RIF Labs’ Rootstock RSK Blockchain Smart Contract Network Showcases 51% Attack Strength
RSK recently celebrated its first anniversary with several notable achievements. For starters, it entered into over 50 partnerships with many notable figures and companies. It also increased its merge-mining hashrate from a paltry 40% to 45%. Most notably, however, it has officially become the most secure smart contract platform in the industry.
By surpassing 45% of the hashing power of the #Bitcoin Network, RSK becomes the most secure #SmartContract network and the second most secure #Blockchain in the world 🌱🙌🏻🚀
👉🏻 Read more at https://t.co/zm9PIfcwoe pic.twitter.com/lOJp0K3f6c
— RSK (@RSKsmart) February 14, 2019
It will now cost about $112,000 per hour to execute a 51% attack on the RSK platform. This is according to data collected by Crypto51, a platform that collects and compiles data from all the major cryptocurrency websites. In contrast, it costs about twice that much to execute a 51% attack on Bitcoin. It would also take a lot of resources to execute such an attack, which makes it discouraging for potential hackers.
Consequently, RSK has also become the ideal network for developers to securely create dApps. The company's CEO, Diego Gutierrez, has taunted its capabilities in a recent press statement. He said,
“With Bitcoin miners able to secure both the Bitcoin blockchain and associated sidechains at essentially no added cost to operations, not only can these layer-2 solutions be confidently built out, but it facilitates the development of layer-3 services -— such as RIF OS — which will be vital to scale Bitcoin and RSK to service tens of millions of users while providing peer-to-peer financial services, secure messaging, data storage, and other forms of decentralized services powered by Bitcoin.”
The Root Infrastructure Framework Open Standard (RIF OS) provides developers on blockchain as well as other platforms with software libraries and P2P infrastructure services to help with production.
The company has also set its sight on the Internet of Value. Mr. Gutierrez was very particular about this in his recent press release. He said,
“The new Internet of Value is emerging, and its future is brighter than ever as evidenced by the incredible progress the Bitcoin ecosystem had over the past year.”
The company has also been boosting its financial transaction and payment systems. It recently improved its security by developing double-spend protection for high-value transactions. It takes 30 minutes to confirm these payments, time during which everything is verified to prevent fraud. How this works is quite simple.
It uses RSK nodes to monitor RSK Block tags on their corresponding Bitcoin blocks. This enables the platform to detect any hidden chains and other elements that may pose a security threat. This innovative measure has helped solve a persistent problem that has always existed in merge-mined sidechains as well as their main chains.
RSK is a platform created by RIF Labs about one year ago. Its parent company endeavors to develop advanced blockchain-based solutions to existing problems in the financial industries. It is driven by a team of some of the best developers and experts in related fields. Its board is also made up of notable figures in the cryptocurrency world.
Its latest production, the RIF OS, is bridging gaps between Blockchain and other platforms. It is also bridging gaps between itself and Bitcoin and other major cryptocurrency and smart contract platforms.