The RSK project is carrying on with its legacy of Bitcoin pioneers by establishing Turing-complete smart-contract competence for the Bitcoin blockchain. Its partnership with iExec reinforces these competences more by granting consent to its decentralized applications the right to use on-demand as well as scalable cloud computing resources.
Smart Contracts Coming To Bitcoin
Over the past couple of years, smart contracts have materialized and are apparently disrupting the way modern business and trade is carried out worldwide. Ethereum has been popularizing these self-executing virtual agreements; however, developers swiftly saw the potential to enable them on Bitcoin the most renowned blockchain platform.
Even though the conventional purpose of Bitcoin is to institute itself as a payment alternative, RSK developers are aiming at adding value. They are also looking at its functionality to its ecosystem by enabling smart contracts and on the spot payments which have higher scalability. Therefore, RSK presents itself as the first general purpose smart contract platform protected by Bitcoin network.
iExec’s Smart Contracts
The first blockchain-based decentralized cloud computing network is being developed by iExec. It is a marketplace which permits participants who are in need of computing power to meet owners of computing power, which is instrumental in supporting the most compute-intensive blockchain applications.
This technology is heavily reliant on Ethereum smart contracts and permits the establishment of a virtual cloud infrastructure, which is effective in the provision of high-performance computing services on demand. The adoption of a blockchain-agnostic stance by iExec is largely because the decentralized apps will eventually depend on implementation of manifold smart contracts.
Developers all over the world will be allowed by RSK to come up with decentralized private and business solutions that work in secure and popular blockchain protocol, with low transaction costs that can fit in sufficient assortment of wants. In this regard, iExec has been successful in setting up its V1 contracts on RSK too.
Steps Of The Partnership
May 29th, 2018 will mark iExec’s release of its V2, its most anticipated component. This consists of a decentralized marketplace for trading cloud resources, thus marking the commencement of the opportunity of monetizing one’s cloud resources in a peer-to-peer market.
The compatibility of RSK with V2 will be a milestone since RSK’s applications as well as their smart contracts will be in a position of accessing similar decentralized cloud that Ethereum dApps utilizes.
Computer intensive applications in the fields of fintech, artificial intelligence, gaming or scientific research will thus be able to leverage these resources.
This is the pioneer open-source smart contract platform with a two way to Bitcoin which additionally compensates miners through merge-mining. This permits them to aggressively engage in Smart Contract invention. RSK aims at adding value as well as functionality to the Bitcoin system by facilitating higher scalability and almost instantaneous payments.
Decentralization of the cloud computing market is iExec’s main aim, which it intends to achieve by establishing the future of the internet infrastructure. It is developing the first blockchain platform to support compute-intensive applications in the fields of big data, 3D rendering, artificial intelligence, and cryptography.