Hello there. Recently, interest in rootstock to implement bitcoin's smart contract is hot. And a private pre-sale is going on. I will share the information that I have learned about this.
RSK
Bitcoin (BTC) is scripted and has the advantage of being more stable through this simple structure, but it is difficult to perform smart contracts or other operations because of the presence of state values and Turing incompleteness
So, as a sidechain, RSK is an independent blockchain. However, it does not have its own token, relying instead on bitcoin for its currency.
RSK does this by pegging, or matching, its smart token to bitcoin, so that the value of an RSK token is exactly that of a bitcoin. Also, users (and this is the 'two-way' part) can freely move their tokens back and forth between the two chains.
Essentially, a user's bitcoin goes into a type of reserve where it is locked up, and then used to back the RSK token, known as smartBTC. You can think of it as putting your bitcoin into a checking account, and then using the RSK network to spend that money.
RSK networking process
- Locks the bitcoin of the current bitcoin (BTC) chain.
- A "Smart bitcoin(SBTC)" is generated in a 1: 1 ratio in the rootstock (RSK) chain.
- Use "Smart Bit Coin" to do smart contract or other work. The fee will be borne by the SBTC
- The work of 3 proceeds by bitcoin mining. The fees incurred here are rewarded by the minor.
- When the mining and block creation is complete and all work is done "lock" the SBTC and "unlock" the locked BTC in the BTC chain.
RSK Token?
There is no "never" RSK token in the above proofs.
Rootstock refers to a project that creates a side-chain of bitcoins and conducts smart contracts within that chain. The cost for smart contracts generated by smart bit coins is used as a smart bitcoin. It operates in a different way from Neo gas.
Roostack CEO Diego's answer to the question "Do Rootstark Tokens Exist?"
No. The RSK platform uses Bitcoin as its native currency. A 2-Way Peg between Bitcoin blockchain and RSK blockchain ensures a fixed conversion between BTC and SBTC. (1 SBTC = 1 BTC).
In addition, in the interview below, he replied:
https://www.bitsonline.com/rsk-ceo-platform-launch/
DGZ: RSK made a strategic decision of not issuing its own token to avoid misalignments with the BTC ecosystem. For that reason, it went the traditional fundraising route through private strategic investors that not only provided money but also support to grow the RSK ecosystem. RSK is well funded to achieve its purpose of bringing smart contracts to BTC
In Bounty, the rootstock team pays points based on the resolution of the problem, pays the points in dollars, and there is no mention of RSK tokens.
Private presales to receive RSK tokens?
A, [14.01.18 00:09]
[In reply to Diego Gutiérrez Zaldívar]
Then Can I understand that all pre-sales are SCAM?
r there no secret presales in progress? Cuz Ive been receivin many info from various channels that RSK is sellin to biz organization unofficially,,,
Diego Gutiérrez Zaldívar, [14.01.18 00:14]
I'm not sure if their actual intention is to scam people or come later to us and collectively negotiate but what I'm sure is they don't have our authorization to do that
B, [14.01.18 00:29]
[In reply to Diego Gutiérrez Zaldívar]
Hi, Diego, what do you mean??? will you allocate some voluems to a a certain company later?
B, [14.01.18 00:34]
[In reply to Diego Gutiérrez Zaldívar]
Do you have any in Korea you have contacted before? you mgiht be allocating some volumes to them for pre-sale? If they could have priority before any sale, we would have already missed the opportunity. Really sorry to ask the similar questions.
Diego Gutiérrez Zaldívar, [14.01.18 09:45]
[In reply to B]
B nobody is missing any opportunity when we have more clarity on the project everybody will have the opportunity to participate, we only ask for patience
B, [14.01.18 09:46]
thanks!! we will wait
Will the rootstock token be issued in January or February?
Here's Diego's answer.
Answers to mail
"We do not plan to proceed with ico," and then "any news about the new project will tell you through the official channel."
If there is a plan for a private sale in the future, it should be said that we will release the ico and private sale plans in the future.
Money already raised?
There is a project named IOV in the next project of the rootstock team. Perhaps the people who fooled people and said that they gave non-existent RSK tokens would probably claim that it is rootstock.
The actual Chinese ico site raised about Rootstock, but actually raised the IOV, not the RSK.
However, the rootstock team did not give anyone the right to sell IOV.
Three lines summary
- The rootstack chain does not write RSK tokens. In the chain we only use BTC and SBTC for pegging (1BTC = 1SBTC).
- Roostack CEO has never given anyone the right to sell.
- Roostack CEO: Do not rush based on FOMO.