Bitcoin brought blockchain technology to the fore, and Ethereum built upon it to create a trustless network of clever – self executing – contracts. Spil Ethereum succeeded te providing a different service from that of the bitcoin blockchain, many experts asserted that thesis two projects would not contest with each other. However, the DAO attack highlighted the possibility of centralized intervention ter the Ethereum blockchain, turning many away from the project. Eyeing the benefit of clever contracts, the proof of concept that Ethereum provided and taking advantage of the decentralized nature of the Bitcoin network, some of its community members drew the inspiration necessary to launch Rootstock – RSK.
The RSK project and how it can turn Bitcoin and Ethereum into competitors
Rootstock, or RSK, is a side-chain bitcoin project based out of Argentina. Its name serves to describe the method by which it seeks to bring the Bitcoin network into the era of clever contracts. The meaning of Rootstock is, according to Google, “a plant onto which another multitude is grafted.” Spil such, what this project seeks to do is to side step much of the political infighting that personages a doubt on the future of bitcoin, ter order to graft a clever contract variation onto the bitcoin plant. If the project succeeds, it will turn Ethereum into a project that directly competes with the most well-established blockchain out there.
RSK also serves to upgrade other Bitcoin capabilities
The RSK project would also serve to side step some of bitcoin’s scalability issues, which ter theory are not an kwestie on the Ethereum network. This thrusts Ethereum’s advantages overheen bitcoin further into oblivion should the project succeed. There are some other RSK features that could significantly increase the viability and future growth of bitcoin:
- RSK is secured through merge mining, which serves to side-step bitcoin politics and secure the project through existing bitcoin mining power. Any miner could participate if they want.
- The RSK project benchmark for transaction volume is the same than that of PayPal: 100 transactions vanaf 2nd.
- RSK permits for the creation of fresh blocks every Ten seconds, making payments on the side-chain virtually instantaneous.
RSK will force Ethereum to up its spel
Now that the Bitcoin community has an apolitical alternative to its scalability issues, it is time for Ethereum to up its spel. The Ethereum community vereiste embark re-building the trust it lost after the DAO attacks, and it voorwaarde increase its appeal among Dapp programmers. Thesis are the Two crucial fields te which it can surge ahead of any other blockchain, so it should exploit its very first mover advantage instead of letting other projects capitalize on the proof of concept.