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Smart Contract Federation Launched by RSK Labs




The Federation will promote smart contracts secured by Bitcoin.

RSK Labs unveiled a federation supported by some of the top virtual currency companies to promote smart contracts on the bitcoin blockchain. Approximately 24 companies have expressed interest with the list growing every week.

The RSK Federation was created by the Buenos Aires startup, Rootstock, which is the first Turing-complete platform to run Ethereum smart contracts secured by Bitcoin. Companies such as BitPay, Blockchain, Jaxx, and Xapo will provide services necessary for smart contracts.

"The federation is going to provide several key elements and services to develop real use cases of smart contracts," Rootstock co-founder Gabriel Kurman said in an interview with CoinDesk.

With the recent DAO attack, security has become a top priority in the development of the smart contracts and building a secure platform.

“Technically, what we would like to achieve is a system that can withstand the type of attacks that have been documented in the security and cryptocurrency community,” Sergio Lerner, RSK chief scientist, told the IBTimes UK. "So we have a backup system in the event that the miners have any problem with mining. Then the federation can take over and continue mining with a backup system.”

Lerner explained the platform would include “security checkpoints” for miners and the federation to help each other out in case backup is needed.

The development team confirmed their support for many different open source platforms. They also want to create a platform compatible with Ethereum. The post states: 

“For this reason, we decided to make our virtual machine (RVM) completely compatible with Ethereum’s VM. We admire all the people and their effort devoted to developing this standard.”

Diego Gutierrez Zaldivar, RSK Labs CEO, told IBTimes UK:

“Another was to merge mine with Bitcoin to align the interests of the mining community, and the last decision was to keep full compatibility with Ethereum at all times, so the development community doesn't have to make a hard choice between one platform or the other. We harm the whole ecosystem by not working together; we should understand that all our goals are bigger than individual efforts."

Zaldivar mentioned that working against each other will only ruin the ecosystem. Instead, working together would be beneficial on a larger scale than just for the individual needs.

"There is also the network effect of having seamless smart contracts platforms, not splitting between different compilers,” Lerner adds.

Danielle Meegan

New Hampshire native Danielle Meegan is a writer based in Los Angeles. She has been published in a couple of sports and entertainment magazines and newspapers throughout the years and has dabbled with multiple virtual currency exchanges to understand the 'ins and outs' of trading. Danielle has invested in over 15 different virtual currencies, including Ether.

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