidelman with 20+ experience in software development, Gabriel Kurman with 16 years of experience in business development and investor relations, and Adrián Garelik, the CEO and co-founder of Flixxo.
Check out the company’s LinkedIn page to see the entire team.
One of the greatest projects for 2018, RSK has a team consisting of highly respected professionals in relevant fields and experts with years in the business. It is an ambitious project with significant advantages, including the fact that it allows smart contracts to be run on the most secure blockchain network. All things considered, it looks like RSK has what it takes to succeed in today’s highly competitive environment and it may as well shake to the core the way we see and use Bitcoin.
By Sead Fadilpasic