RootStock

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RSK
Initial release3 January 2018
Written inJava
Operating systemClients available for Linux, Windows, macOS, POSIX
Platformx86, AMD64, ARM
TypeDecentralized computing, Blockchain, Cryptocurrency
LicenseLGPLv3[1]
Websitewww.rsk.co

RootStock (now RSK) is a smart-contract peer-to-peer platform built on top of the Bitcoin blockchain. Its goal is to add value and functionality to the core Bitcoin network by the implementation of sophisticated smart contracts as a sidechain.[2][3]

The RSK MainNet was launched on January 2, 2018, only a week after the announced date[4] to commemorate Bitcoin's birthday on January 3.

History[edit]

Rootstock was announced in LaBitconf 2015 held in Mexico city in December 2015. [5] [6] Soon, the company RSK Labs was founded in order to implement the proposed platform. In March 2016, $1 million was raised by the company.[7] Also sometime in March, the project was renamed RSK.[8] [9] In November 2016, RSK Labs launched the 'Turmetic' Testnet.[10] In May 2017, RSK Raised $3.5 Million from private investors and launched an improved RSK Testnet.[11] The RSK MainNet was launched on January 2, 2018.[12]

Platform Characteristics[edit]

The RSK account model, virtual machine and application interface are highly compatible with Ethereum.[13] However, RSK has adopted new opcodes that enable some additional functionality, like contract code upgrades.[14]

RSK Consensus protocol is based on Proof-of-Work, enabling merge-mining[15] with Bitcoin, but it does not implement the classical Nakamoto Consensus, but a variant of the GHOST protocol[16] called DECOR+.[13][17]

RSK achieves 100-300 transactions per second on chain and confirms most payments in less than 20 seconds, while leveraging Bitcoin's proof of work security(merged mining).[18]

Rootstock uses the DECOR + GHOST protocol to reduce the block interval to an average of 10 seconds, which is lower than the current Ethereum block with an average block interval of 16 seconds.[citation needed]

But with the Lumino Transaction Compression Protocol (LTCP), RSK will be able to process up to 2000 tps on chain. And once the Lumino Network is deployed over RSK, it will allow up to 20k tps off-chain taking Bitcoin to Visa processing levels.[19]

Rsk also aims to scale by use sharding techniques.[20]

Pegging[edit]

RSK uses bitcoins as its platform currency. RSK archives this by pegging smart bitcoin to real bitcoins.

The 2-Way peg is often said to be a method to transfer BTC into RBTC and vice versa. In practice, when BTC is exchanged for RBTC, no currency is “transferred” between blockchains. There is no single transaction that does the job. This is because Bitcoin cannot verify the authenticity of balances on another blockchain. When a user intends to convert BTC to RBTC, some BTC are locked in Bitcoin and the same amount of RBTC is unlocked in RSK. When RBTC needs to be converted back into BTC, the RBTC get locked again in RSK and the same amount of BTC are unlocked in the Bitcoin blockchain. A security protocol ensures that the same Bitcoins cannot be unlocked on both blockchains at the same time.[21]

When a Bitcoin user wants to use the 2-Way Peg, he sends a transaction to a multisig wallet whose funds are secured by the Federation. The same public key associated with the source bitcoins in this transaction is used on the RSK chain to store the Smart Bitcoins. This means that the private key that controlled the Bitcoins in the Bitcoin blockchain can be used to control an account on the RSK chain. Although both public and private keys are similar, each blockchain encodes the address in a different format.[21]

References[edit]

  1. ^ "rskj". GitHub. Retrieved 7 April 2018.
  2. ^ "Coinsilium Invests in Smart-Contract Sidechain Platform Rootstock". CCN: Financial Bitcoin & Cryptocurrency News.
  3. ^ Ian Allison. "Rootstock merges Bitcoin and Ethereum to help the World Bank drive financial inclusion". International Business Times UK.
  4. ^ "Rootstock CEO Confirms Launch 'By December' After SegWit2x Hard Fork". Cointelegraph. 12 September 2017.
  5. ^ "LaBitconf Official Website 2015". Archived from the original on 4 December 2015.
  6. ^ "Presentación Rootstock".
  7. ^ Stan Higgins. "Rootstock Raises $1 Million to Bring Smart Contracts to Bitcoin".
  8. ^ "Rootstock Website before the name was changed". Archived from the original on 10 March 2016.
  9. ^ "Rootstock Website after the name changed". Archived from the original on 30 March 2016.
  10. ^ "RSK Launches New Testnet 'Turmeric'".
  11. ^ Amy Castor. "RSK Raises $3.5 Million, Launches Bitcoin Smart Contract Testnet".
  12. ^ "RSK Mainnet Launched".
  13. ^ a b "RSK White Paper" (PDF).
  14. ^ "CODEREPLACE opcode".
  15. ^ "How does merged mining work?". bitcoin.stackexchange.com. Retrieved 2018-04-19.
  16. ^ "Secure High-Rate Transaction Processing in Bitcoin" (PDF).
  17. ^ "DECOR Explained".
  18. ^ Prisco, Giulio. "The Next Big Thing? RSK Smart Contract Sidechain Launches Developer ..." Bitcoin Magazine. Retrieved 2018-04-10.
  19. ^ "Bitcoin Scalability Issue Takes New Turn As RSK Ready to Release Ginger". Cointelegraph. 2017-05-15. Retrieved 2018-04-10.
  20. ^ "Rootstock is the Key to Bitcoin dApps and Smart Contracts - Coin Beginners". Coin Beginners. 2018-03-12. Retrieved 2018-04-19.
  21. ^ a b "FAQ - FAQ". FAQ. Retrieved 2018-04-10.

External links[edit]