A sidechained smart contracts RSK support 10% of bitcoin miners

Monday at the conference of Consensus 2018 RSK startup behind the technology, able to bring a complete smart contracts into the Bitcoin, revealed new information about the number of miners who supported the experimental idea of its computational power.

For the first time a sidechained RSK was launched at the end of last year. However, he was not tied to Bitcoin «does not require trust» method, which was originally promised. On the contrary, anyone who wants to move your bitcoins to a sidechained, need the approval of the group «Federation» of third parties.

Co-founder of RSK Labs Gabriel Kurman (Kurman Gabriel) argues that the support of the miners is quite impressive, as it demonstrates support for the concept that can improve the functionality of Bitcoin. He notes:

«This is a major event for Bitcoin as a whole. We are supported by 10% of miners, which are 80% provided the largest mining pools».

Although currently only a small part of the entire network supports a sidechained, about 80% of miners have already promised support in the future.

«Over the next months the percentage of hashing power will increase significantly,» — said Kurman.

In General, it is beneficial for the miners, as a sidechained makes possible «combined mining» (merged mining) is a process that allows miners get transaction fees by adding their hashing power to a sidechained using the same equipment, electricity and power, which are already being used for mining bitcoin.

«RSK receives tremendous support from the community of miners, because it creates a new revenue stream,» said Kurman.

«Smart bitcoins»

In addition, the sidechained RSK is capable of processing more transactions than now handles Bitcoin. Network RSK uses what the company calls «smart bitcoins» — a separate version of bitcoin with the capabilities of smart contracts that allow better scaling.

«The network RSK you can handle «smart bitcoins» at 100 transactions per second,» said Kurman, pointing to the technology of «compression», developed by RSK, which reduces the total amount of data stored in the blockchain.

Despite this improvement, Kurman notes that this is not enough of the technology to the level of mass use. He admits that sidechained still have problems with the scale faced by many modern blackany. But the team is working on resolving them.

Project Lumino, which Kurman describes as a «combination» of these two networks able to work with the RSK. Kurman said the final touches in completing the project to perfection will not keep itself waiting long.

«Until the end of the year we hope to launch the Lumino network, which will allow to process 20,000 transactions per second.»

Extension

Kurman noted that the team’s RSK was joined by two of the company. One of them — the Inter-American Development Bank, which includes Argentinian bitcoin NGO seeking to improve access to financial services in Buenos Aires. NGO working to use RSK for the last two years, although Kurman did not specify how exactly the company plans to use the network.

The second is the BitGive Foundation, a charitable organization that uses the technology of the blockchain and bitcoin for international charity.

Kurman said that BitGive is interested in using the RSK sidechained to increase «transparency to donors through the application of smart contracts.» According to him, the accession of new partners shows that more and more businesses are beginning to see the benefits of bitcoin and introduce the technology into their work.

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