Twenty-four well-known Bitcoin firms have expressed keen interest in Rootstock, a smart contract protocol that works on the Bitcoin blockchain. These companies will participate in the RSK Federation, which will introduce a developed hybrid security model for the project.
RSK Federation Aims to Add Secure Smart Contract Functionality to Bitcoin Network
The RSK network will introduce the first turing-complete smart contract platform secured by the Bitcoin blockchain. By collaborating with leading Bitcoin companies, the RSK Federation will deploy a hybrid security protocol that businesses can utilize. The Federation members will also be provided with instant peg and multi-sig services.
Some of the firms involved with the partnership include:
RSK says the list of participating businesses continues to expand, with new companies joining the project every week.
“This hybrid security model will be the key to promote institutional use cases,” RSK CEO Diego Gutierrez tells press. “We have more than 20 international banks, insurance companies, governments and development agencies that are planning to launch their services over RSK.”
Wences Casares, CEO of Xapo, says, “We are very excited about what RSK is doing by bringing Ethereum-like capabilities to the Bitcoin network. This will take the Bitcoin ecosystem to the next level and unveil the endless possibilities of the Blockchain technology.”
The RSK Federation will also provide expertise and advice to collaborating firms that are “indispensable to use Smart Contracts in practical scenarios.” This includes active “oracling” of services and security checkpoints audited from external services.
The recent dismantling of Ethereum’s third-party DAO has shown the community the importance of inspecting and verifying the reliability of security measures across networks and within the smart contract industry as a whole.
RSK developers believe the Bitcoin blockchain’s longevity and security will make Rootstock extremely reliable, enabling it to transform societies through the development of “direct democracies, digital identity, financial inclusion and the Internet of things.”
Extra Testing & Research Taking Place Before Roadmap Releases
The initial testnet “Lotus” was deployed to selected participants back in May, who have been experimenting with Rootstock’s capabilities and security.
In addition to the broad range of security testing, Sergio Lerner, RSK Chief Scientist, is communicating with a variety of universities and security experts in order to develop smart contract safety and industry standards.
The company believes its merged mining feature, which is currently adding additional hashpower to the network, will also bolster the security of the Bitcoin blockchain.
Two more releases are expected from the team during the end of the year. The “Turmeric” testnet will be unveiled at the end of September 2016, and production network “Ginger” should be released during Q1 of 2017.
Sergio Lerner, RSK Chief Scientist, details the roadmap to Consensys Media:
The full node, merge-mining, and two-way peg are already working. We’re currently improving our core components. If you want to test your applications before the platform launch, there is an invite-only testnet. Companies can contact us to apply for participation at this stage. The first public testnet will be in September, and at that time the source code will be open-sourced. The plan is to launch the platform in December.
Bitcoin supporters are excited to see a smart contract platform come to the ecosystem with sound security to prevent the problems faced by Ethereum’s DAO, and hope Rootstock is the application they are looking for.
What do you think about the RSK Federation’s partnerships and upcoming releases due out this year? Let us know in the comments below.
Images courtesy of RSK Labs Websites, and Linkedin.