Rootstock is a Bitcoin sidechain currently in development by RSK Labs. It is a platform for distributed smart contracts , much like Ethereum , but the fact that it’s a Bitcoin sidechain means that it will use the bitcoin currency by default.
Although the sidechain idea has mainly been developed by Blockstream over the past few years, Rootstock has decided to put their own spin on the concept. During a recent interview with Epicenter Bitcoin , RSK Labs Chief Scientist Sergio Lerner explained how the two-way peg, which allows users to transfer bitcoins between blockchains, will work with Bitcoin and Rootstock. Rootstock’s Hybrid System for a Two-Way Peg
In addition to the original version of sidechains that was originally announced back in April 2014 by Blockstream’s Adam Back and Austin Hill , there are also a few other, unique ways to enable a two-way peg between Bitcoin and another blockchain.
“There are several ways to implement a two-way peg,” Lerner told Epicenter Bitcoin. “One is the sidechain concept that was developed by Blockstream, and the other is the drivechain concept that was developed by [ Bloq Economist] Paul Sztorc . The third one is basically have a set of notaries that have custody of the funds that are transferred to the Rootstock platform.”
Rootstock has created a hybrid system that combines all three of the mechanisms for a two-way peg mentioned by Lerner. “On the Rootstock side, we have a sidechain; on the Bitcoin side, we have a mixture of federation and a drivechain, which allows miners and a set of renowned parties to have custody of the bitcoins that are transferred to the Rootstock platform.”
Lerner is the author of a Bitcoin improvement proposal ( BIP ) that would add a new opcode to enable drivechain capabilities. Progressive Decentralization
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