Rootstock Raises $1 Million to Bring Smart Contracts to Bitcoin
Blockchain startup RSK Labs has raised $1m in seed funding to support the development of Rootstock, a smart contracts platform that would be developed as a sidechain on the bitcoin blockchain. Bitcoin mining company Bitmain Technology led the round, which also drew support from bitcoin and blockchain focused investment companies Coinsilium and Digital Currency Group (DCG). In an interview, RSK Labs CEO Diego Gutierrez Zaldivar said that the goal of the project was to build a blockchain network that would attract support from both bitcoin miners as well as developers of smart contract....
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Although smart contract projects on alternative blockchains such as Ethereum are gaining a lot of attention, smart contracts on the Bitcoin blockchain itself are challenging because the Bitcoin network is not a “Turing Complete” system. A Turing Complete system is one that can compute any algorithmically computable function (although with no guarantees regarding runtime or memory). The Bitcoin network has purposefully omitted Turing completeness to allow the economic incentives the network has been able to create, and for minimizing the security risks that come with self-executable....
By raising $1 million in seed funding, blockchain startup RSK Labs will develop Rootstock, a smart contracts platform that will be deployed as a sidechain on the bitcoin blockchain. In a funding round led by bitcoin mining hardware company Bitmain Technology, RSK Labs has raised $1 million in a successful initial seeding round to develop Rootstock – a smart contracts platform secured by the bitcoin blockchain. The funding round was supported by London-based blockchain investment firm Coinsilium and New York-based bitcoin- and blockchain-investor Digital Currency Group. The first of its....
Rootstock, a P2P platform based on the block chain that implements smart contracts using the capabilities of Ethereum with the transparency and security of the bitcoin network, is negotiating with the World Bank and some Latin American banks to provide microlending for the unbanked, according to the International Business Times. Rootstock hopes to give banks the means to issue loans from smart contracts. Rootstock combines the capabilities of Ethereum with the bitcoin network's transparency and security by using sidechain technology. Bitcoin serves as the fuel that runs the smart contract.....
Sergio Lerner, the well-known blockchain and cryptocurrency security expert who is also part of Rootstock, was present at LaBitConf Mexico yesterday. While at the event, he released the white paper titled RootStock Platform - Bitcoin Powered Smart Contracts. In an interview with a NewsBTC representative, he explains about RootStock, its comparison with Ethereum and Bitcoin, and also its security features. While explaining about the platform, Sergio made it clear that RootStock is not a fork of Ethereum, as many tend to believe. The development of RootStock had begun almost a year before....
Bitcoin has graduated from being a cryptocurrency to an applications platform that can be used in a range of industries to augment their operations. The use of Bitcoin’s underlying blockchain technology for purposes other than recording and confirming transactions is labeled under an umbrella term Blockchain 2.0. Smart Contracts is one of the applications of Blockchain 2.0 Currently, there are two platforms that are leading the Smart Contracts race – Ethereum and RootStock. While Ethereum is a standalone protocol developed by Vitalik Buterin and his team that uses a separate blockchain and....