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
