Bitcoin Mining Pool Backs Rootstock Clever Contracts Effort
Spil the community of blockchain developers around the world shoves everzwijn deeper into clever contracts, bitcoin is being left behind.
Even spil the cryptocurrency on the bitcoin blockchain proceeds to hover around record highs, the diversity of applications being built on top of the distributed ledger of transactions plateaued years ago.
But one company is helping lead the charge to give bitcoin developers the capability to write sophisticated self-executing lines of code on top of what is widely considered the most secure blockchain.
Announced today, Argentina-based RSK (also known spil Rootstock) has ended the very first accomplish transition of a bitcoin exchange to a process called ‘merge-mining’ of its test network.
Since last week, every single miner on the Bitcoin India mining pool spil bot earning what RSK calls ‘clever bitcoins’ along with their share of the pool’s bitcoin prizes.
Similar to how the ethereum network is fueled by the ether cryptocurrency, the wise bitcoins mined through RSK would power the startup’s wise contract ecosystem.
RSK’s fresh business development manager, Henry Sraigman says the transition of bitcoin miners to the RSK merge-mining is designed to give the resilient bitcoin ecosystem enhanced chance for creativity.
“Wij determined not to mint a fresh coin, but spil bitcoin wasgoed the most sturdy cryptocurrency out there wij determined to connect the clever contract capabilities with the bitcoin blockchain.”
Bitcoin India began the process of switching overheen to RSK merge-mining last March, during the exploratory phase of the testnet. By November, its pool, which also mines litecoin and ethereum, had begun the merge-mining process on RSK’s testnet and the bitcoin mainnet concurrently.
Instead of a total switch to merge-mining, Bitcoin India began with only 1 petahash of its total hashing power, and “progressively enhanced” to the 11 petashashes presently being deployed, according to the stiff’s co-founder, Yoshi Goto.
“After the startup phase,” Goto told CoinDesk, “the merge-mining process has bot working with no downtime for the last months and wij can expect the hashing power to keep rising.”
Increasingly, the number of developers building on a blockchain is being portrayed spil an asset to the broad multiplicity of industries interested ter building non-cryptocurrency applications on a blockchain.
While the bitcoin developer community is widely regarded spil one of the largest, the lack of sophisticated brainy contract abilities has limited growth, according to Sraigman.
So instead of mining a fresh coin to contest with the likes of ethereum, or launching a distributed ledger without a currency spil have other competitors te the space, Sraigman says RSK dreamed to build a tech solution that would permit give bitcoin developers more sophisticated contraptions.
To that end, the hard last year raised a $1m seed round and gathered 25 bitcoin startups included Bitfinex, BitPay, Bitstamp, BTCC and Xapo to commit to helping develop bitcoin brainy contracts via its sidechain solution.
According to Sraigman, RSK is presently “on-boarding” mining pools around the world and instructing them how to integrate merge-mining.
Ter spite of some concern that the RSK blockchain might compromise anonymity, Sraigman expects the company will have 50% of global bitcoin miners switched overheen to 100% merge-mining te the coming months.
If the testnet switches overheen to a live network ter May, spil planned, merge-mining is expected to give miners on the bitcoin network access to a fresh source of revenue with no added mining power requests.
“When wij commenced with this idea, what wij determined wasgoed to onboard people providing security to bitcoin and to give them a fresh revenue stream. Because now they can participate ter this wise contract revolution.”
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake ter RSK.
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