RSK today launched a beta version of the smart Bitcoin contract platform, RSK, formerly known as Rootstock, has long sought to pave the way for the implementation of Ethereum-style smart contracts for bitcoin, though many believe Bitcoin is in competition with Ethereum.
For bitcoin users, it is not that hard to get more sophisticated smart contracts, as some users believe Bitcoin is the largest and most secure cryptocurrency, and some of the experimental features introduced on other networks will eventually be Bitcoin network to achieve. Their idea is that bitcoin networks can take advantage of their strong startup infrastructure to serve different users.
However, RSK's beta platform did not fully upgrade the Bitcoin blockchain itself, but instead brought it to bitcoin through the sidechain, moving the token from the Bitcoin main blockchain to a compatible network operated by 25 companies.
Diego Gutierrez Zaldivar, RSK's chief executive, believes that this end-to-end solution offers potential users the same level of service as bitcoin. He said:
"This is the first smart contract platform supported by the Bitcoin network."
A controlled side chain
The "federated" sidechain solution used by RSK is a good solution to the handling challenges of bitcoin code changes.
In fact, a small change in the Bitcoin blockchain can have a technical impact on the rest of the system, so the rule of changing blockchain is often compared to repairing an aircraft engine. Because of this, many developers hope that through the so-called "side chains" to make bitcoin experimental technology easier.
Not only that, the user can also transfer funds to the side chain to test and verify the new features.
However, at the technical level, the merging of side chains has not yet been fully prepared and RSK hopes to rely on a group of companies known as "federation" - to collectively control the funding of side chains. According to RSK co-founder Gabriel Kurman, the move is for security purposes.
Continuous interest
In addition to 25 companies belonging to the RSK consortium, some Bitcoin miners have also expressed interest in participating. According to senior executives at RSK, they hope the company's previously announced cash prize program of up to $ 5,000 can better facilitate the development of platform security. And as an open source project, the "global community" can better review and test this beta platform.
Although no one knows how long it will take to implement unreliable sidechains on the blockchain at Bitcoin, RSK is very optimistic about what it says:
"The problem has been solved. We hope to implement a side-chain solution by 2018 - the sooner the better - but for the Bitcoin network, security should always be the number one priority."