The First Open-Source Smart Contract Platform to be Started by Rootstock
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The First Open-Source Smart Contract Platform to be Started by Rootstock

RSK Labs, formerly known as Rootstock, an Argentinian startup building the first open-source smart contract platform with a 2-way peg to Bitcoin.RSK Labs CEO Diego Gutiérrez Zaldívar on Bitcoin Smart Contracts Sidechain and Crypto Industry Challenges.

Even though at this point of time the 2-way peg security of the RSK blockchain is still relying on a group of third parties called ‘Federation’, in the future the developers promise to bring a “trustless” automatic peg. How fast this happens to some degree depends on the overall miners support.

The company says its goal is to add value and functionality to the Bitcoin ecosystem by enabling Ethereum-like smart-contracts, near instant payments and higher-scalability, and this past January after almost two years of development its mainnet dubbed Bamboo was finally launched.

Back in May at the Consensus 2018 conference in New York, the company claimed it had 10 percent of the miners’ support coming from over 80 percent of the total Bitcoin network hash rate, and as RSK representatives told ForkLog at the end of June, by today this number grew to almost 18 percent. At recent UNCHAIN Convention in Hamburg we had a chance to talk to the person behind this exciting new technology, RSK Labs CEO Diego Gutiérrez Zaldívar. During the interview, he spoke about the startup’s philosophy, what it has already achieved and its future goals, also we discussed the general state of the crypto industry and the challenges it faces these days.

Diego in an interview said:

“Initially our project was called Rootstock. If you look from the outside, rootstock looks like separate plants but their roots are all connected. The rootstocks spread from the root, and a new plant is born from that root. So Bamboo is another plant coming from that rootstock, and each RSK release has its own ‘plant’ name.”

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