It’s the same value as Bitcoin! Wait a minute! How can that be! Bitcoin is the Gold of Crypto! Let’s find out why… Bitcoin Second Layer? RFIOS? Now I’m perplexed. It looks like a little deeper dive is needed get ready CrytptoNutz 😉
Rootstock or RSK is Turing complete side chain (think Ethereum) that makes Bitcoin programmable! Turing complete means that you can run programs on a blockchain. Like Crypto Kitties 😼. Yes, it’s true you can run the same programs that run on the Ethereum Blockchain on RSK because it uses the same solidity smart contracts that Ethereum uses! This is great news for developers since they can reuse the same code that was used to create DApp’s on the Ethereum Blockchain, way to recycle RootStock!
RootStock can offer fantastic scaling solutions for decentralized networks everywhere, and by using solidity, they kickstarted the process, hey wait we may have some Bitcoin NUTZ soon! OK wait it’s a Bitcoin Sidechain? Maybe I can make sense of this yet! A side chain is a chain that runs on its own but ties into the Bitcoin Blockchain and wow is it fast! No more waiting 10 minutes for a confirmation, with RSK smart contract right now you can do up to 100 TPS (Transactions per second), and it’s scalable to 1,000’s and 1,000 TPS with the right tech, sweet speed, like super de duper fast 🏎 You can create POS (Point of Sale) systems that are faster than PayPal.
Now all the stuff you can do with programmable chains you can do with Bitcoin?
Oh Ya, this can change everything, and for the Bitcoin Maximalist, this should be music to their ears because a programmable Blockchain based off of Bitcoin means you can create anything you can imagine and have the strength of Bitcoin to back it up! Imagine DEX’s (Decentralized Exchanges), Token creations, games, applications, and any smart contract that you can imagine and create.
When you transfer BTC to the RSK sidechain, they become the RSK’s smart contract Bitcoin or RBTC. For the execution of smart contracts, you would consume a small amount of RBTC similar to the way ETH uses gas. The critical thing to remember is that there is the same amount of RBTC in the side chain as there is actual Bitcoin in the contract at one to one with no other cost other than very tiny network transfer fees.
There was only a private sale no public sale on November 9, 2018, a soft cap of 15,000 BTC and a hard cap of 20,000 BTC plus or minus 10%. No one knows how much was raised since the token total and token price was kept private. Maximum Supply is 1 Billion RSK it’s estimated that over 35% are already out there. RFIOS is a platform for Dapp developers that runs on top of the RSK layer. Now all the exciting stuff you hear about like ICO’s can happen with Bitcoin! Hey, watch out you may see Bitcoin NUTZ in the future wait that’s just like B-NUTZ our mascot 🥜, LOL weird!