RSK Blockchain
Smart Contracts
for Bitcoin
RSK’s goal is to add value and functionality to
the bitcoin ecosystem by enabling smart-contracts,
near instant payments, and higher-scalability.
RSK’s goal is to add value and functionality to
the bitcoin ecosystem by enabling smart-contracts,
near instant payments, and higher-scalability.
The first point of contact is through mining.
The bitcoin miners do what is known as
merged mining, securing both networks with the same
infrastructure and energy consumption.
This component connects both networks to allow the transfer of bitcoins to RSK, thereby allowing
developers to interact with smart contracts. They pay gas using the same bitcoin, the smart bitcoin.
You send bitcoin to a special address,
where they are locked in the bitcoin network.
Next, in the same address over in the RSK network,
that same bitcoin is released to the user for use
in the RSK network. This is called peg-in.
You can do the reverse operation called peg-out,
by sending your bitcoin to a special address in
the RSK network, and receiving your bitcoin back
in the bitcoin network.
Powpeg is a proof-of-work secured two-way peg
used to interact between the RSK side chain and the
Bitcoin blockchain.
Powpeg is the first Bitcoin peg to provide security
assurances based on Bitcoin's proof-of-work, making it
the most secure and permissionless peg
available today.
Bitcoin on RSK is the token used to pay for the execution of transactions in RSK. You can
convert BTC into BTC on RSK by sending BTC through the 2-way peg (both in Testnet and Mainnet), or by using
the faucet in Testnet, or exchanges in Mainnet.
For more information visit
https://developers.rsk.co/rsk/