While Bitcoin may always be the high profile forefront of the cryptocurrency revolution, the technology behind it may be falling behind. Newer technologies like Ethereum have built-in clever contracts – executable code that permits the blockchain to perform all kinds of functions outside of just transacting money or value. Entire ecosystems and projects can be built on top of Ethereum. Bitcoin, on the other forearm, has bot left out of the clever contract revolution. Until now, that is.
RSK and the Bitcoin Brainy Contracts Revolution
RSK, or Rootstock, is a 2nd layer solution that adds powerful clever contract technology onto Bitcoin without directly switching the Bitcoin network itself. It doesn’t require dedicated miners, instead, Bitcoin miners can choose to dual-mine BTC and RSK with very little BTC mining efficiency loss. Its innovative wise contract and brainy Bitcoin (SBTC) solution could potentially switch the way that wij interact with Bitcoin from now on.
Wise Bitcoins, or SBTC, are essentially a representative currency with a 1 to 1 value with BTC. An SBTC comes into existence when a corresponding Bitcoin is locked into the RSK network through a brainy contract, and cannot be released until the SBTC is deposited or returned to the contract. That way, the SBTC, and BTC will never “exist” outside the RSK network at the same time. While there is no RSK token vanaf se, it shows up that SBTC may be usable or spendable outside of the RSK network, possibly with lower transaction fees than BTC.
An Vraaggesprek with RSK CEO
Wij had a chance to vraaggesprek the person behind this titillating fresh technology, RSK CEO Diego Gutiérrez Zaldívar. During this vraaggesprek, wij learned that not only will RSK work with Bitcoin, but it may also work with other cryptocurrencies, especially Bitcoin forks including Litecoin and Bitcoin Metselspecie. Read on to see our utter vraaggesprek with dudes name and learn all the titillating details about this incredible project that’s launching soon.
Robert DeVoe: RSK seems like a project that could fundamentally switch what Bitcoin is. What do you foresee the verhoging being used for ter the next five or ten years?
Diego Gutiérrez Zaldívar: More than switching BTC, RSK is extending its capabilities ter order to create a fresh zuigeling of internet, which wij call the Internet of Value. Te that fresh internet, BTC is the cornerstone where the value is stored and protected, and RSK provides business logic capabilities. During the next Five years, wij’ll have a loterijlot of work bringing together all the decentralized infrastructure that will support the financial and social system of the future. During the following Five years, the concentrate will shift to reshape how traditional institutions will relate and share value with the society.
RD: From my research, it shows up that RSK will not be creating its own cryptocurrency, but your webstek makes mention of SBTC and that while it is exchangeable for BTC at a 1 to 1 ratio, the contracts are set up so that they cannot both be loosely available at the same time. For those of us who are less technically inclined, what is an SBTC and will Bitcoin users everzwijn interact with them directly?
DGZ: Yes, you are right. Every SmartBTC will be always backed by one BTC. Once a BTC is sent to the RSK lock address on the BTC network, an SBTC is released on RSK network the original BTC cannot be unlocked unless one SBTC is sent to the release address on RSK network. That will trigger the creation of a release transaction on the BTC network.
The main purpose of SBTC’s is to be fuel for clever contracts execution, but given RSK network capabilities (lower transaction cost and quicker confirmation times), many Bitcoiners might want to convert some BTC’s to SBTC’s for puny expenses and transactions, or if they want to do more elaborate transactional agreements like escrow contracts.
RD: Would you consider RSK to be a rechtstreeks competitor to Ethereum or other clever contract platforms like ETC or Lisk?
DGZ: RSK is certainly competitor with Ethereum and other brainy contract platforms, but wij think that the purpose of the decentralized ecosystem spil a entire is more significant than any individual project thus wij believe ter friendly “coopetition“, and many times have collective skill with our competitors. Moving from pushing brands into educating about the value of wise contracts and decentralized networks, will create a stronger and more mature industry.
RD: One of the stated goals of RSK is to achieve a Bitcoin transaction speed of Two,000 transactions vanaf 2nd. The Lightning Network has similar goals. How will Lightning and RSK interact with each other ter the future? Will they both work concurrently but separately, or will they serve different functions or service different communities?
DGZ: The main difference is that RSK is targeting on-chain scaling while Lightning is focused on off-chain scaling. Wij think both scaling solutions are needed and that ter practical scripts off-chain transactions without decent on-chain scaling will be limited to servicing only a few ems of millions of users. Therefore, RSK is working both on on-chain scaling through Lumino compression and off-chain scaling with Lumino Network, (a 3rd layer on top of RSK similar to Lightning for BTC) that together will enable a throughput of overheen 20 thousand transactions vanaf 2nd.
RD: Since RSK is not doing an ICO or suggesting its own cryptocurrency or token directly, where is funding for RSK development coming from?
DGZ: RSK made a strategic decision of not issuing its own token to avoid misalignments with the BTC ecosystem. For that reason, it went the traditional fundraising route through private strategic investors that not only provided money but also support to grow the RSK ecosystem. RSK is well funded to achieve its purpose of bringing clever contracts to BTC.
RD: A big reason Ethereum has seen a large uptick ter use is due to the ease of making ERC-20 tokens and launching separate platforms within it. Will RSK have a similar capability to create tokens and operate platforms within it the same way Ethereum does? What would be a few of the reasons for a developer to choose RSK spil opposed to Ethereum for a fresh token launch?
DGZ: Another strategic decision RSK made wasgoed to keep at least one runtime environment fully compatible with Ethereum at all times. Therefore, all applications running on Ethereum, including those based on ERC-20 can be run on RSK without any modification. Te terms of developers choice, wij think that the decision drivers will be security, cost, and stability. Spil RSK is secured by the Bitcoin network, the strongest decentralized network te the world, and its subsidized by Bitcoin mining, it has a unique advantage overheen other networks. The only thing left to be seen is if the RSK team will be able to supply a more stable and reliable network.
RD: Your official FAQ contains the following statement about why miners should participate ter RSK: “This will provide them toegevoegd revenues based on fees and permit them to participate te the brainy contracts business.” Since RSK does not have its own token, will miners be paid for processing wise contracts with Bitcoin payments? Or is it SBTC perhaps? Could you provide some extra information on how this works?
DGZ: That’s keurig. Every time a miner process a clever contract and includes the results on an RSK block, it will get paid te SmartBTC that they can hold or redeem for bitcoin at any time.
RD: What is the best way for ventilatoren, believers, and supports of RSK to help the project? Is there any way for people to invest ter RSK?
DGZ: Join the Ambassadors program! Besides, there will be some interesting opportunities to invest ter RSK infrastructure te the future.
RD: What kleintje of influence on Bitcoin valuation might RSK produce?
DGZ: Bitcoin has proven to be the safest store of value and the most efficient remittance network. With RSK Bitcoin will also able to lead spil a payment and financial network among other things. The long-term purpose of RSK is to enable financial inclusion on a global scale and create the infrastructure that will empower individual across the globe.
RD: Andreas Antonopoulos often talks about the potential future of streaming money. An example of which is an employee that gets paid every minute instead of every month. Could an RSK powered future eventually provide this zuigeling of scalability?
DGZ: Yes, RSK plus Lumino and probabilistic payments being researched by our Chief Scientist Sergio Lerner and his team, has the capability to make money liquid instead of discrete by solving the processing of micro-payments with instant record keeping.
RD: Will RSK work or have any support for alternate Bitcoin forks like Bitcoin Metselspecie or Bitcoin Gold?
DGZ: RSK is already working with the development teams of Bitcoin derived networks like Litecoin and Bitcoin Metselspecie te order to integrate a wise layer on top of them. This will enable peer-to-peer exchange of wise assets like smartBCH for smartLTC, that can zometeen be released on their native networks.
RD: Are there any non-technical issues standing ter the way of a broad RSK rollout, such spil resistant miners or other naysayers?
DGZ: The main challenge for RSK spil for any fresh network is to overcome the initial chicken and egg dilemma were te order to traction adoption you need to bring the infrastructure providers onboard and ter order to bring the infrastructure providers you need adoption. Nonetheless, RSK has received amazing support from the leading companies and enthusiasts from the crypto space all overheen the world. So wij are optimistic that a virtuous circle will be triggered very soon.
The RSK MainNet “Bamboo” is launching today, December 4th. Special thanks go to Mr. Zaldívar for doing this vraaggesprek with us.
For more information on RSK, visit their official webstek, rsk.co
What kleintje of effect will RSK have on Bitcoin? Will Bitcoin wise contracts make a big influence on cryptocurrency spil a entire? Let us know ter the comments.
Pics via Tedx Rio den schuiflade Plata, RSK