Rootstock: secure smart contracts on Bitcoin Â
Rootstock is a Bitcoin sidechain that aims to bring smart contract capabilities to Bitcoin, combining Bitcoin’s security with Ethereum-compatible smart contracts. It uses merged mining, meaning miners can mine Rootstock while mining Bitcoin, and offers a seamless way to interact with DeFi applications using Bitcoin-backed assets.
Rootstock was founded in 2017 by a team of blockchain developers dedicated to expanding Bitcoin’s functionality. The platform aims to create a permissionless, secure sidechain to broaden Bitcoin’s use cases beyond simple transactions. By leveraging Bitcoin’s Proof-of-Work security and supporting Ethereum Virtual Machine (EVM) compatibility, Rootstock provides developers with familiar tools for building on the platform.
The Founders of Rootstock
Rootstock was co-founded by Sergio Lerner, Diego Gutierrez Zaldivar, and Nick Szabo, each bringing unique expertise and vision to the project.
- Sergio Lerner is known for his significant contributions to the Bitcoin protocol and his work in Ethereum. As a cybersecurity expert, he played a crucial role in identifying and fixing critical bugs in Bitcoin. His vision for Rootstock was to integrate Bitcoin’s security with the versatility of Ethereum’s smart contracts, addressing real-world economic challenges.
- Diego Gutierrez Zaldivar has been a key figure in promoting Bitcoin’s transformative potential. He previously launched Latin America’s largest Bitcoin conference and founded Espacio Bitcoin, highlighting his commitment to using Bitcoin for real-world impact. His innovative approach helped turn the concepts of blockchain into Rootstock, a platform designed to foster financial inclusion.
- Nick Szabo, a renowned cryptographer and pioneer of smart contracts, provided the philosophical foundation for Rootstock. His insights into decentralized finance and digital contracts ensured that Rootstock was rooted in principles of security and decentralization.
Together, these founders combined their expertise to create a platform that not only solves technical problems but also addresses socio-economic challenges, particularly in regions like Latin America and Africa.
Rootstock — The Convergence of Vision and Technology
Rootstock’s journey is a testament to collaboration and shared vision. Under the leadership of Sergio Lerner, Diego Gutierrez Zaldivar, and with the intellectual support of Nick Szabo, Rootstock was crafted to tackle both technical blockchain aspects and socio-economic challenges. The platform’s unique approach to merged mining, smart contracts, and its two-way peg system reflects the founders’ commitment to building a secure, efficient, and user-friendly blockchain solution.
Investors and Funding
Rootstock has received support from several high-profile organizations, including Blockventure, Luxor, Collider, and Sovryn. These backers help secure the PowPeg and contribute to the platform’s development.
Establishing a new ecosystem — Rootstock’s journey since launch
Since its launch in 2018, Rootstock has operated flawlessly, solidifying its position as a robust and reliable blockchain platform. In this time, it has nurtured a vibrant ecosystem of decentralized applications (dApps), revolutionizing how people interact with financial services. Platforms like Money on Chain, Sovryn, Tropykus, and Babelfish have emerged, offering an array of services from minting Bitcoin-backed stablecoins to trading, lending, borrowing, and bridging into other ecosystems. Rootstock’s ecosystem stands out for its commitment to decentralization, offering these services in a fully decentralized manner, with no KYC requirements, making it accessible to anyone with an internet connection. This open and inclusive financial ecosystem is not just a technological achievement but a realization of Rootstock’s founding vision of fostering financial inclusion and empowerment on a global scale.
Key features
- Secured by over 50% of Bitcoin hashing power through merged mining.
- EVM-compatible for easy deployment of Ethereum smart contracts.
- Two-way Bitcoin peg (PowPeg) allows users to convert BTC to RBTC and back.
- Supports DeFi applications using Bitcoin-backed RBTC for swaps, gas fees, and more.
- Interoperability with Ethereum through a token bridge, enabling cross-chain transfers.
- PowPeg uses tamper-proof hardware security modules (HSMs) for added security.
Technology stack
- Consensus Mechanism: Bitcoin Proof-of-Work used for security.
- Blockchain Architecture: Layer-2 solution built as a sidechain to Bitcoin.
- Smart Contract Language: Supports Solidity, allowing Ethereum developers to easily deploy contracts on Rootstock.
- Notable Technologies: PowPeg for secure pegging, Optimistic Rollups for scalability, HSM attestation for added security, and Intel SGX-based PowHSMs for decentralized key management.
Project status and roadmap Current Status
Rootstock is live as a Layer-2 solution with ongoing development in improving cross-chain functionality and scalability.
Roadmap:
- Q2 2024: Expanded access with Flyover and Boltz for faster swaps.
- Q3 2024: Network upgrade for improved security and Ethereum compatibility.
- Q4 2024: Introduction of Lightning integration for peg-in and peg-out.
- Q1 2025: Faster transaction confirmations and further decentralization efforts.
Rootstock aims to build a secure and efficient environment for decentralized applications on Bitcoin, bridging the gap between Bitcoin’s security and Ethereum’s smart contract capabilities.
The story of Rootstock is a testament to the power of collaboration and visionary thinking in the blockchain world. Sergio Lerner, Diego Gutierrez Zaldivar, and Nick Szabo, each played a crucial role in shaping Rootstock into a platform that not only promises technological innovation but also offers real solutions to real-world challenges. As Rootstock continues to evolve and expand its ecosystem, it carries forward the legacy of its founders, promising a future where technology and vision converge to create a more inclusive, empowered, and decentralized world.
For more detailed information, check out the official Rootstock documentation.