RSK launches its Bitcoin Smart Contracts Platform in Beta Today.

Formerly known as Rootstock, the startup has long been hailed for its potential to pave the way for the implementation of smart bitcoin-based ethereum contracts, which, according to enthusiasts, will make the largest cryptocurrency of the competitive world. idea that the more complex self-executable code could be executed on a blockchain.

But though it's easy enough for bitcoin users who want more complex smart deals to simply make the switch, some users think that, as bitcoin is the largest and most secure cryptocurrency, make their way to their network. The idea is that by doing so, they can take advantage of Bitcoin's impressive startup infrastructure and serve different users.

Still, the version of the RSK feature does not quite update the bitcoin blockchain itself. The capacity will rather be brought to bitcoin via a sidechain, which moves the chips of the main bitcoin blockchain to a compatible network operated with the help of 25 companies.

Nevertheless, the CEO of RSK, Diego Gutierrez Zaldivar, believes that this advance will actually offer the same level of utility to potential users.

He told CoinDesk:

"This is the first time that there will be a smart contract platform powered by the bitcoin network."

As the implementation of the ethereum, the RSK side chain will use a Turing-complete language and will emit blocks approximately every 10 seconds.

A controlled sidechain

In this way, the "federated" sidechain of RSK is also a notable workaround to the difficult process of modifying the bitcoin code (seen recently during the bitcoin scale debates).

But this difficulty comes from the fact that a small change can have technical repercussions on other parts of the system, so that changing the rules of a blockchain is often compared to the other. And tearing and repairing the engine of an aircraft. For this reason, developers have long sought to make easier the use of more experimental technologies on bitcoin with what are known as "sidechains", which link the new blockchains with innovative bitcoin technical features.

Users can then test and try these new features by transferring money to the side chain.

However, because technically merged sidechains are not ready for prime time, RSK developers rely on a group of companies – known as "federation" – that control collectively the money placed in the sidechain. the original dream of sidechains is to circulate money between the main bitcoin network and the sidechain without trusting anyone.)

RSK developers and business partners have been running experimental smart contracts on testnet for some time. And currently they are the only ones able to access what is called the "smart bitcoin" (SBTC) needed to run smart contracts on the sidechain.

According to the co-founder of RSK, Gabriel Kurman, this is for security reasons.

"The network will still have limited access until we finalize the integration of most bitcoin miners and members of the federation," he said.

"We plan to open access to the general public as soon as we have completed the integration of the members of the RSK federation and we will add more hash power to the network," said the head of the network. RSK business development, Henry Sraigman. in the coming weeks. "

Continuous interest

That said, the launch of mainnet is still a big step for bitcoin and a launch that many people in the community will likely receive enthusiastically.

In addition to the 25 companies that are part of the RSK federation, Zaldivar said the bitcoin miners have "expressed interest" in being involved. More than half, he says, is currently working with the RSK.

"The idea is to start on the mainnet, reinforcing the security of the platform, and hope that from now on, we will be able to announce the production version of the mainnet" , he said.

According to RSK leaders, they hope that the previously announced bounty program by the company, which rewards developers with cash prizes of up to $ 5,000, could help improve security on the platform. And as an open-source project, a "global community" will be able to test and test the platform.

And although no one knows how long it will take to implement sidechains without trust on Bitcoin, Zaldivar, on the other hand, is optimistic, telling CoinDesk:

"It's already solved, we hope to have it by 2018 – the sooner the better – but, like everything in bitcoin, security should be the first. "

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