Forget blockchain, Mother Earth has some plants whose survival and growth depends on decentralized nodes. How is that possible? Think Rootstock. Alright, back to our digital lives, Rootstock (RSK) is an open-source smart contracts platform that allows seamless DAPP development and more miner rewards through merge-mining. At the foundation, RSK will be a scalability solution to Bitcoin.
RSK’s partnership with miners aims at revolutionizing the current Bitcoin mining process. As earlier mentioned, Bitcoin miners using the RSK platform can look forward to extra rewards via merge mining. Simultaneously mining two different cryptocurrencies is what merge mining is all about.
Although, for this to work, both cryptocurrencies have to be based on the same algorithm. Example, mining Bitcoin and Namecoin with the SHA-256 algorithm. Flowing from this, bitcoin miners searching for more income would be wise to add-on RSK. By the way, it is also based on the SHA-256 algorithm.
It would be fair to say that RSK is a smart contract platform with a few similarities to the Ethereum platform. It utilizes sidechain and drivechain technology, a 2-way peg, to connect to the Bitcoin Blockchain. RSK promises faster services, especially near instantaneous transactions.
Rootstock Infrastructure Framework
The RSK project is not just centered around Smart contracts, it looks to explore other options, experimenting with infrastructural framework designed using the RSK smart contracts, with the aim of creating a service similar to AWS. This service will serve as the foundation for the development of an ecosystem platform that uses a single token Rootstock Infrastructure Framework (RIF). The platform would be known as RIFOS.
RIFOS is going to bring an entirely new experience to the whole blockchain ecosystem. The service RIFOS will be offering is long overdue. Moreover, developers pay little or no attention to the storage layers. This negligence is part of the factors causing inefficiencies in Dapps.
Essentially, RIFOS offers a helping hand to take the load off the shoulders of developers, giving them the freedom to make use of BTC, consuming services already made by RIFOS, in exchange for payments. Payment on the RIFOS platform is being made fast and easy using Lumino Payment Protocol.
One Token to Code Them All
Payments would be carried out using the RIF token. This is amazing because a developer will be able to start and finish his entire project using a single payment method, no complications associated with using numerous payment methods from different platforms. Fortunately, with what RIFOS has to offer, you can still use these platforms but maintain a single, fast, simple and efficient payment method.
Unlike regular cryptocurrencies in the market that mostly pre-mine its coin, RSK will be merge mined to reward both existing and new RSK miners who take part in the RSK platform. This way, RSK will enjoy the benefits of Bitcoin (top-level security) yet improve on its speed and efficiency. Talk about hitting two birds with one stone.
The team behind RSK have chosen to stay anonymous. Other than the name Sergio Demian Lerner, who is author of the RSK Original whitepaper, there appears to be scant information on members of the core team. Nevertheless, its website has a menu for ambassador applications.
As blockchain technology matures, projects solving bitcoin’s scalability issues will continue to be seen, till it can be said that mainstream adoption is actualized.
If you didn’t know, you should now…Crypto is Coming.
Subscribe to our newsletter
Interested in other cool crypto content? Check out What is Ethereum’s Casper update? and Game Changer: Binance and LCX Crypto Exchange Joint Venture.
Follow us on twitter @cryptoiscomin