Rootstock Blockchain Development
Rootstock (RSK) is an open-source smart contract platform with a two-way peg to Bitcoin that also rewards Bitcoin miners via merge mining, allowing them to actively participate in the Smart Contract revolution. RSK’s goal is to add value and functionality to the Bitcoin ecosystem by enabling smart contracts, near-instant payments, and higher scalability.
Boosty Labs is the largest blockchain development outsourcing company in Europe. Our world-class fintech and cloud engineering team has a solid background of practice that combines consulting, strategy, design and engineering at scale. Our professionals can help with RSK blockchain development and consulting services.
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Key Features
A Turing-complete deterministic resource virtual machine (for smart contracts). Rootstock allows anyone to deploy smart contracts backed by Bitcoin. Rootstock contracts support the EVM – the Ethereum Virtual Machine. They can be deployed on the Ethereum network while maintaining full compatibility.
A two-way pegged Bitcoin sidechain (for BTC trading). The network has its own cryptocurrency – Rootstock Bitcoin, or RBTC. RBTC is backed by the original Bitcoin, and its rate is the same as BTC. Users can convert RBTC to BTC and back themselves using the PowPeg tool.
A dynamic hybrid merge-mining/federated consensus protocol (for consensus security) and a low-latency network (for fast payments).
Key Advantages
- High Transaction Speeds and Execution
Rootstock’s goal is to add value to the existing Bitcoin ecosystem and specifically improve the speed of transactions. RSK makes Bitcoin scalable, which was not possible before, allowing for instant transactions. RSK is capable of supporting 100 transactions per second, which is comparable to the speed of Paypal.
- Safety
In addition to scalability, security is another important priority for RSK. To achieve this, RSK’s blockchain is secured by merge mining, which allows for the same level of security as Bitcoin. Merge mining is a process by which two different cryptocurrencies can be mined simultaneously using the same algorithm.
- Mining
Another advantage of Rootstock is its mining mechanism, which does not require additional power to secure the blockchain, while Bitcoin miners receive more for the same work. This provides more revenue for miners and is better for the environment, which is already a hot topic.
Bitcoin is and remains the holy grail among cryptocurrencies. Not so much because it is the best of its kind, but more because it is the founder of digital money. However, Bitcoin has long since been overtaken by other friendlier ecosystems. RSK, also known as Rootstock, seems to improve the Bitcoin ecosystem by being able to implement smart contracts on the Bitcoin blockchain.
Bitcoin still lacks the functionality that other cryptocurrencies can offer, such as the well-known smart contracts function. Ethereum is widely known for these smart contracts, which allow for example dApps to be developed on the blockchain. RSK is a platform that should also make it possible for Bitcoin to offer smart contracts, directly on the Bitcoin blockchain.
Normally this would require a hard fork, however this has many disadvantages. RSK has found the solution with their platform, which allows smart contracts to be executed on the Bitcoin blockchain. The emphasis has been placed on security and optimizing transaction speeds.
In addition, RSK provides more functionalities, making Bitcoin more attractive and thus indirectly making digital money more attractive as a whole. Perhaps the implementation of RSK can bring about a new digital revolution, who knows.
RSK provides a programmable network protocol that can be added to the Bitcoin blockchain. Confirmation is done via a two-way pin in the Bitcoin blockchain. Bitcoin miners benefit from the development of the RSK network, by securing the RSK network and thus benefit from the successful development of this platform. RSK itself has not issued any coins, so it has no speculative value and therefore does not compete with Bitcoin.
RSK could potentially lead to increased adoption of Bitcoin, as it can be used not only as a means of payment but also as a development tool.
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