RSK is launching its bitcoin smart contracts platform in beta today.
Formerly known as Rootstock, the startup has long been lauded for its potential to pave the way for the implementation of ethereum-style smart contracts on bitcoin, something enthusiasts believe will keep the world’s largest cryptocurrency competitive with the platform that arguably pioneered the idea that more complex self-executing code could be run on a blockchain.
But while it would be easy enough for bitcoin users that want more complex smart contracts to merely make the switch, some users believe that, as bitcoin is the largest and most secure cryptocurrency, more experimental features that debut on other networks will eventually make their way to its network. The idea is that in doing so, they can capitalize on bitcoin’s impressive startup infrastructure and serve different users.
Yet, RSK’s version of the functionality doesn’t quite upgrade the bitcoin blockchain itself. The capability will rather be brought to bitcoin via a sidechain, which moves tokens from the main bitcoin blockchain to a compatible network operated with the help of 25 companies.
Still, RSK CEO Diego Gutierrez Zaldivar believes the advance will effectively provide the same level of utility to potential users.