What Is RSK Smart Bitcoin (RBTC)?

RSK describes itself as a full-technology stack created on the top of Bitcoin. The stack has been designed to establish an inclusive and fair financial system. According to its whitepaper, RSK is evolved from two platforms, Ethereum and QixCoin. QixCoin is a cryptocurrency that introduced the idea of pay per execution which is presently known as a transaction "gas." RSK is compatible with Ethereum tools, compilers, and dApps (decentralized applications). RSK consists of a two-way peg to Bitcoin to allow bitcoins to flow in and out of RSK. When Bitcoins get transferred to the blockchain of RSK, they transform into “Smart Bitcoins.”

RSK strives to add functionality and value to the Bitcoin ecosystem by allowing smart contracts, better scalability, and instant payments. The primary point of contact of RSK with Bitcoin is through merged mining that safeguards both networks with the same energy consumption and infrastructure. RSK enhances the Bitcoin network by implementing complicated transactions that are paid using Bitcoins, thereby assisting the Bitcoin ecosystem in developing and contributing to its long-term sustainability. RSK seeks to offer a smart contract forum to benefit the Bitcoin ecosystem's community and key stakeholders. Also, RSK enables BTC to be accepted globally for regular retail transactions.

In addition, its whitepaper states that RSK allows the creation of an open, secure, decentralized, and reasonable blockchain-built financial system that can create opportunities and inclusion for billions of people who are financially weak in the world. Through fast confirmations, the platform aims to provide a better payment experience. RSK offers a great number of transactions per second needed to succeed within the retail market.

Furthermore, RSK enables the creation of crypto items such as altcoins, tokens, etc., secured by the Bitcoin network. These crypto-assets act as security tokens, utility tokens, or loyalty points. RSK allows the building of digital tokens supported by real assets that can be employed to digitally issue debt or commercialize shares or any other asset.

RBTC is the native token of the platform employed for paying to execute transactions on RSK. The token is used to pay miners for contract and transaction processing. All the RBTC tokens are formed from Bitcoins originating from the Bitcoin blockchain. The RBTC token is employed as gas for paying for smart contract implementation on the network. Users can use DeFi protocols and wallets in the RSK ecosystem to obtain RBTC tokens.

History of RSK Smart Bitcoin (RBTC)

RSK Labs was founded in 2015 with an aim to develop the reference execution of the RSK protocol. The launch of RSK Mainnet took place in 2018. Moreover, the platform QixCoin was created in 2013 by the RSK founders. As mentioned in its whitepaper, RSK managed to have more than 40 percent of Bitcoin’s hash rate as of January 2019. This resulted in making RSK one of the most secure smart-contract platform in terms of energy invested in securing the blockchain. The whitepaper of RSK was published by Sergio Demian Lerner on January 29, 2019.

The total supply of RBTC tokens is twenty-one million.