What are Sidechains? How Rootstock (RSK) is connected to the Bitcoin blockchain?

Ana_crypto

newbie

Activity: 16

Merit: 10

Quote from: Mbitr on July 22, 2019, 09:45:08 AM

RSK does appear to be a good system and I will say I’ve been looking at it quite a lot recently. Whether it will get mainstream adoption only time will tell. On a negative side , I’m not sure how people would feel about that it’s not decentralised and that you would have to lock in/ trade btc to use it. LN can be used for payments, but LN can’t be used for other contracts.
What do other people think, any more information would be helpful.
Sorry OP haven’t helped you much.

No problem! Thanks for sharing your thoughts on this. I would like more people to talk on this and share their opinion. Even I will try to explore more about Rootstock.

Mbitr

legendary

Activity: 2086

Merit: 1321

Bitcoin needs you!

RSK does appear to be a good system and I will say I’ve been looking at it quite a lot recently. Whether it will get mainstream adoption only time will tell. On a negative side , I’m not sure how people would feel about that it’s not decentralised and that you would have to lock in/ trade btc to use it. LN can be used for payments, but LN can’t be used for other contracts.
What do other people think, any more information would be helpful.
Sorry OP haven’t helped you much.

Ana_crypto

newbie

Activity: 16

Merit: 10

Hey guys any Idea on Rootstock blockchain, why it is not supported even though it has many features which can make Bitcoin blockchain better than before? By this method, the transactions can be faster, storage and bandwidth usage can be reduced as it do not contain transaction data but only the references to previous transactions.

Ana_crypto

newbie

Activity: 16

Merit: 10

Quote

Sidechains are the blockchain which runs in parallel with the main blockchain. Users can move tokens and other digital assets from the parent blockchain to the side chain or vice-versa. The Sidechain is attached to the main chain using a two-way peg - which interchange the assets between parent and side chain.

Sidechains are used to connect the Rootstock chain to the Bitcoin blockchain. The users can lock their BTC and get an equal amount of Smart Bitcoin(SBTC) in the sidechain.

Some of the PROS of Rootstock are:

We all know that Bitcoin is missing out incorporating smart contracts. Rootstock is the blockchain which works on Smart contract platform. It is as secure as Bitcoin and prevents the double-spending issue.

RSK blockchain has the potential to scale up Bitcoin transactions to 300 TPS(Transactions per second)

RSK uses a new protocol like DECOR and GHOST to bring instant payments to the network. They will also be creating blocks at 10-second intervals.

>> After reading all these, I felt Rootstock is a good project which has to be recognised and supported. It has the potential to reduce Scalability issues and transaction times of Bitcoin. What are your thoughts on this?

Source: https://blockgeeks.com/guides/ultimate-guide-rootstock-blockchain/

Topic: What are Sidechains? How Rootstock (RSK) is connected to the Bitcoin blockchain? (Read 160 times)