A horizontal, usually underground stem that often sends out roots and shoots from its nodes.
RSK is the first open-source smart contract platform with a 2-way peg to Bitcoin that also rewards the Bitcoin miners via merge-mining, allowing them to actively participate in the Smart Contract revolution. RSK goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability.
The project has been conceived with the following principles in mind:
We believe in Bitcoin. We support the Bitcoin community and we want to continue the legacy of Bitcoin´s pioneers. The lack of turing-complete smart-contracts capabilities may become an obstacle to Bitcoin´s growth to it´s full potential. RSKprovides the missing technical needs, as a blockchain with a 2way peg to Bitcoin. As RSK does not mint, nor has pre-mined coins, then it has no speculative value and does not compete with Bitcoin.
The security of RSK is our main priority. RSK´s blockchain is secured by merge-mining, which means that we can achieve the same security as Bitcoin in terms of double-spend prevention and settlement finality. The 2way peg security will first rely in a federation holding custody of bitcoins, and later switch to an automatic peg, when the community accepts the security trade-offs of the automatic peg.
RSK can scale far beyond Bitcoin in its current state. RSK scales to 100 transaction per second (same level as Paypal) without sacrificing decentralization and reducing storage and bandwidth usage using probabilistic verification and fraud proofs, as well as blockchain sharding techniques.
Since the creation of Bitcoin there has been a race for faster transaction confirmations. Instant payments allow new use cases, such as retail store payments, and transactions in online games. RSK carefully chosen parameters and new theoretical protocols (such as DECOR+GHOST) allow creating blocks at 10 seconds average interval, with low stale block rate, and no additional centralization incentives.
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).
Attention. There is a risk that unverified members are not actually members of the team
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.
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.
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