Rootstock Announces Release of Ginger Testnet

[Paleus]

Rootstock Announces Release of Ginger Testnet

RSK Labs has announced the open source release of their Ginger test network for smart contracts. Presenting at digital currency conference Consensus 2017, RSK promised to add smart contract functionality to the main bitcoin blockchain along with greater scalability and additional revenue streams for miners.

Rootstock’s smart contract network will feature a two-way cryptographic peg to the main bitcoin blockchain, providing a platform that can scale up to 2.000 tx/second on chain and 20.000 tx/second off chain. The core innovation of the Rootstock technology will be smart contract functionality. RSK Labs is intending on introducing a Turing-complete scripting language which will allow decentralized applications to be programmed on the bitcoin network.

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[kelceyott]

Rootstock Announces Release of Ginger Testnet

RSK Labs has announced the open source release of their Ginger test network for smart contracts. Presenting at digital currency conference Consensus 2017, RSK promised to add smart contract functionality to the main bitcoin blockchain along with greater scalability and additional revenue streams for miners.

Rootstock’s smart contract network will feature a two-way cryptographic peg to the main bitcoin blockchain, providing a platform that can scale up to 2.000 tx/second on chain and 20.000 tx/second off chain. The core innovation of the Rootstock technology will be smart contract functionality. RSK Labs is intending on introducing a Turing-complete scripting language which will allow decentralized applications to be programmed on the bitcoin network.

Hope this will be a good release for bitcoin, currently bitcoin has not been able to resolve the validation issues yet.

[cpfreeplz]

So basically a REAL decentralized version of Ethereum. We'll that makes sense. I'm all for it. Guess I'll just keep HODLing on for dear life. Time for everyone to dump their crappy eth.

[Nagadota]

So basically a REAL decentralized version of Ethereum. We'll that makes sense. I'm all for it. Guess I'll just keep HODLing on for dear life. Time for everyone to dump their crappy eth.

If that's implemented it'll be an absolute gamechanger, since it'll show that Bitcoin's democratic system is capable of innovation.  This would make it far superior to centralised innovation and show a new era of monetary democracy.  It would also remove the need for alts except for originally finding and experimenting with this innovation to be implemented on the master coin.

[Last of the V8s]

quotes from p14 of the 'white paper' in bold

Semi-Trust-Free Sidechains
fuck off. trust no one
well-respected community actors, such as universities
just fuck off
We plan to create tamper proof hardware
wankers
Federated checkpoints are signed by the Federation members
fuck off with your scams you shameless cunts

tl;dr rootstoock scam may be even bigger than ethereum scam and will make a lot of people very rich, and even more, very poor

[kubricktrader]

The future will be built on XTraBYteS. A 100% truly secure coin compared that POW...POS piece of Shit.

[fikihafana]

CMIIW, If i saw their code, they use ethereumj to create smart contract in bitcoin and merge mining in bitcoin (SHA256D). Is this mean it possible to use ethereumj to create smart contract in other algorithm such as X11, X13, etc. If it can, where is right code to start it?

[digaran]

Where is the code and what is rootstock? I'm hearing this for the second time, what happened to BU and Core? lol
How'd they manage 2000TX/s and what will be the size of a block? maybe 60MB.

[xtyling]

Is there going to be an ICO for rootstock ?

[d5000]

Where is the code

https://github.com/RSKSmart

and what is rootstock?

https://rsk.co/ - A group of Argentine people leaded by Bitcoin Core Security Auditor Sergio Lerner working on a smart contract sidechain for Bitcoin. A cool project, but still in its infancy.

I'm hearing this for the second time, what happened to BU and Core? lol

The kindergarden continues (SCNR).

How'd they manage 2000TX/s and what will be the size of a block? maybe 60MB.

Yes, that's a question I have myself. If they stay semi-centralized (only datacenter full nodes, mainly by "federation" members), that surely will be possible (private/consortium blockchains can manage that number of transactions) but if their goal is to become decentralized I doubt it will be possible with current hardware.

Still, Rootstock's weak point is the returning of RSK coins into the Bitcoin blockchain (the second part of the peg) is not solved and that's the "semi-centralized" part of it. Doing it in a decentralized way would most likely need an upgrade of the Bitcoin protocol (see the Drivechain proposal for a possible solution).

[rancidgash]

Hi,

I can not find on Bitcointalk RSK (Rootstock) announcement thread.. Do any exist?

As I can see, testnet is working, faucet is giving RSK (SBTC). Will these coins stay in wallets as real when the main project starts, or they will disappear?

[Paashaas]

tl;dr rootstoock scam may be even bigger than ethereum scam and will make a lot of people very rich, and even more, very poor

Whats wrong about using Bitcoins Blockchain? It's way more secure than ETH.  Rootstock offers a much better smart contract solution than ETH  

Spreading FUD about Bitcoin is lame just to protect youre ETH investment...people like you are disgusting.

Still, Rootstock's weak point is the returning of RSK coins into the Bitcoin blockchain (the second part of the peg) is not solved and that's the "semi-centralized" part of it. Doing it in a decentralized way would most likely need an upgrade of the Bitcoin protocol (see the Drivechain proposal for a possible solution).

The key-peg has been solved, it's all ok.

So basically a REAL decentralized version of Ethereum. We'll that makes sense. I'm all for it. Guess I'll just keep HODLing on for dear life. Time for everyone to dump their crappy eth.

You got that right!

[d5000]

The key-peg has been solved, it's all ok.

Can you link me to the source and the solution? I thought the state of the art is that they are using a "federation" of servers controlled by "trusted" organizations to manage the locked Bitcoins and return them to people who want to burn RSK tokens. That is not what I am calling decentralized.

I quote from their FAQ:

When a Bitcoin user wants to use the 2-Way Peg, he sends a transaction to a multisig wallet whose funds are secured by the Federation.

It seems that "the Federation" will be in control of the locked BTC even after the drivechain is implemented (that's a bit disappointing for me):

However, once Bitcoin soft-forks to support the drivechain BIP RSK proposed, unlocking funds from the peg will require 51% percent acknowledgement by the merge-mining hashing power as well. With the drivechain BIP, the merge-miners obtain veto power, and can prevent a transaction created by the Federation from spending collateral without the automatic authorization provided by the RSK blockchain.

[The One]

quotes from p14 of the 'white paper' in bold

Semi-Trust-Free Sidechains
fuck off. trust no one
well-respected community actors, such as universities
just fuck off
We plan to create tamper proof hardware
wankers
Federated checkpoints are signed by the Federation members
fuck off with your scams you shameless cunts

tl;dr rootstoock scam may be even bigger than ethereum scam and will make a lot of people very rich, and even more, very poor

Straight to the point, no beating around the bush... i love it.

[Wind_FURY]

Rootstock Announces Release of Ginger Testnet

Rootstock’s smart contract network will feature a two-way cryptographic peg to the main bitcoin blockchain, providing a platform that can scale up to 2.000 tx/second on chain and 20.000 tx/second off chain. The core innovation of the Rootstock technology will be smart contract functionality. RSK Labs is intending on introducing a Turing-complete scripting language which will allow decentralized applications to be programmed on the bitcoin network.

Is there really a need for this on Bitcoin right now? What are the current real world uses of smart contracts today? I do not believe there is one. Also 2.000 tx/second on chain and 20.000 tx/second off chain is too low. If someone does find a use case for smart contracts, what is stopping him from using the other platforms that can do more tx/s?

[testerx]

Is there going to be an ICO for rootstock ?

It runs off of bitcoin so...yeah, the ICO was mining in 2010, lol.

[d5000]

Is there really a need for this on Bitcoin right now? What are the current real world uses of smart contracts today? I do not believe there is one.

In my opinion, you are right that smart contracts are a bit "hyped" as of now and for many of the smart contract applications that are collecting funds via ICOs e.g. on Ethereum it isn't proven that they work (an example is WeTrust). But there is one use case that I have already tried out and that seems to work and provide an useful service: contracts based on price feeds ("oracles").

One of their applications are "stable" cryptocurrencies that are pegged to a real-world asset, like the BitUSD and BitGOLD that use the Bitshares platform and use a contract that's based on a "contract for difference" (CFD). Imagine these currencies based on Bitcoin - they could have a much higher liquidity and be much more useful than the Bitshares assets that are barely known or used.

Also 2.000 tx/second on chain and 20.000 tx/second off chain is too low. If someone does find a use case for smart contracts, what is stopping him from using the other platforms that can do more tx/s?

Too low? That is almost 1.000 (or 10.000) times the Bitcoin network can handle today! There are only some short stress tests on some cryptocurrencies that got similar values (I know of Bitshares, NEM, NXT, Ripple and Iota) but there never was a decentralized platform that delivered 2.000 tx/s in the wild. However, it's to be seen if these numbers are really true.

[freemanjackal]

any data of when it will be released??

[whalez]

Rootstock Announces Release of Ginger Testnet

RSK Labs has announced the open source release of their Ginger test network for smart contracts. Presenting at digital currency conference Consensus 2017, RSK promised to add smart contract functionality to the main bitcoin blockchain along with greater scalability and additional revenue streams for miners.

Rootstock’s smart contract network will feature a two-way cryptographic peg to the main bitcoin blockchain, providing a platform that can scale up to 2.000 tx/second on chain and 20.000 tx/second off chain. The core innovation of the Rootstock technology will be smart contract functionality. RSK Labs is intending on introducing a Turing-complete scripting language which will allow decentralized applications to be programmed on the bitcoin network.

Can someone please explain this to me in layman's... It's a bit complex to me and i don't seem to fully grasp the idea of it.

[anonypony]

RSK aims to bridge ETH Based contracts and BTC Based contracts. Is anyone using contracts anyways?