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Frequently asked questions

Here you will find the most frequently asked questions about RSK, its vision, technology and other aspects

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What is RSK?

RSK is the first general purpose smart contract platform secured by the Bitcoin Network.

What is a smart contract?

Smart contracts are contracts whose terms are encoded in  computer language instead of legal language. Smart contracts can be executed by a computing network such as RSK, so that the terms of the contracts are automatically enforced by a protocol that all nodes in the network follow.

A smart contract can be fully autonomous if all the objects referred (such as currency, payments, obligations, property titles, assets, licenses) have a digital representation in the platform. When there is no such digital representation for an object, a smart contract can also refer to itself and react to changes in its state though special gateway nodes called oracles -that provide external information to the blockchain. A smart contract also has access to time with minute precision, so time-restricted conditions can be represented.

 

A few examples of smart contracts are:

Micro-lending

Distributed voting systems

Machine to machine payments

Decentralized exchanges

Asset tokenization

Supply chain tracking

Loyalty and rewards

Micro-insurance

Crowdfunding

Property registry

Escrow services

Transparent public tenders

Remittances

What is RSK’s vision?

There are more than three billion people in the world with poor or no access to the basic financial services necessary to participate and thrive in our society. Bitcoin was created to provide individuals with economic freedom and to set the foundation for the construction of a new Internet that could facilitate the transfer of value. The RSK Smart Contract Network was created as a means to bring this vision to life and to enable prosperity and equality around the world.

What is the current state of the project?

RSK MainNet network was released in early January 2018. The latest major version is called Orchid. All the necessary project information plus the “getting started” guide can be found at our GitHub repository. https://github.com/rsksmart

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