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Rsk is the most secure smart contract network in the world and enables decentralized applications secured by the Bitcoin Network to empower people and improve the quality of life of millions.RSK is an evolution of QixCoin, a turing-complete cryptocurrency created back in 2013 by the same development team. RSK provides an improved payment experience with near instant confirmations. It achieves currently 300 tps and confirms most payments in less than twenty seconds. And yet, is still based on the same security guarantees Bitcoin has, supporting SHA-256D merged mining. RSK works as a Bitcoin Sidechain. When Bitcoins are transferred into the RSK blockchain, they become “SmartBitcoins” (SBTC). SmartBitcoins are equivalent to Bitcoins living in the RSK blockchain, and they can be transferred back to Bitcoins at any time at no additional cost (except for standard RSK transaction fees). SBTC is the base currency used on the RSK sidechain to pay miners for transaction and contract processing. There is no currency issuance: all SBTC are created from Bitcoins coming from the Bitcoin blockchain.
RSK platform is, at its core, the combination of:
- A Turing-complete resource-accounted deterministic virtual machine (for smart
contracts)
- A two-way pegged Bitcoin sidechain (for BTC denominated trade)
- A dynamic hybrid merge-mining/federated consensus protocol (for consensus
security), and a low-latency network (for fast payments).
Market:
The project competitors are other suppliers of smart contracts on crypto currency such as Ethereum, EOS, Cardano, NEO, NEM, Qtum, Ethereum Classic, Lisk, Stratis and Counterparty. According to Coinmarketcap data, 7 of 10 competitors of RSK enter TOP 20 on capitalization. Given this, the main network for RSC – Bitcoin exceeds the capitalization of the closest competitor Ethereum 2,4 times. There’s a cut-throat competition between RSK and competitors for influence the entire market of crypto currencies and altcoins.
The RSK project still needs to prove the community that RKS model is able to sustain the SBTC token cost and its binding to BTC.
Providing network security is another challenge of the project. According to RSK team, the network is currently supported by bitcoin-miners, which present over 55% of total power of bitcoin hashing. The founders also state that miners with 30% of hashrate will start joint mining within next several months.
The signs of centralization of the RSC network through Federation, which acts as a RSC sidechain security guarantor, are a certain risk of the project.
Social activity
Activity in the official groups of Telegram and Facebook is not high, despite the project presentation at Consensus-2018. Although the project Twitter has 26.9 thous. followers.
Verdict:
If RSK is able to overcome the above-mentioned problems, it will be able to significantly extend the functionality for Bitcoin networks, as well as create a credible alternative to the ethereum virtual machine.
The connection of RSK network with Bitcoin network, which features the largest user base in crypto space is the most important advantage of RSK network. Since RSK is connected to the most popular and safe blockchain, the project gets a head start over other smart-contract platforms
It is likely to be one of the greatest projects in 2018. Nearly everything with this project looks perfect. Unfortunatly they are asking for a too high hardcap. But if a project is allowed to raise so many funds, we would say its Rootstock. We wish all the best for this project - it might be really beneficial for the bitcoin and thus the whole crypto ecosystem.
