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Rootstock
Smarter Bitcoin. A look at the RSK White Paper.
BlockchainHub■ Stefan Kliment ■ August 29, 2016
Video: What is RSK?
Introduction to RSK
Introduction to RSK
A little background info
• “Smart contracts” first introduced as a concept in 1993 by Nick Szabo
• Rootstock serves as a smart-contract platform that incorporates a Turing Complete Virtual Machine to Bitcoin
• Also provides faster transactions and better scalability
Introductionto RSK
A little background info
• RSK is an evolution of QixCoin, created in 2013
• Near instant confirmations: 300 tps, confirms payments in less than 20 seconds
• SHA-256D merged mining
RSK as a Bitcoin Sidechain
RSK as a Bitcoin
SidechainMoving on to the hot stuff
• BTC transferred into RSK blockchain become “rootcoins” (RTC). Essentially BTC living on the RSK blockchain
• Can be transferred back anytime at no additional cost (standard RSK tx fee)
• RTC: base currency used to pay miners for tx and contract processing
• No currency issuance: all RTC created from BTC
RSK as a Bitcoin
SidechainMoving on to the hot stuff
• Turing-complete Rootstock Virtual Machine (RVM) allowing smart contracts
• Average first confirmation after 10 seconds
• Safe merged mining combining PoW with federation (threshold-signature based)
• Low-delay fast relay backbone into peer-to-peer network
• Two-way pegging with sidechain (currently federated, later fully automated)
RSK as a low-cost BTC payment network
A low-costBTC payment
networkSave some dough
A low-costBTC payment
networkSave some dough
RSK Use Cases
RSK Use CasesOk. And why is this interesting?
• Micropayment channels: secure low valued payments without fees for each tx, only when channel is closed
• Hub-and-spoke networks allow mutually untrusted users to make low-cost one time payments to and from third parties with minimal trust
• Peer-to-peer distributed exchanges
RSK Use CasesOk. And why is this interesting?
• Retail Payment Systems: BTC adopted globally for everyday retail transactions
• Escrow Services: oracles sign (or don‘t sign) a transaction defining whether it should be executed (or not) without touching funds under escrow
• Crypto-asset creation (“altcoins”)
RSK Use CasesOk. And why is this interesting?
• Asset Securitization: creation of digital tokens backed by real assets (shares, debt, any other asset)
• Decentralized remittances
• IP protection / registry
• Voting system: RSK allows the creation of digital votes
• Micro-lending
RSK Use CasesOk. And why is this interesting?
• Supply chain traceability: digital wallets allow for tracking and tracing physical locations of a product
• Online reputation & digital identity
• In-game global currencies: BTC as RSK coins, spendable in other games
• Internet gambling / prediction markets / fair-playing
RSK Technology Overview
RSK Technology
OverviewUnder the hood
• Turing-complete resource-accounted deterministic virtual machine for smart contracts
• Two-way pegged Bitcoin sidechain for BTC denominated trade
• Hybrid merge-mining / federated consensus protocol for consensus security and low-latency network for fast payments
RSK Technology
OverviewUnder the hood
• RVM: independent, compatible with EVM (at opcode level)
• Provides Ethereum users possibility to run projects with security of the Bitcoin network
• Planned: new opcodes for fast int32 arithmetic and better just-in-time compilation for enhancing performance
RSK Technology
OverviewUnder the hood
• A sidechain is an independent blockchain, native currency is pegged to the value of another blockchain by using proofs of payment
• Two currencies can be exchanged freely, automatically and without incurring in price negotiations
• BTC are locked in Bitcoin and the same amount of RTC are unlocked in RSK, vice versa
RSK Technology
OverviewUnder the hood (Or: what the hell
is going on here?)
• Dynamic Hybrid Merged mining / Federation: DECOR+ block reward sharing scheme. GHOST rule counts uncles as normal blocks and secures best chain. BTC mining efficiency is maximized
• Please dig into white paper for more on this
RSK Technology
OverviewUnder the hood (Or: what the hell
is going on here?)
RSK Technology
OverviewMore fancy words. Really, pleasehave a look at the white paper.
• DECOR+ protocol
• Two Stage Block Propagation (2SBP)
• Push Missing Transactions Protocol (PMT)
• Delayed Transaction Inclusion Heuristic (DTI)
• Immediate Block Header Propagation (IBHP)
• Two Prioritized Streams for each Connection Protocol (2PSC)
RSK Technology
OverviewMore fancy words. Really, pleasehave a look at the white paper.
• Mining on Unverified Blocks Heuristic (MUB)
• Local Route Optimization Protocol (LRO)
• Re-using of the Bitcoin Mining Network
RSK Technology
OverviewUnder the hood
• Transaction Privacy: RSK itself does not provide better transaction privacy than Bitcoin, relies on pseudonyms. VM: CoinJoin or AppeCoin can be implemented securely
• Scalability: far beyond Bitcoin in its current state. RSK requires a fifth of the size of a standard Bitcoin payment, block payload per time interval 8 times higher, 50% less bandwidth than Bitcoin since blocks do not contain tx data but only references to known tx
Conclusions
ConclusionsIs this the end?
• RSK is the culmination of 4 years of blockchain technology improvements, making use of the best features of programmable money and payments while increasing the value of BTC
• Developers can create personal and corporate decentralized solutions that run on the most secure network worldwide with low tx cost
ConclusionsIs this the end?
• Bitcoin miners can participate in the smart contract market, ensuring sustainability of the mining industry
• Broaden the base of miners strengthening Bitcoin’s network security
• Development of a decentralized, instant and inexpensive financial system
Follow RSK
Rootstockrsk.co
@RSKSmart