Rootstock Announces Release of Ginger Testnet
RSK Labs has announced the open source release of their Ginger test network for smart contracts. Presenting at digital currency conference Consensus 2017, RSK promised to add smart contract functionality to the main bitcoin blockchain along with greater scalability and additional revenue streams for miners.
Rootstock’s smart contract network will feature a two-way cryptographic peg to the main bitcoin blockchain, providing a platform that can scale up to 2.000 tx/second on chain and 20.000 tx/second off chain. The core innovation of the Rootstock technology will be smart contract functionality. RSK Labs is intending on introducing a Turing-complete scripting language which will allow decentralized applications to be programmed on the bitcoin network.
Bitcoin vs Rootstock Network Parameters
|Block Confirmation Time||10 minutes||10 seconds|
|Reversal Probability Of 0.1%||20 minutes||30 seconds|
|Max Transactions Per Second||3.3 Tps||Scalable to 10,000 Tps|
The team will continue improving the software after the Ginger release and intends to bring formal financial services to approximately 2.5 billion unbanked people in the world.
Perhaps one of the most promising aspects of the Rootstock smart contract network, is the potential for building out the internet of things economy. RSK expects that as bitcoin and smart contract technology matures, machine-to-machine payments will introduce entirely new economic models for conducting business and handling big data.
The founders of RSK Labs have been actively involved in the bitcoin ecosystem since early 2013 while founding the company in 2015 and publishing its initial whitepaper in December of that year.
The company invites interested developers to contribute to their source code repository.
Eager enthusiasts may also be interested in registering for the Certified Rootstock Developer Course.
There are as many different private key combinations as there are physical atoms in the known universe.
The creators behind the interplanetary file system (IPFS) hope that in 10 years, the majority of the world's data...