Who will win the battle between Rootstock and Ethereum?

Ethereum and Rootstock are two different open source blockchain protocols that can be used to build smart contracts. Which one will be more widely used?

The Bitcoin blockchain has made valuable contributions to the financial industry. Blockchain technology is now being used by various cryptographic technology platforms, and the scope of application is very wide. Smart contracts are one of the applications built through blockchain protocols. Two blockchain protocols have been established around blockchain applications and smart contracts. One is Rootstock, and the other is the well-known electronic cryptographic platform - Ethereum.

Rootstock is an open source peer-to-peer smart contract platform. It is similar to Ethereum with a few differences. Unlike Ethereum, Rootstock uses the existing Bitcoin blockchain instead of its own blockchain. The existing Bitcoin ecosystem provides a stable and scalable support system for the Rootstock platform.

Increased demand for Ethereum

While Rootstock works on the Bitcoin blockchain, Ethereum is an independent open source platform, cryptocurrency and blockchain platform. It provides a platform for developers to create and publish their blockchain applications. The computing power for these hosted applications is supplied by a network where people can contribute the processing power of their computers to maintain and run these applications. Like Bitcoin mining, Ethereum miners are also rewarded with ether for their contributions. Ether is a cryptographic token used on Ethereum, and developers must pay ether if they want to support the operation of their applications. In addition, ether can be bought and sold on various cryptocurrency exchanges.

The versatility of the Ethereum platform and its ability to create and execute smart contracts make it an important choice for the banking and financial technology industry. Banks and financial services companies are working to use blockchain technology to automate operations and achieve maximum cost savings. The powerful Ethereum network, Ethereum's features and capabilities make it the ideal choice. By using smart contracts, financial institutions, trading platforms and even banking departments can automate their back-end processes and reduce the labor and time required for the entire process. Major companies using ether include NASDAQ, the Bank Blockchain Consortium, JPMorgan Chase, Goldman Sachs, Visa, and many more.

Ethereum is arguably the best cryptocurrency platform after Bitcoin. Financial technology and application blockchain technology research and development companies are supported by banks and financial institutions. Digital Asset, led by Blythe Masters, is supported by Wall Street giants such as JPMorgan Chase and Goldman Sachs. Even IBM, Linux and other technology companies are working with Digital Asset to develop Hyperledger based on blockchain.

How can Rootstock compete with Ethereum?

While Ethereum is gaining worldwide attention, Rootstock is following closely behind. It is still unclear which of the two will be the final winner.

Rootstock has its own advantages. Although Rootstock is built on the Bitcoin blockchain, it uses the Turing virtual machine combined with Ethereum opcodes. This makes Rootstock fully compatible with the Ethereum platform and can run perfectly on both the Rootstock blockchain (which is the Bitcoin sidechain) and the Ethereum blockchain. The Rootstock blockchain also enables Rootstock to be jointly mined with Bitcoin. The combination and compatibility of these two platforms makes Rootstock's advantages even more obvious.

Original article: http://www.newsbtc.com/2016/03/06/rootstock-contests-ethereum-for-smart-contracts-domain/#userconsent#
Author: Gautham
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/rootstock-contests-ethereum-for-smart-contracts-domain)