We are thrilled to announce that Rootstock is now #RedStonePowered! ♦️⚡
If you want to build a data-powered dApp in this EVM-compatible, Bitcoin-powered ecosystem, we have got you covered. Our reliable and customizable Data Feeds are now available to all Rootstock Builders!
In short, Rootstock is a Bitcoin-powered, EVM-compatible Smart Contracts platform. Created in 2015 by folks who have been in the blockchain space since its inception (more on that in the Questions section below), Rootstock can surely be called one of the OG blockchains. Since its Mainnet launch on January 2018 Rootstock has already proven its reliability by staying relentless through numerous market cycles we have seen over the past couple of years.
From a technical standpoint, Rootstock is a Bitcoin sidechain. RBTC, or ‘smart Bitcoin’, is the native token of Rootstock, used to pay for transactions on the network, pegged 1:1 to BTC through the Powpeg. The Powpeg is secured by Bitcoin proof of work, leveraging the value of bitcoin as the most valuable cryptocurrency globally and broadening its applicability to all conceivable dApp use cases. Over the years the Rootstock network has also introduced a lot of usability improvements for Bitcoin including faster transactions and better scalability.
Cooperation with RedStone
RedStone now provides Rootstock’s Builders with Data Feeds for +1100 assets: prices of cryptocurrencies, stocks, commodities, on-chain reputation, and much more. Builders can also use our Custom URL feature to plug in any API and use the data in their Rootstock Smart Contacts instantly. We are well-positioned to be the cornerstone of a new wave of data-powered applications, leveraging the security and robustness of Bitcoin through Rootstock’s infrastructure.
Questions to Sergio Lerner – Rootstock Co-Founder
Q1. How did you get into the web3 space?
I didn’t “get” into the web3 space. It was more like the web3 space was created around me, with me already inside of it. Back in 2008 I researched and worked to build a peer-to-peer fair gaming platform. This platform enabled users to freely and securely play p2p poker. This is the kind of project that can only flourish together with a strong and global web3 infrastructure because it requires many decentralized components: domain resolution, communications, hosting, and payments. In 2011 I was actively researching decentralized currencies to enable betting and gambling without intermediaries. This led me to create the proof of concept of the first Turing complete smart contracts platform back in 2013, and the first usable implementation of state channels in 2014. The cypherpunk ideals of anonymous identities, private digital cash, and decentralized websites were something I was expecting to happen. Some things materialized quickly (like Bitcoin) while others are still a distant dream.
Q2. What are the beginnings of Rootstock?
In 2015 I was working on the improvement of Bitcoin and exploring alternate designs of cryptocurrencies. I had designed one of the first DAG-based consensus protocols, and I was into Bitcoin sidechains. But I was focused on the technical and security challenges, not very aware of the transformative social force that Bitcoin can be.
But in 2015 it all changed. I met Diego Gutierrez Zaldivar and Gabriel Kurman who taught me about how Bitcoin can uplift people from poverty through financial inclusion. I met Adrian Eidelman and Ruben Altman who had vast experience in software development and wanted to be part of the Bitcoin revolution. And also Adrian Garelik, who wanted to build a lasting Bitcoin community spirit. Together we built Rootstock, the first Bitcoin sidechain. And we never stopped building since then.
Q3. What excites you the most about what you’re building?
A large part of my life I worked in computer security but what really gives me joy is algorithm design and optimizations. The computer security mindset is one of ordinary paranoia. Not very healthy. I like the mindset of discovery. Therefore I’m most excited by blockchain scalability, especially when it is connected with real use cases: how can this technology be stacked and built in layers to serve one billion users. I may get equally excited when saving a few microseconds in computation as well as watching a whole new scalability paradigm emerge. My recent work has been on storage rent, parallel transaction processing, and state database optimizations.
Q4. Where do you see Rootstock in 3 years from now?
Rootstock was built to last. It is strategically aligned with Bitcoin in many ways. It provides the most decentralized DeFi for Bitcoin platform as no other blockchain can. It incentivizes Bitcoin mining and it also provides tremendous value to Bitcoiners, although not all Bitcoiners can see it right now. Rootstock was built to be here in the next 20 years to support the Bitcoin security budget in case the Bitcoin subsidy and transaction fees cannot provide enough security. Regarding Rootstock’s position as a platform for financial inclusion, it brings unmatched value to the unbanked who may now transact in Rootstock using stablecoins collateralized in Bitcoin, without relying on centralized third parties. There are still risks related to the laws and regulations surrounding smart contract platforms that have not been defined. This will change in the upcoming years.
As the ecosystem heals from the damage caused by centralized scammers, and Bitcoin becomes more and more of a store of value, I envision the continuous growth of Rootstock and its community.