Bitcoin Smart Contracts To Be Launched With 25 Startups
Bitcoin smart contracts get their own cooperative announced on August 2nd. A group of international Bitcoin companies have struck a deal and signed a letter of intent to form a federation to support and contribute to the development of ‘smart contracts platform’ which would be utilizing Bitcoin’s blockchain.
The RSK federation, which is built around the RSK smart contract network created by Buenos Aires-based startup Rootstock, was also unveiled. Co-founder and CEO Diego Gutiérrez Zaldívar described this federation to CoinDesk as a sign showing how companies can easily leverage sidechains, a technology developed by Blockstream, a Bitcoin startup to add functionality to the network.
The companies which were announced as part of this project were: Hong Kong-based Bitfinex, Luxembourg-based Bitstamp, Toronto-based JAXX, San Francisco-based BitGo, Shanghai-based BTCC, Dubai-based BitOasis, Palo Alto-based Xapo and Atlanta Georgia-Based BitPay.
Rootstock’s Co-founder Gabriel Kurman told Coindesk that the federation will be providing key elements a well as services to help develop real use cases of smart contacts.
Few of the bigger companies who signed the agreement will be operating oracles which will validate contract and provide data to the network.
‘Lotus’, the initial testnet of RSK was launched in May 2016, but they admitted that it is almost a year away from being ready to be an enterprise ready solution. The next version of testnet, ‘Tumeric’ is expected to be released at the end of September 2016. Tumeric will be followed by the launch of its ginger production network next year.
Wences Caseres, the founder of Xapo told Coindesk that he believed that once RSK’s enterprise is ready, they have the ability to surpass Ethereum by providing the smart contract functionality on top of the more robust blockchain of Bitcoin. He also told that Xapo will do as much as Rootstock allows them to do and they are the soldiers in this battle.
JAXX CEO and Ethereum’s Co-founder Anthony Di Iorio told CoinDesk that building smart contracts on Bitcoin will help the blockchain ecosystem to flourish.
Kurman later concluded that this is a strong message with the Bitcoin community aligning behind a single goal. It is also after a long time that we are seeing the whole ecosystem align in this way.