Bitcoin, the world’s largest and most secure cryptocurrency, remains the most popular and widespread digital currency across the globe. However, with the rise of blockchains and the constantly developing technology, it began to lack in practicality against other cyber money, especially Ethereum.
Ethereum has been becoming increasingly popular over the past few years due to its open-source blockchain-based platform used for the distribution of smart contracts. Its main advantage- decentralized machine, known as Ethereum Virtual Machine (EVM), which allows developers to execute smart contracts, or scripts, across the global network of public nodes. Whereas Ethereum allows running of applications in a decentralized way, bitcoin enables only basic scripting.
However, RSK Labs, otherwise known as Project RootStock, the first open-source smart contract platform, introduced a sidechain that creates room for decentralized application, acting on top of the bitcoin blockchain, making it two-way pegged to the most popular cryptocurrency. The RSK assumed a leading position from the start since it opted to use the most secure and financially viable blockchain- bitcoin. Instead of inventing yet another cryptocurrency, the RSK decided to harvest the existing benefits of bitcoin, including its size and security.
This, in turn, made its backward compatible to Ethereum since now bitcoin users can script smart contracts while earning bitcoin at the same time in a decentralized way while exploiting currently existing knowledge.
RSK’s Ginger is an open source testnet, a tool that “adds more functionalities to the Bitcoin network such as smart contracts, greater scalability and a new revenue stream for miners,” according to the official release statement. Ginger promises developers an incredibly high speed – 2,000 transcripts per second on chain and staggering 20,000 transcripts per second off chain. Meanwhile, Ethereum offers only 15 transactions per second, making Ginger and incredibly more efficient tool for cryptocurrency users.
The new bitcoin platform promises to keep up revolutionizing the usage of bitcoin technology while adding new features that can simplify and better the way people use bitcoins. The company’s main focus is on bringing change through liquid democracies and building the Internet of Things.