Smart contracts and off-chain computing are coming to the Bitcoin blockchain, thanks to a partnership between RSK and iExec.
RSK to Add Smart Contract Functionality to Bitcoin
The RSK project — which aims to build Turing-complete smart-contract capabilities for the Bitcoin blockchain — is partnering with iExec in an effort to provide off-chain computing to Bitcoin applications and afford decentralized applications the ability to access on-demand and scalable cloud computing resources.
According to a Medium post from iExec editor Wassim Bendella, “the developers under RSK aim at adding value and functionality to [Bitcoin’s] ecosystem by enabling smart contracts, near instant payments and higher scalability.”
This seemingly makes RSK the first general purpose smart contract platform secured by the Bitcoin network, as it uses BTC as its native currency via a 2-Way Peg system. Said system guarantees a fixed conversion between SBTC and BTC at a ratio of one-to-one.
At the same time, iExec is busy developing the self-proclaimed “first blockchain-based decentralized cloud computing network,” which “allows participants who need computing power to meet those who own computing power, thus supporting the most compute-intensive blockchain applications.”
The Bitcoin blockchain is not only the originator but the most battle-tested on the planet. By joining forces, the two companies are pushing the tried-and-true Bitcoin blockchain even further into the future.
Welcome @iEx_ec to the @RSKsmart #smartcontracts network #BeRSK
https://t.co/RcG700QMik
— RSK (@RSKsmart) May 15, 2018
The next update from iExec will be coming this month. On Max 29, iExec is slated to release its V2, which is comprised of a decentralized marketplace for the trading of cloud resources. Explains Bendella:
Once V2 is made compatible with RSK as a next milestone, RSK applications and their smart contracts will be able to access the same decentralized cloud that Ethereum dapps make use of. Compute-intensive applications in the fields of fintech, artificial intelligence, scientific research or gaming will be able to leverage these resources, making RSK and iExec the backbone of the Bitcoin ecosystem.
What do you think about smart contracts on the Bitcoin blockchain? Does the prospect of off-chain computing for Bitcoin applications excite you? Be sure to let us know in the comments below!
Images courtesy of Pixabay, Twitter/@RSKsmart.