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

Parameter

Bitcoin

Rootstock

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.

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Author

Travis Patron

Travis Patron is the author of The Bitcoin Revolution: An Internet Of Money, a seminal publication in the digital money space which outlines the basics of the bitcoin payment system. As a public speaking authority, he regularly speaks to audiences on the economics & industry trends of bitcoin.

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