What is Bitcoin Rootstock?

I know It has something to do with Smart contracts and I believe this is a first for bitcoin. I found out that the release should take place in 6 days so In simple terms, what is it and is it for the regular users or mostly developrers (In other words, how useful is it?)

Might wanna start here -> http://www.rsk.co/

Quote from: Lutpin on May 15, 2017, 11:17:06 AM

Might wanna start here -> http://www.rsk.co/

I did check the URL, before you gave it to me but I still didn't get a few things, unless not with a simplified explanation.

Rootstock is a smart contract platform implemented as a sidechain of Bitcoin. It provides a similar functionality than Ethereum, but using a token that is pegged to Bitcoin - so it doesn't affect Bitcoin's value/price because it's not competing with it.

A sidechain is an independent blockchain, but it provides a "link" to the Bitcoin blockchain. In the case of Rootstock we are talking of a "pegged" sidechain. That means that the value of the token (unit of value, "coin") of the Rootstock blockchain is pegged 1:1 to Bitcoin's value (1 RSKBTC = 1 BTC).

How does this work? Well, first for every token created in the RSK blockchain a Bitcoin is "frozen" on the main Bitcoin blockchain. That means that they cannot be moved or used while they are frozen. So there are never more RSK tokens than frozen Bitcoins - the Bitcoins are "backing" the RSK tokens. This way, you can transfer Bitcoins easily to the RSK blockchain.

The trickier part is the other way around - "redeem" RSK tokens for Bitcoins. That is an important mechanism for the peg to work, because it ensures that you get a Bitcoin for a RSK token every time you need it.

For this to work, the RSK coins must be "burnt" or destroyed and the account who "froze" the Bitcoins on the main chain then can "liberate" the Bitcoins again. You destroy a RSK token and get a Bitcoin from this account.

This is not possible in a decentralized way still (there is a Bitcoin "opcode" or "command" missing), so RSK's strategy for their first release is to have a "consortium" of different organizations controlling that Bitcoin account that "freezes" and "unfreezes" the Bitcoins that are transfered to and from the RSK sidechain. These organizations then decide to "unfreeze" the Bitcoins if they detect the RSK tokens have been burnt.

(I hope that was simple enough and reasonably correct.)

Can anyone advise some tutorials / getting started guides for Rootstock development? I could find only there white paper and nothing more.

Thank you d5000.That was very informative.
I heard about Rootstock a few days ago and i thought it was something related to ethereum.
Is there a way for us regular bitcoin users to get some benefit from using this sidechain?

Quote from: davis196 on May 18, 2017, 04:55:52 AM

Yes, but it depends on the acceptance/adoption of Rootstock.

For example, as a merchant you could accept the RSK pegged sidechain coins, and your clients would benefit from faster transactions and lower fees. Or if you are using a service like an exchange and that exchange decides to accept the RSK coins, you can benefit from it swapping your coins to the sidechain.

Obviously, you will have to run a modified client.

But if Rootstock coins are not accepted by major exchanges, merchants and payment processors, then the use cases are limited. You could experiment with the smart contract feature and port Ethereum Dapps to RSK, but that is more a thing for businesses. We'll see. As a regular Bitcoin user, however, obviously you could then invest in these new dapps/Daos/whatever.