Project Overview
Crowd-founding Starting Time: Not released yet
Crowd-founding Ending Time: Not released yet
Basic Information about the Project
Project Description
Overview
Bitcoin’s position as the world’s leading cryptocurrency has shown no signs of wavering at the moment. Even though there are malicious bifurcation, odd policies, and hostile traditional financial field, they eventually make it stronger. As the digital currency industry’s grail and benchmark, if bitcoin does not fall, the copycat will not run. Bitcoin has been recognized by more and more people, and the trend is inexorable.
With the rapid growth of the blockchain industry and technology, and the continuous changing of the high information density blockchain circle, we have found that many projects have gradually shifted their focus from solving the problems in the real world to solving the problems in the blockchain world itself. For example, side chain and Lightning network for the bitcoin speed improvement program have , Raiden for Ethereum, EOS for the third infrastructure, etc. The digital currency and the blockchain have still a long way to go, and the Great God, bitcoin, needs a prime minister to really solve the issues of rate and scalability.
Is there any way to combine the stability of bitcoin and the attributes of smart contracts, or even to improve the performance and scalability on this basis?
Solutions
As a project focuses on the bitcoin technology improvement program, RSK proposed a solution with smart contract aiding, 2-way peg side chain, and merged mining.
1. Bitcoin-based smart contracts mean bringing more value, function expansion and possibilities for the Bitcoin ecosystem, which creates more imaginary space for not only the community and the investors, but the developers. But it should be noted that the idea of the bitcoin smart contract side chain has already been put forward as early as the end of 2015, in fact, RSK is now a step slow in the progress of smart contract platform than Ethereum, and the effect is yet to be determined.
2. The practice that RSK is 2-way pegged to bitcoin is to ensure the stability and security, while avoiding bitcoin network delay or other defects. As illustrated in the white paper, the security measure includes locking and unlocking currency.
3. We have many more improvements planned for the 2.0 release regarding base layer scalability. Our main contribution to the base layer scalability is using multi-threading based block verification, which reduces the cost of verification with a factor close to the number of processor cores. Miners use a dependency detection algorithm to setup execution threads.
4. Merge-mining is a process in which Bitcoin miners can mine both Bitcoin and RSK at the same time, with the same hardware and consuming the same electricity. And RSK uses a property of the Merkle–Damgård construction to compress the size of the SPV proof.
The above designs were initiated as early as September 15 in the first edition of the white paper, and it seems that the original intention has not changed, that is, to make a moderate contribution to bitcoin.
In conclusion, the sore points of the RSK is obvious. However, once it is implemented and landed, the efficiency can be greatly improved, and its demanding and development space are generally large.
