Rootstock (RSK) is an Argentine company that offers a platform of smart contracts for Bitcoin, which works through a mechanism called 2-way peg, which allows the transfer of bitcoins from a main blockchain to a secondary blockchain and vice versa; and offers users of its network a process called merge-mining or combined mining that serves to mine different cryptocoins from a single miner.
Rootstock announced earlier this month that it had made the first full transition of a group of bitcoin miners to the RSK network, to start up the process named merge-mining that serves for the facilitation of bitcoin mining and streamlining the times of confirmation of transactions in the network.
The transition took place with Bitcoin India's miners, who since March of last year were using combined mining in an exploratory test that led them to decide to switch completely to the RSK platform. Adrian Eidelman, co-founder of RSK, explained that for the first week of March and today: "The Bitcoin India operation (around 11PH / s) is currently working on a 100% merge-mining scheme with RSK", this means that each of the blocks mined in India are related to the Rootstock network and, therefore, are less responsive and more secure thanks to the benefits offered by smart contracts.
When talking about the RSK network we should also refer to the process with which the platform works: merge-mining, this procedure allows a "greater security to the miners and to the network of RSK". Is performed by including a hash of the RSK block within the Bitcoin block. The blockchain RSK interprets the PoW (proof-of-work) of the Bitcoin header and finds the tag that establishes the univocal relation with the RSK header, and in this way associates them. The difficulty of the RSK network will generally be less than the difficulty of the Bitcoin network, so many of the Bitcoin headers that are not valid solution for Bitcoin, will be for RSK.
Among the advantages of using merge-mining is that miners will use the same hardware and electricity consumption for faster confirmation times (about 10 seconds) and smart contracts. Likewise, through merge-mining, miners are allowed to generate additional income from those already obtained in the Bitcoin network, since it allows to receive the rates of the transactions that are executed within the RSK network.
The smart-bitcoin is "the token used for payments and execution of smart contracts within the RSK network", this does not mean that the company has created a new currency, a position that has previously denied the Rootstock group, confirming that they do not have to think about mining or launch another cryptocoin, but serve as a tool that can repot the Bitcoin ecosystem.
Smart-bitcoins would operate using the BTC as a native currency that "by means of the mechanism 2-Way Peg, it is possible to transfer BTCs to the RSK network at a fixed conversion rate 1 to 1 (1 BTC = 1 SBTC), thanks to this conversion the miner can work in the network of Rootstock that has less difficulty than the Bitcoin network making possible executions that would be invalid in the traditional way, generating with this greater profits and less time of response.