Bitcoin has graduated from being a cryptocurrency to an applications platform that can be used in a range of industries to augment their operations. The use of Bitcoin’s underlying blockchain technology for purposes other than recording and confirming transactions is labeled under an umbrella term Blockchain 2.0. Smart Contracts is one of the applications of Blockchain 2.0
Currently, there are two platforms that are leading the Smart Contracts race – Ethereum and RootStock. While Ethereum is a standalone protocol developed by Vitalik Buterin and his team that uses a separate blockchain and crypto token, RootStock is built on Bitcoin Blockchain.
Sergio Lerner, one of the creators of RootStock along with 5 others recently spoke about the platform at MIT Bitcoin Expo 2016 . In his speech, he spoke in detail about Smart Contracts, its brief history and the future plans for RootStock. Here we touch upon some of those topics about RootStock discussed at MIT Bitcoin Expo 2016 Smart Contracts
RootStock, the Smart Contract platform is a product of years of hard work put in by Sergio Lerner and his associates. Even before starting RootStock, Sergio had worked upon another Smart Contracts platform that was specifically designed for online gambling and gaming platforms.
He explains Smart Contracts as a way to attach rules to money in a payment network. In other words, they are programs with the capability to control the money. These programs can impose certain restrictions or conditions to the money, in such a way that the transactions happen only when these predefined conditions are met. History of Smart Contracts
Even though the term Smart Contract has become public only recently, the concept has been around since 2013. The first implementation of Smart Contract using Deterministic Replicated Execution (DRE) was QixCoin , which was created by none […]
