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Its goal is to add value and functionality to the core Bitcoin network by the implementation of sophisticated smart contracts as a sidechain.
Rootstock was announced in LaBitconf held in Mexico city on December Also sometime in March, the project was renamed RSK. The RSK account model, virtual machine and application interface are highly compatible with Ethereum . However, RSK has adopted new opcodes that enable some additional functionality, like contract code upgrades . RSK achieves transactions per second on chain and confirms most payments in less than 20 seconds, while leveraging Bitcoin's proof of work security merged mining.
Rsk also aims to to scale by use sharding techniques. RSk uses bitcoins as it's platform currency. Rsk archives this by pegging smart bitcoin to real bitcoins. There is no single transaction that does the job.
This is because Bitcoin cannot verify the authenticity of balances on another blockchain. A security protocol ensures that the same Bitcoins cannot be unlocked on both blockchains at the same time.
When a Bitcoin user wants to use the 2-Way Peg, he sends a transaction to a multisig wallet whose funds are secured by the Federation. The same public key associated with the source bitcoins in this transaction is used on the RSK chain to store the Smart Bitcoins.
This means that the private key that controlled the Bitcoins in the Bitcoin blockchain can be used to control an account on the RSK chain. Although both public and private keys are similar, each blockchain encodes the address in a different format. The RSK platform will be launched with a Federation of well-known and respected community members blockchain companies with high security standards.
Each member is identified by a public key for the block checkpoint signature scheme. The Federation is able to add or remove members using an on-chain voting system. The conditions to become a Federation member known as Federation Member Requirements or FMR establish basic security policies and legal requirements that all members must meet.
The Federation will provide several services to the network. Some of them will be available at launch and other will be added later.
Each member can choose to provide any of the following services:. When Bitcoin adds special opcodes or extensibility to validate SPV proofs as a hard-fork, or to manage a drivechain, the Federation role as STTPs in the 2-Way peg will no longer be necessary. However, any user can re-configure this local policy. From Wikipedia, the free encyclopedia. Retrieved 7 April International Business Times UK. Archived from the original on 4 December Archived from the original on 10 March Archived from the original on 30 March Ethereum Ethereum Classic KodakCoin.
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