Spin-off project RIF OS has acquired Rootstock (RSK) – a bitcoin-based smart contract platform – to expand its scope of operations to Ethereum and beyond, according to two blog posts published on November 18th.
“RIF Labs has signed an agreement to acquire RSK Labs. With this acquisition, RIF Labs will take on the development and community support of both the RSK Smart Contract Network and RIF OS Protocol,” the posts reads.
According to the agreement, RIF Labs will acquire RSK Labs. The company said the RIF OS integration is a big step and stated it’d help to speed up the adoption of the blockchain technology globally.
Rootstock was invented by bitcoin core developer who goes by the name Sergio Lerner. He developed the protocol for a couple of years before he finally released it in January of this year.
A two-way pegged sidechain
RSK utilizes a merge mining model and hybrid Federation. The two-way pegged side chain allows dApps to be built on top of Bitcoin blockchain. A side chain pegged 1-1 means what is valid on the RSK network is valid on the bitcoin network. However, it doesn’t compete with the speculative value of BTC because it neither had pre-mined tokens nor mint its own tokens. RSK Whitepaper reads in part:
“The Rootstock platform provides Turing-complete smart contracts as proposed by Nick Szabo in 1993. At the same time, RSK’s VM is backward compatible with Ethereum VM; hence Rootstock gives the opportunity to developers working on Ethereum to benefit from the robustness of the Bitcoin Blockchain.”
The Rootstock (RSK) can perform everything as Ethereum blockchain. However, rather than utilizing Ether as it gas, it utilizes bitcoin. RSK aims at adding functionality and value to the bitcoin network. And as aforesaid, Roostock is compatible with the Ethereum Virtual Machine (EVM). However, this agreement means the RSK will now go beyond Bitcoin and Ethereum platforms.