Bitcoin sidechain RSK is the sum of the most valuable part of Bitcoin (currency and settlement system) and the most valuable part of Ethereum (smart contract programming environment). Nick Szabo, the earliest proposer of the concept of smart contracts, commented on it.
Many people benchmark the future of Bitcoin against gold and the U.S. dollar, but from now on, there are still many problems for Bitcoin payment to be widely used, such as network performance, functional integrity, and so on.
When will Bitcoin become an infrastructure for financial and business scenarios?RSK(Rootstock, root chain) The answer given in an interview is, When the Bitcoin network can process 30,000 transactions per second and the transaction fee is less than 1 cent.
Before introducing RSK, I would like to post RSK founder and CEO Diego’s views on EOS, which has become a hot topic due to node elections recently:
EOS is very cheap and easy to build. It should be a perfect tool for a community of 50,000 people, but other network and security models will not lose their value. They will each have their own application scenarios.
The greater possibility in the future is that these blockchain networks are interconnected. No single network dominates everything, but multiple networks connect and collaborate to create a larger network.
RSK was founded in 2016. Its idea is to develop a two-way anchored side chain on the Bitcoin blockchain. Bitcoin miners can get rewards through joint mining to realize a Bitcoin auxiliary that supports smart contracts and higher performance. network.
The two-way peg is the key to connecting the secondary blockchain to the Bitcoin blockchain. It transfers BTC from the Bitcoin blockchain to RSK and vice versa. In fact, the BTC on the Bitcoin blockchain has not been transferred, but is temporarily locked on the Bitcoin blockchain by a third party. At the same time, the RSK chain will release an equivalent amount of token SBTC (ie SmartBTC). It is worth noting that SBTC is not a new token, it is directly anchored to BTC, 1SBTC=1BTC, and cannot float independently. Therefore, the RSK network will not have an impact on the value of Bitcoin itself.
But all two-way pegs require a third party to vote on when to unlock the bitcoins and where to send the unlocked bitcoins. This poses a problem, how to ensure that the third party who locks and releases Bitcoin is also honest?
RSK has designed a hybrid (drive chain + notary)/side chain method for anchoring, that is, the drive chain + notary is used on the Bitcoin blockchain side, and the RSK chain implements the side chain method.
On the Bitcoin blockchain side, RSK primarily uses notary voting (multi-signature) to decide which bitcoins to unlock. At present, there are more than 40 notaries or federations on RSK, and they are held by Bitcoin companies with high technical level and security standards in the world, such as Bitmain. Of course, the federation can also add or remove members through the online voting system, which has a high degree of community autonomy.
The drive chain puts the regulatory power of locked bitcoins in the hands of bitcoin miners, that is, the miners assume the responsibilities of the above-mentioned federation. The greater the participation of honest miners in the drive chain, the greater the security. However, according to Diego, RSK, as a side chain of Bitcoin, had too few miners in the early days, so it was unable to achieve high decentralization and lack of security. In the future, when more than 90% of miners participate in joint mining, RSK will abolish the relatively centralized federal voting system and give voting rights to miners.
On the side of the RSK chain, RSK keeps accounts through joint mining, which allows Bitcoin miners to contribute computing power to the side chain to obtain transaction fees while mining BTC, without affecting the performance of mining BTC. This joint mining, mine one get one free mechanism is mainly due to the fact that RSK uses the same mining algorithm as the Bitcoin blockchain. All a Bitcoin miner needs to do is adjust the mining software. According to Diego, RSK has adjusted the mining software in 85% of Bitcoin miners.
In terms of function, RSK wants to build a Turing-complete smart contract platform similar to Ethereum, so that the Bitcoin blockchain with a single function can be programmed, so as to support finance and other various projects directly in the Bitcoin network. service.Compared with Ethereum, the advantages of RSK are:
Strong ease of use greatly reduces the threshold of use. RSKs smart contract uses the same Solidity language as Ethereum, which means that RSK is backward compatible with the Ethereum platform, and Ethereum Dapp developers can copy or transfer projects to the RSK platform at zero or low cost. According to Diego, there are currently more than 50 development teams around the world developing Dapps on RSK, including regulatory agencies and central banks in some countries.
High throughput and fast processing speed. As a platform, congestion has become a flaw in Ethereum. How did RSK, a rising star, solve the problem? Through the original transaction compression technology, RSK can greatly increase the transaction volume and shorten the verification time under the same block space. Currently, RSK can achieve a transaction volume of 100 transactions per second, which is comparable to Paypal and Bitcoin Lightning Network, and the transaction fee is maintained at a low level of 3.5 cents.
Attractiveness of Bitcoin Network Ecology. BTC is the cryptocurrency with the largest market capitalization in the world. It has a huge number of miners, transaction volume and excellent security model, which makes the ecology based on it have stable support and market demand, so it has growth potential.
In terms of technology development, RSK has released the smart contract test network Turmeric in 2016, announced the expansion plan Lumino in February 2017, released the Ginger test network in May, and released the main network test at the beginning of this year. Diego said that the teams next goal is to develop data storage solutions to support higher network performance. RSKs ultimate goal is to achieve 2,000 transactions per second, which allows Bitcoin to be used as a payment tool for everyday situations. , coffee or any small transaction becomes possible”; at the same time, RSK will also seek more convenient payment processing solutions, such as off-chain transactions.
I am the author Huang Xuejiao. If you want to report or communicate with the project, please add WeChat hxjiapg. Please note the unit, position and reason.
I am the author Huang Xuejiao. If you want to report or communicate with the project, please add WeChat hxjiapg. Please note the unit, position and reason.
