RSK Bitcoin-Based Smart Contract Platform Now Secured by 1 in 10 Miners

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RSK Bitcoin-Based Smart Contract Platform Now Secured by 1 in 10 Miners

Post by GameOfCoins » Sun May 20, 2018 7:01 pm

RSK Labs cofounder Gabriel Kurman announced that one of ten miners now secured a smart contract solution built by the company on the Bitcoin blockchain. RSK, formerly known as Rootstock, will bring smart contracts, a key feature of the ethereum blockchain, to the world’s largest and most popular cryptocurrency, bitcoin. The news came at Consensus 2018, the fourth annual blockchain summit from May 14 to May 16, 2018, at the New York Hilton Midtown.

RSK Brings Smart Contracts to Bitcoin
The RSK Labs cofounder highlighted the impact of a significant share of the total miners in the Bitcoin network now securing smart contracts on the blockchain. He said, “It’s a major announcement for bitcoin as a whole. This [ten] percent is coming from 80 percent of the total mining pool power.”

Although the current ratio of miners currently securing the side chain is approximately one in ten, around 80 percent of all miners have pledged support in the near future. The action highlights the overwhelmingly positive response to smart contracts being implemented on Bitcoin’s blockchain. With more hash power expected to join the network in the coming months, it will also become possible to implement working smart contracts built to handle daily workloads.

Miners are rewarded for maintaining the side chain by a concept known as merge mining. ... 10-miners/

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