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Bitcoin Getting Smarter Smart Contracts Than Ethereum By Year’s End

Bitcoin Getting Smarter Smart Contracts Than Ethereum By Year’s End

Bitcoin Getting Smarter Smart Contracts Than Ethereum By Year’s End

You could make the argument that Bitcoin has slipped to the third wheel position in the world of digital currency and technological advancement so far in 2016. Ethereum has been the hottest altcoin, really the hottest digital currency, of the year. Blockchain technology has gone so far mainstream that it has passed Bitcoin in venture capital investment. True, Bitcoin may be in some sort of public perception holding pattern, with the Bitcoin halving coming in just a few short weeks, but the Papa may be getting a brand new bag in the form of smart contract applications built for Bitcoin.

Smarter than Smart Contracts?

Bitcoin Getting Smarter Smart Contracts Than EthereumThe allure of smart contracts going mainstream has boosted Ethereum’s appeal, but according to a company called Rootstock, Bitcoin will soon turn that trick as just as well, if not better. RSK Labs, or Rootstock, is working on the next generation of smart contracts for Bitcoin’s blockchain, not Ethereum’s.

“We are convinced that smart contract platforms on top of public blockchains will play a key role in the next wave of disruptive innovation,” says RSK Labs co-founder Sergio Demian Lerner. “Technologies such as Bitcoin and Rootstock will facilitate the evolution of the internet of things and democratize the access to financial services and decentralized services.

So what is Rootstock really trying to do here? Well, they want to give smart contract availability directly to Bitcoin’s blockchain, while being compatible with Ethereum’s DApp system. Ethereum does not have the robust network security of Bitcoin, and there are many use cases for the Bitcoin community to get started with this technology, including the ability of Bitcoin miners to generate more revenue without changing hardware or their current energy consumption.

Rootstock provides Bitcoin miners (the most important, tested and secure mining network worldwide) the opportunity to participate in the smart contract revolution receiving a new revenue stream with their current hardware and electricity consumption. Rootstock also benefits the Bitcoin ecosystem by using bitcoins as fuel to run Rootstock smart contracts. Finally, Rootstock provides Ethereum projects and developers a fully compatible alternative to run their solutions, benefitting from the security of the Bitcoin network.”

According to Rootstock, they are building a “smarter” smart contract than Ethereum currently employs. It is not dependent upon Ethereum and was developed independently by RSK Labs. The private testnet is live now. They look to launch their open-sourced public testnet by the end of the summer and have a full launch by the end of the year.

“Internally we’ve advanced in several areas of technology and science that leads to higher scalability, higher performance, lower latency, higher security and more flexibility (over Ethereum). The first release aims for 100% Ethereum compatibility while our following release aims for increased privacy, scalability and reduced resource consumption on nodes.“

Source: Consensys

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

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