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A Crypto Guide to the Metaverse
IOV Labs operates as a purpose driven organization focused on promoting and developing the next generation of open blockchain-based infrastructure that will enable worldwide financial inclusion and bridge the gap between this nascent technology and mass adoption and is the organization behind RSK and RIF platforms. Smart contracts are contracts whose terms are encoded in computer language instead of legal language.
Smart contracts can be executed by a computing network such as RSK, so that the terms of the contracts are automatically enforced by a protocol that all nodes in the network follow. A smart contract can be fully autonomous if all the objects referred such as currency, payments, obligations, property titles, assets, licenses have a digital representation in the platform.
When there is no such digital representation for an object, a smart contract can also refer to itself and react to changes in its state through special gateway nodes called oracles that provide external information to the blockchain.
A smart contract also has access to time with minute precision, so time-restricted conditions can be represented. A few examples of smart contracts are: Micro-lending Distributed voting systems Machine to machine payments Decentralized exchanges Asset tokenization Supply chain tracking Loyalty and rewards Micro-insurance Crowdfunding Property registry Escrow services Transparent public tenders Remittances.
The latest major version is called Wasabi. For latest news and updates, check out RSK Blog. RSK currently supports all the opcodes and precompiles contracts of Ethereum, and therefore it can support any language that compiles to the EVM. This includes Solidity, Julia, and new or experimental programming languages such as Vyper. Those were turbulent times for the Bitcoin community, as the different subgroups were fighting either to increase the block size or to add SegWit.
In that context, it was very difficult to achieve consensus about sidechain integration. Later in , we renewed our efforts with an Improved proposal presented at Building on Bitcoin The RSK blockchain is highly decentralised.
RSK is merge-mined with Bitcoin, and has a hashpower that is second only to Bitcoin. As such, we believe it to be the most secure and censorship resistant smart contract platform; and the second most secure blockchain platform.
This 2-way peg was bootstrapped using a federation of nodes managing a Bitcoin multisignature. A PowPeg is a multi-signature management system where participants' nodes have no direct access or control over private keys.
Keys are controlled by tamper-proof HSMs. Only when such commands are confirmed by thousands of blocks produced by the mining network does the HSM proceed to sign peg-out requests. The PowPeg is a new security protection layered on top of the previous federation. It is unique in the crypto ecosystem and radically reduces the attack surface for the most frequent security breaches.
The RSK community has collectively decided on a strategy for increasing the security of the peg based on defence-in-depth: Adding more security layers on top of existing ones, protecting the system from the failure of any of them. The ultimate goal is the complete decentralisation of the peg.
Refer to the Security Model for the details around the security model of the 2-way peg. RSK is the most secure smart contracts platform in the world. Security has been and will continue to be one of our key competitive advantages and we will keep working at it. Secondly, scalability which is one of the obstacles for blockchain mass adoption has been and will be one of our key strategic objectives.
Decentralization should not be measured only by the number of nodes but also about the diversity and independence of nodes. A few hundred independent RSK nodes is enough to serve a global cryptocurrency network at this stage, but we must not feel confident by that metric alone. Our objective is that full nodes are run by a diverse set of individuals, organizations and companies.
IOVLabs' innovation and research area has developed several decentralized incentivizations mechanisms that may one day be integrated into full nodes. Finally, we proposed a new technique for light clients RSK Improvement Proposal , to onboard those users running nodes in mobile phones.
During the development process, public nodes can be used. DApps in production environments are recommended to run their own infrastructure. RSK is the most secure smart contracts platform. For up to the minute hashing power stats, please visit: RSK Stats. RSK has less onchain activity than Ethereum, which is something you would expect for a blockchain that is one year and a half old.
Therefore, the blockchain is much smaller than Ethereum. However, prior to the 1. Now the blockchain state is ten times smaller. RSK is currently supported in a number of different software hardware wallets. Check RBTC for more info. We listed RBTC in exchanges to make it easier for less technical users to get access to it. Users at least need small amounts of RBTC to pay for transaction fees, required for smart contract execution. We expect more demand for RBTC as more users start using the platform".
RSK is currently supported in a number of different hardware wallets. Check Wallets for more info. RSK Infrastructure Framework Open Standard RIF OS is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications dApps within a unified environment.
RIF OS includes support for decentralized, third-party, off-chain payment networks; a set of APIs for seamless and secure communications between decentralized applications; and easy-to-use interfaces for developers. Technical users can obtain in a decentralized way by converting to and from BTC by using the bridge between the Bitcoin and RSK protocols.
Is it a Smart Contract? Do exchanges deal with this in real time? Can end-users also interact with this smart-contract directly, without having to go through an exchange?
If so, how? If not, why not? The bitcoins that arrive at that address get locked, and a proof of that transfer SPV proof is fed to a special smart contract on the RSK blockchain called the Bridge contract.
Currently, the PowPeg Federation is doing this process of communicating new transfers to the Bridge contract but this process is fully decentralized and anyone can feed this information to the contract. The highest damage they can do is to unplug the HSM and stall the peg. There is a community proposal to add a 6-month time-locked transfer of the peg funds to a backup multisig to protect from a generalized Powpeg malfunction. Internally, when the Bridge contract commands a peg-out, the peg-out transaction is given to the HSM, and the HSM validates the validity based on cumulative proof of work and then signs it.
Since , the RSK community has been working on an extension of the Bitcoin protocol called Drivechain, that would enable even higher decentralization and security for the peg-out process. The peg-in process takes around 15 hours Bitcoin blocks to avoid losing funds due to a reorganization of either blockchain.
The peg-out process has an even longer delay of RSK blocks about 33 hours for maximum security. Due to the technical nature of using the peg, the friction created by the waiting period, many exchanges offer RBTC so developers and users can easily access it. Also a number of fast coin-swap solutions, such as Coinswap enables fast transfers for low amounts without registration.
RSK addresses are similar to Ethereum addresses. This is currently in use by many Ethereum-like networks. In practice, when a user pegs-in, the user funds are locked in the Bitcoin blockchain and the same amount of BTC is unlocked in the RSK blockchain. A security protocol ensures that the same bitcoins cannot be unlocked on both blockchains at the same time. Additionally, for more information, visit the 2-Way Peg mechanism. While the RSK Live Mainnet requires - and will always require - Smart Contract execution to be paid in bitcoin, maintaining full incentive alignment with the Bitcoin Ecosystem, RIF OS Protocols aim to create and off-chain layer of infrastructure that initially is built on top of the RSK Ecosystem but will be integrated in the future with other Smart Contract enabled platforms.
In order to do so, it is important to have a token that is neutral to any of those networks and for which price is defined in connection with the supply and demand of infrastructure services regardless of the particular price of the native cryptocurrency of the network RBTC, ETH, EOS, etc.
The portability of the RIF Token will create economies of scale and strengthen the antifragility of the Decentralized Ecosystem as a whole bringing the Internet of Value one step closer to realization. The main reason is that we envision RIF OS, in the long term, as a unified Marketplace for off-chain infrastructure services that can be consumed by every Smart Contract enabled crypto-economy i. There is no whitelisting process any more. The RSK blockchain is completely permissionless.
We implemented a whitelisting process during the bootstrapping phase until we were sure that it was secure enough to be open to the general public. RSK Infrastructure Framework Open Standard RIF OS is a suite of open and decentralized infrastructure protocols that enables faster, easier and scalable development of distributed applications dApps within a unified environment.
Merge-mining is a protocol that allows miners to mine on two or more blockchains at the same time with exactly the same hardware. RSK is designed such that merge-mining with Bitcoin does not pose any performance penalty to bitcoin miners.
Therefore merge-miners can earn rewards on both RSK and Bitcoin simultaneously. RSK has improved several open-source mining-pool software to enable merge-mining. In the Bitcoin network, when two or more miners have solved blocks at equal height, there is a conflict of interests. Each competing miner wants his block to be selected by the remaining miners as the best-chain tip.
All the remaining honest miners and users would prefer that everyone chooses the same block tip, because this reduces the block reversal probability. The conflict is resolved so that:. The resolution is agreed by all parties consensus when all parties have access to the same blockchain state of information within a time bound synchronous.
If the system is partially synchronous, the conflict is resolved as in Nakamoto Consensus. The resolution reduces the power of the miners to censor other blocks or transactions when the conflicting block has a reward close to the average. Resolving the conflict takes negligible time. If the uncle rate is high, then a selfish incentive may arise, as described by Camacho-Lerner.
With any of these fixes, RSK consensus protocol becomes incentive-compatible assuming that transaction fees are stable, and there are no off-chain payments or bribes to miners. Is it a matter of utility, and if so, what exactly is that utility? This question has two sides as RIF is both a set of protocol standards and a token. RIF OS RSK Infrastructure Framework Open Standard is a suite of open decentralized infrastructure protocols that rely on blockchain based smart contracts to enable faster, easier and scalable development of distributed applications dApps.
The initial protocols include Directory a naming service protocol , Payments an offchain payment protocol , Data a data storage and streaming protocol , Communications a secure routing, session and encrypted communications protocol and Gateways an interoperability protocol that includes cross chain transfers and oracling services.
This suite of protocols aim to solve the major problems that stop decentralized blockchain networks ie: Bitcoin, RSK, Ethereum, etc.
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Frequently asked questions
Bitcoin is a electronic cash system. It is a software program that forms an internet of money cryptocurrency. Unlike gold or fiat, it is an open and distributed ledger transaction database that is self-accounting for everyone to see and does not require a 3rd party to mediate transactions. The Bitcoin white paper and code was written by Satoshi Nakamoto in It is a culmination of work over the last 40 years of cryptography, key signatures, digital cash, time-stamping, fault-tolerance, and distributed computing. The first computer to solve the hash of the block of transactions is rewarded with newly minted Bitcoin. Bitcoin and altcoin currencies are volatile because of the large amounts of fiat entering and exiting the system buying and selling. Conversely, a large circulating supply with the same volume would be less volatile. The mempool is a group of unconfirmed Bitcoin transactions on the Bitcoin network.
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