The connection of RSK network with Bitcoin network, which features the largest user base in crypto space is the most important advantage of RSK network.
Ethereum was designed with smart contracts as central to its platform. A lot of developers and Bitcoin enthusiasts are looking forward to issuing smart contracts on the Bitcoin blockchain. Rootstock uses a technique called “merge-mining” to ensure the same security levels as that of Bitcoin. Trying to basically embed Ethereum into the Bitcoin ecosystem may not go well. However, having an extension like Rootstock is certainly a better thing for Bitcoin than to continue its journey in an increasingly competitive industry with a limited scripting language.
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- Turing - complete resource-accounted deterministic virtual machine (for smartcontracts)
- two-way pegged Bitcoin sidechain (for BTC denominated trade)
- dynamic hybrid merge-mining/federated consensus protocol (for consensussecurity), and a low-latency network (for fast payments).
What is Rootstock Rootstock (RSK) is a smart contract platform that is connected to the Bitcoin blockchain through sidechain technology.
Bitcoin simply wasn’t designed with the “op codes” required for robust smart contracts. This platform can introduce many great features for Bitcoin in the coming years. It aims to accomplish this by being a side chain to Bitcoin’s underlying blockchain, or more technically, by being a two-way peg to the blockchain. It is doubtful that Ethereum would be replaced by a sidechain solution gimped by Bitcoin’s underlying design decisions. Since Ethereum is a very established and trusted dApp platform, Rootstock virtually needed this functionality, so that it can more effectively attract developers from Ethereum and other platforms.
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According to RSK team, the network is currently supported by bitcoin-miners, which present over 55% of total power of bitcoin hashing.
Rootstock will be a bitcoin sidechain. Given this, the main network for RSC – Bitcoin exceeds the capitalization of the closest competitor Ethereum 2,4 times. You will have to trust the DApp programmers and the federated system to interact with a smart contract with Bitcoin. Although Bitcoin was the first cryptocurrency to get serious adoption, it certainly wasn’t the first platform for decentralised apps. Market The project competitors are other suppliers of smart contracts on crypto currency such as Ethereum, EOS, Cardano, NEO, NEM, Qtum, Ethereum Classic, Lisk, Stratis and Counterparty.
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Bitcoin’s scripting language seems like a toy when compared with Solidity, which is Ethereum’s Turing-complete scripting language.
RSK tokens are principally created for quick movement of bitcoin, extending its functions in RSK smart contracts. Rootstock is not just another Bitcoin competitor; it aims to build on top of Bitcoin’s established technology (and reputation). The platform is seen as a coming together of Ethereum-based smart contracts technology and the transparent settlement system of Bitcoin’s blockchain. Smart contracts should be embraced – as long at they are operating on the Bitcoin platform. This technology will be compatible with the Bitcoin network and open up a slew of new possibilities.
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If Rootstock can deliver on speed in the short term, then this might be enough to get Bitcoin users and companies excited.
This allows developers who work on Ethereum to use Bitcoin blockchain advantages. The lack of an expressive scripting language was limiting Bitcoin’s growth, but since Rootstock will fill this very gap, Bitcoin can now rise to its full potential. This also means that there is not much risk for potential Rootstock investors because it will have Bitcoin’s trust behind it. This is an intelligent design choice, because it allows applications already written for the Ethereum platform to work on the Bitcoin platform via Rootstock. Another benefit provided by Rootstock comes in the form of scalability, a topic of substantial debate in the world of Bitcoin right now.
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This is currently not possible on the Bitcoin blockchain.
Rootstock is a P2P smart-contract platform developed as a sidechain to the Bitcoin blockchain. Team realized a potential of smart contract and currently developing RSK Smart Contracts Rootstock that will go head-to-head with Etherium’s today offerings. Advantages By bringing smart contract technology to the Bitcoin network, RSK is creating an extremely powerful use case scenario for Bitcoin, which can push mainstream adoption further. Instead, the account unit called the RTC used to pay for transactions in Rootstock will be linked to bitcoin. Additionally, Rootstock will also reward Bitcoin miners through a process known as merge-mining.