RSK (rootstock) - The first open-source smart contract platform build on top of Bitcoin network.
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RSK is the first open-source smart contract platform built on top of the Bitcoin network. It allows for faster transactions and better scalability than Bitcoin, with transaction speeds of 100-300 TPS compared to Bitcoin's 3-5 TPS. RSK expands Bitcoin's functionality by enabling smart contracts and other applications like tokens, financial derivatives, and decentralized organizations. It uses a 2-layer blockchain with merged mining and a 2-way peg to Bitcoin to maintain the security of the Bitcoin network. RSK's mainnet launched in January 2018 and development is ongoing.
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RSK (rootstock) - The first open-source smart contract platform build on top of Bitcoin network.
- 1. RSK (rootstock) The first open-source smart contract platform build on top of Bitcoin network
- 2. Eugene Pavlenko CEO, co-founder / AXIOMA (axiomadev.com) - blockchain software development agency CTO, co-founder / ToTheMoon Lab (tothemoonlab.com) - blockchain marketing agency CTO / Proof of Toss (toss.pro) - decentralized betting protocol https://www.linkedin.com/in/eugene-pavlenko-b31a0430/ Telegram: @epavlenko
- 3. Who may be interested in this presentation Entrepreneurs Developers Miners Everyone who believe in the future of Bitcoin
- 4. Why? Bitcoin - is the base protocol of internet of value and base of decentralized economy, but is has its own limitations Goal of RSK - expand Bitcoin functionality
- 5. How RSK works? 2nd layer blockchain Merged mining New block - 10 seconds
- 6. How RSK works? 2-way peg to Bitcoin 1 SBTC = 1 Bitcoin No minting of coins Bitcoin as collateral in smart contracts and payment for gas
- 7. How RSK works? RVM = EVM Solidity Smart Contracts Java
- 8. Faster transactions and better scalability Bitcoin - 3-5 tps Ethereum - 15-25 tps RSK - 100-300 tps Lumino Network - 20000 tps and more
- 9. Application The same as for Ethereum: ● Token Systems ● Financial derivatives and Stable-Value Currencies ● Identity and Reputation Systems ● Decentralized File Storage ● Decentralized Autonomous Organizations ● etc.
- 10. Who’s behind RSK RSK Labs, Buenos Aires, Argentina, found in 2015 Founders: Diego Gutiérrez Zaldívar (CEO), Adrián Eidelman (CTO), Sergio Demián Lerner (Chief Scientist), Adrian Garelik, Ruben Altman Investors: Anthony Di Iorio (Jaxx CEO), Bitmain, Bitfury Group, Digital Currency Group (инвестиции в eTorro, CryptoKitties, Lightning Labs, Ledger, BitGo и т.д.), Cameron Parry, Enabling Future, Moe Levin, NXTP Labs, BlockVC, Coinsilium Group
- 11. Current state MainNet launched in January 2018 Integration with BTC.com mining pool - July 16, 2018 Last release “Orchid” V0.5.2 - October 10, 2018 RSK public node Active development
- 12. Thank you! Eugene Pavlenko, telegram: @epavlenko axiomadev.com, tothemoonlab.com https://www.linkedin.com/in/eugene-pavlenko-b31a0430/
Editor's Notes
- Hi! Thank you all for coming. My name is Eugene and today I want to tell you about Rootstock - the first open-source smart contract platform build on top of Bitcoin network.
- Here is some information about me and my contacts. I'm CEO of AXIOMA - blockchain software development company - we develop smart contracts and distributed apps, software for crypto exchanges as well as forks and projects based on permissioned blockchains. And one of our projects was Proof of Toss, which is decentralized betting protocol based on RSK blockchain. That’s why I decided to make this overview presentation about RSK and its capabilities.
- This presentation may be interesting to Entrepreneurs who wants to take advantage of blockchain and smart contracts in their new startup Developers who wants to develop a distributed app Miners who wants to get more profit from the same equipment Everyone who believe in Bitcoin as a base protocol of internet of value
- So what is the RSK goal? Bitcoin has its own limitations: No turing complete smart contracts. Bitcoin has smart contracts but it’s functionality is very limited. Low transaction speed Low scalability potential But second layer solutions can remove these limitation. RSK add smart contract capability, nearly instant payments and better scalability to Bitcoin. This way RSK makes it’s input to Bitcoins mass adoption and its network effect
- Second layer blockchain (so called sidechain) and it utilizes Bitcoin hashing power to secure its network. Merge-mining it the process that allows miners to mine RSK in the same time with bitcoin without additional equipment or electricity consumption Miners get 80% of smart contract execution fees, 17.5% - RSK Labs (developer of RSK), and the rest goes to federation (1%), RSK Full Nodes (1%) and Bitcoin Full Nodes (0.5%) New block generation time is about - 10 seconds
- RSK implements 2-way peg to bitcoin - that means that users can transfer bitcoins to RSK network and back. Bitcoin in RSK network is called SmartBTC (SBTC) There’s no minting of new coins in RSK. SBTCs are created during the atomic swap process - conversion of BTC to SBTC. Bitcoin can be used in RSK as: Collateral in smart contracts And to pay for gas when smart contracts are being executed. The same way as Ether is being used in Ethereum.
- RSK includes RSK virtual machine which is compatible with Ethereum Virtual Machine It has the same API and can run Solidity smart contracts So you can run you Ethereum smart contracts on RSK without changes It is planned that in the future smart contracts could be written also in Java
- RSK provides higher speed and scalability that Bitcoin and Ethereum. Currently it can handle from 100 to 300 transactions per second And after Lumino network will be introduced the speed will increase to 20000 transactions per second and more Lumino Network - is an off-chain solutions like Lightning Network for Bitcoin or Raiden for Ethereum. It’s basically the state channel technology.
- The main idea of implementing Ethereum Vitual machine on Bitcoin network was to allow Bitcoin to be used in many more scenarios and business cases than it is possible now. These applications on the slide are obvious scenarios, but there can be many more.
- RSK labs (developer of RSK) found in 2015 in Buenos Aires and since then it raised about 4.9 million of investments. There are many well known blockchain and crypto companies and personas among the investors like Bitfury Group, Bitmain, etc
- MainNet was launched in Jan 2018 but it is opened now only to whitelisted companies. If you want to use it you need to apply using the form on their website www.rsk.co In July 2018 BTC.com, one of the biggest mining pools integrated RSK and is testing its mered-mining plugin And in October 2018 the latest node software was released it is called Orchid There is RSK public node for developers but the functionality of it is limited (there are missing couple of RPC methods), so if you want to quickly start the development of an application you can use it, but it is possible that you’ll need your own full now. That was the case we faced during the development of Proof of Toss. The project is being developed quite actively, they release new minor or major versions regularly. While testing our application we submitted couple of bugs and they fixed them quickly.