One-Year Anniversary of the First Bitcoin Sidechain from RSK Lab’s RSKSmart Mainnet: Recap
The RSKSmart mainnet launched one year ago today at the behest of RIF Labs, an organization led by the RSK Labs founding team. This sidechain has made significant progress throughout 2018 in spite of the ongoing depreciation and uncertainty in the markets. It now celebrates its first anniversary by highlighting some of its greatest milestones so far.
So, exactly what has RSKSmart mainnet achieved thus far?
Hardware Security Modules
For starters, the RSKSmart mainnet has successfully developed and deployed hardware security models to the sidechain’s federation members. This has been done to bolster security for the collection of Bitcoin held by these members. It will also facilitate the flawless operation of the two-way peg between the main chain and sidechain.
The RSKSmart mainnet sidechain is powered by Smart Bitcoins (RBTC). RBTC is pegged to the original Bitcoin at 1:1. Smart Bitcoins went live and are already listed in several major exchanges including Bitfinex, Huobi, and Bitso. This has further fueled the sidechain’s growth as it has made it easier for developers to obtain smart bitcoins.
Merge-mining involves ensuring the security of both the main chain and sidechain by miners. The RSKSmart mainnet has achieved this and in the process increased its hashrate from about 5% to over 40%.
Over 50 Partnerships
The RSKSmart has attracted many partners since its inception at the beginning of 2018. It has forged over 50 partnerships including with iconic brands such as OakNode, a node hosting service provider, and BitGive philanthropic ventures, among others.
Over 2,900 Commits
Interested people from across the world have left over 2,900 commits on the RSKSmart GitHub repository since its inception. This makes up about 15% of all commits made to the Bitcoin Core since its inception.
RIF OS Launch
RSKSmart also supports the launch of the Root Infrastructure Framework Open Standard (RIF OS) designed to provide a range of P2P infrastructure services. It also offers access to libraries with a host of resources for streamlining the development of decentralized applications on the RSK network. It should also be mentioned that the launch of the RIF OS also coincided with the launch of RSKSmart’s RSK Name Service (RNS).
Looking Forward to 2019
The RSKSmart is looking forward to an eventful future as 2019 kicks off. Sergio Lerner, the Chief Scientist at RIF Labs, said that the sidechain’s main focus in 2019 will be developing more RIF OS-compatible service providers. This, he says, will help bring the “internet of value” a step closer to fruition, and with it the potential to bridge the existing financial inequality gaps across the world. This, however, will not be all the sidechain will be doing.
The RSKSmart mainnet will also be implementing a wide range of protocols for the RIF OS including data storage, off-chain payments, data feeds, and secure communications. Most importantly, however, RSKSmart will be working on collaborating with other chains to contribute to the ongoing Blockchain scaling efforts – it will concentrate its efforts on the scaling solutions presented by Shrinking-Chain.