Rootstock raises $1 million to build Bitcoin smart contracts

Comment : Ethereum has been in a monopoly in the field of smart contracts of blockchain 2.0, and has frequently released new applications, attracting a group of technology companies and investment companies. This website has also been tracking its dynamics. Now a new platform is emerging in this field, and Rootstock has received 1 million US dollars in financing. According to Diego Gutierrez Zaldivar, CEO of the startup RSK Labs, it is a platform completely different from Ethereum. It gives miners more freedom and profit opportunities, rather than requiring miners to provide a profit platform for it like Ethereum. Wu Jihan, CEO of Bitmain Technology, also believes that Rootstock will bring countless miracles. So let's wait and see!

Blockchain startup RSK Labs has raised $1 million in seed funding to support the development of Rootstock, a smart contract platform that can be added to the Bitcoin blockchain as a sidechain.

The round was led by Bitcoin mining company Bitmain Technology, with participation from Bitcoin and blockchain investment companies Coinsilium and DCG (Digital Currency Group).

RSK Labs CEO:Diego Gutierrez Zaldivar

In an interview, Diego Gutierrez Zaldivar, CEO of RSK Labs, said the project aims to build a blockchain network that will attract support from bitcoin miners and developers of smart contract applications on platforms such as ethereum.

“Our idea is to integrate the existing resources of the blockchain community, not just the network effect of Bitcoin; because miners can mine with Rootstock to obtain an additional source of income, rather than providing an application development platform for Ethereum developers.”

Regarding Rootstock’s similarities to Ethereum, Diego Gutierrez Zaldivar said that it will slowly transform over time and gradually be applied to real-world cases, especially in the financial services sector.

Ethereum, the blockchain platform that replaced Bitcoin, has gained strong momentum in the weeks following its first round of product releases and is now able to support smart contract innovation.

In contrast, Rootstock plans to launch a private testnet in April, following a beta test in September, with the goal of releasing a blockchain product that leverages Bitcoin’s network effects by the end of the year.

This new round of financing will be used to support the implementation of RSK Labs' technology plan.

Bitmain Technology CEO: Wu Jihan

Bitmain Technology CEO Wu Jihan said Rootstock will become a driving force for the development of smart contracts in the future.

“Rootstock is the most exciting opportunity for me among Bitcoin startups. The wave of startups developing smart contract applications using RSK solutions will bring countless miracles.”