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RSK (Rootstock) is the first general-purpose smart contract platform secured by the Bitcoin Network. RSK is built as a sidechain to Bitcoin that rewards the Bitcoin miners via merged mining. RSKs add value and functionality to the Bitcoin ecosystem not only by enabling smart contracts but also by nearly instant payments and higher scalability. The network scales to up to one hundred transactions per second without sacrificing decentralization and reduces storage and bandwidth using probabilistic verification and fraud detection.
RSK is secured by Bitcoin hashing power through the process of merged mining. This means both networks are secured by the same computing power of Bitcoin miners. Because Bitcoin miners can mine and secure RSK chain without the need for additional hardware, mining RSK chain can provide miners with extra revenue with no extra cost.
RSK is an evolution of QixCoin, a Turing-complete cryptocurrency created in 2013. The concept of RSK was first developed in 2015, and in January 2018, RSK launched its full-featured mainnet network.
The RSK platform is part of IOVlabs, whose CEO is Diego Gutiérrez Zaldívar, a co-founder of RSK. Other co-founders of RSK include Gabriel Kurman, Sergio Demian Lerner, and Adrian Eidelman. The RSK sidechain was designed by co-founder Sergio Demian Lerner.
In 2015, the founders first launched the idea of RSK, and RSK Labs was officially founded in January 2016. In 2018, RIF Labs incorporated in Gibraltar and acquired RSK Labs. In May 2019, RIF Labs renamed itself to IOVlabs.
IOVlabs and the RSK team are located worldwide with IOVLabs main location being Gibraltar.
RBTC is the native coin on the RSK sidechain. RBTC represents a 1-1 peg to real Bitcoin and is used to pay for the execution of transactions on RSK. Users can convert Bitcoin (BTC) to RBTC by sending BTC through the two-way peg (both in Testnet and Mainnet) or by using the faucet in Testnet or exchanges in Mainnet. RSK uses their own peg technology, Powpeg. Powpeg is a proof-of-work secured two-way peg used to interact between RSK and Bitcoin.
