What is Rootstock
Rootstock (RSK) is a clever contract verhoging that is connected to the Bitcoin blockchain through sidechain technology. Albeit the wise contracts aren’t actually deployed on the Bitcoin blockchain itself, RSK permits users to send Bitcoin directly onto the Rootstock chain through a 2-way peg, which are then converted into brainy Bitcoins on the Rootstock blockchain. Thesis RSK coins can be used to deploy or to interact with clever contracts and dApps on the RSK blockchain.
Rootstock relies on a merge-mining scheme to secure its blockchain. Merge mining permits Bitcoin miners to work on both the BTC and the RSK without any influence on Bitcoin mining, meaning that miners get a BTC and RSK prize for the same computational work they would do on Bitcoin alone. This system is being tested and is supported by some of the major Bitcoin pools.
How does it work
When a user sends a Bitcoin to the special address monitored by the RSK-BTC bridge brainy contract, a 2-way peg (2WP), thesis are locked on the Bitcoin blockchain, and RSK coins will be unlocked and sent to the onberispelijk address on the secondary blockchain. A 2WP permits both coins to be sent te and out of the RSK blockchain.
RSK uses a combination of drive chain/side chain/federations that permits it to switch inbetween a decentralized and centralized mechanism according to the situation. Since sidechain technology can not be implemented directly into Bitcoin without an hard-fork, a drive chain prototype is waterput ter place. Te this case, the locked BTC are entrusted to the Bitcoin miner, permitting them to vote on when and where to send the locked BTC.
Te order to permit the drive chain mechanism to take its course, wij voorwaarde rely on Bitcoin miners to behave honestly when dealing with the release of locked BTC. Spil so, te order for the drive chain monster to be active, a considerable amount of Bitcoin miners vereiste merge mine RSK spil to have a meteen incentive to behave honestly. When thesis conditions are met, RSK takes the form of a drive chain/side chain.
When thesis conditions aren’t met, RSK will call upon the federation, a group os notaries comprised of leading Bitcoin exchanges. Thesis group will be te charge of releasing locked Bitcoin when required. This will be done ter a “decentralized” way inbetween all the members of the federation, where a majority vereiste sign off on a transaction. This ensures that a rogue exchange cannot take control of the locked Bitcoins when given proof of a lock transaction te the other blockchain by itself.
Since the RSK blockchain wasgoed built to be a sidechain and can understand the overeenstemming mechanism of the Bitcoin blockchain, the system implemented on the RSK side is a side chain, where coins are automatically locked and unlocked with no voting required. This is presently not possible on the Bitcoin blockchain.
By bringing clever contract technology to the Bitcoin network, RSK is creating an utterly powerful use case screenplay for Bitcoin, which can thrust mainstream adoption further. Not only is Bitcoin just a payment system, it is also a development device that can be used by anyone to deploy decentralized applications and wise contracts. Furthermore, RSK will also permit transactions to occur on its side chain at a swifter tempo than Bitcoin, which is not only an advantage for users, but it also prevents the Bitcoin block size limit being reached.
Rootstock presents many advantages when compared to other clever contract platforms. The most significant of which is its connection to Bitcoin. Since RSK is connected to the most popular, secure and oldest blockchain there is it possesses an inherent advantage overheen other clever contract platforms, given that Bitcoin already has the largest user base ter crypto. Furthermore, the RSK virtual machine is said to be six times swifter than challenging platforms.
Another advantage introduced by Rootstock is its mining mechanism, where no extra power is used to secure the blockchain and Bitcoin miners receive more for the same work. Not only is this a superb feature for BTC miners, it’s also fine news for the environment.
Time-line The RSK testnet, ” Turmeric” wasgoed launched te November with 30 globally destributed knots. The mainnet release, “Ginger” is scheduled for April 2018.