What is Rootstock and Why is it Important?
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- 20 Feb 2023
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Rootstock brings speed and scalability.
Rootstock Platform (RSK) is a second-layer platform that aims to resolve some limitations of Bitcoin’s blockchain. Some developers launched the platform in 2014 to boost Bitcoin’s transaction times and provide smart contracts.
RSK is a platform that operates alongside the Bitcoin blockchain. In this article, we will make a review about this proyect.
How Rootstock Works?
When someone transfers bitcoin (BTC) to Rootstock, the transferred BTC becomes an RBTC. This means it is a smart contract-enabled bitcoin. Furthermore, the user can transfer the RBTC back to the Bitcoin blockchain for the regular Rootstock and Bitcoin transaction fees at any time.
Although Bitcoin is the first known blockchain platform, issues such as network congestion and long transaction confirmation times became a limitation. However, RSK addresses the challenge by adding smart contracts on a sidechain.
Smart contracts are simple to understand. You can call them a program written into a blockchain which executes or carries out the terms of an agreement between two entities. Such an automated procedure is important because it cuts down the need for trust in an agreement.
Deep Dive Into Rootstock
Let’s give a detailed explanation. The capacity of each block on the Bitcoin blockchain is one megabyte, therefore adding a smart contract to a block limits its ability to store transaction data and significantly slows down the network. The Bitcoin blockchain cannot accept new features or additions without major changes.
A sidechain such as Rootstock improves scalability of the primary blockchain by enabling additional tasks to be completed on a secondary blockchain and subsequently acknowledged by the primary blockchain. Read More…
