About

Rootstock is an EVM-compatible smart contracts platform that leverages Bitcoin's security. It enables the deployment of decentralized applications and smart contracts on the Bitcoin network, offering features like merged mining and a two-way peg with Bitcoin through "Smart BTC" (RBTC). RSK also supports interoperability with Ethereum.

Rootstock Smart Bitcoin is the native token of RSK. All of the RBTC supply is formed from Bitcoins originating from the Bitcoin blockchain, and the token is used to pay miners for transaction and contract processing.

History

RSK operates as it's own blockchain, but does not have its own native token. Instead it utilizes a two-way peg with Bitcoin, where bitcoin can be transferred onto the RSK blockchain where they become "Smart Bitcoin" (RBTC). Once on RSK, the RBTC has expanded functionality and can transact more efficiently with 30 second block times and lower transaction fees. This functionality includes the creation of new tokens secured by the Bitcoin network to fund a decentralized application or securitize traditional financial assets. RSK is a turing-complete virtual machine that is highly compatible with Ethereum compilers, tools, and Dapps.

Since Bitcoin does not support smart contracts nor native opcodes to validate external SPV proofs, RSK relies on semi-trusted third parties known as the Federation. The Federation is made up of 15 known parties who collectively lock up BTC funds and can release them. No single party can control the locked BTC and the functionality happens autonomously while the Federation audits behavior of the software that powers the nodes. In exchange for this work members receive 1% of network transaction fees.