Rootstock, a smart contract platform hooked to the Bitcoin network

“An improved version of the Ethereum Virtual Machine, a sidechain for Bitcoin”: Fuel pegged to Bitcoin — rootstock.io

Regarding the project, cryptographer Nick Szabo gave his evaluation on Twitter: the most valuable part of Bitcoin (currency and settlement system) + the most valuable part of Ethereum (smart contract programming environment).

What exactly is rootstock?

RootStock is a peer-to-peer smart contract platform built on the Bitcoin blockchain. Its goal is to implement complex smart contracts as a sidechain, adding value and functionality to the core Bitcoin network.

The project will be conceived with the following principles in mind:

reliability

As secure as the Bitcoin network, new features can be implemented on the sidechain to add value to the network.

Scalability

Develop a fuel system that can be paid in Roots (an asset that exists on the Rootstock blockchain and can be converted into Bitcoin) that has no speculative value itself, allows reasonable execution prices for the smallest transactions (such as micro loans), and logical prices for ensuring the most valuable operations (such as international commerce).

Availability

RootStock implements an improved version of the Ethereum Virtual Machine that will serve as a sidechain to Bitcoin. The team removed the need for the "ether" token and used a token that is convertible to Bitcoin as the "fuel" for smart contracts. Roots is only used to collateralize Bitcoin transactions and has no other real-world uses or value. The RootStock team also added new primitive types to the sidechain protocol, making it possible to create and use common contracts (such as crypto asset management and active asset securities)

Main features

1. Paid-By-Author

Authors can decide the price of gas, and who pays for that gas (authors or users).

2. Hurry!

Fast transactions on the sidechain (20 seconds), and it’s as secure as Bitcoin.

3. Not Another Altcoin

The exchange rate between sidechain fuel (Roots) and Bitcoin is fixed.

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