Tuesday, May 28, 2024

    BTC Scalability Will Improve Dramatically With Rootstock and Lumino

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    After all of the drama regarding Bitcoin Cash, it is time to go over important things. While making money is great and all, we should also pay attention to technical changes coming to Bitcoin. Rootstock, the platform which will bring smart contracts to Bitcoin, will launch very soon. This new 2-way pegged sidechan and merging mining will be an exciting development for the Bitcoin industry as a whole.

    It is evident the Bitcoin blockchain needs more innovative features. Which chain that will become in the end, remains to be determined. Right now, it is still Bitcoin with SegWit activated, rather than Bitcoin Cash. One solution all enthusiasts can look forward to is the launch of Rootstock. This project has been in development for quite some time now. After many months of hard work, the platform will effectively launch later this year.

    Rootstock and Lumino are Coming Soon

    Do keep in mind the mainnet will still be in beta mode at that time. It is a major breakthrough for Bitcoin regardless. Smart contracts are of great importance to any blockchain-based industry. This also includes cryptocurrencies. Given the fiascos we have seen with Ethereum contracts, Bitcoin-based versions may provide a welcome relief. It is still a bit too early to tell how all of that will play. Smart contracts are not the only selling point of Rootstock either.

    Other features include virtually instant payments and higher scalability. Given the current Bitcoin network fees and transaction delays, both changes are more than welcome. It will be a Bitcoin sidechain with a two-way peg and merged mining. Anyone mining Bitcoin – not BCH – will also be rewarded with RSK tokens. It creates an extra incentive for miners, that much is evident. For now, the date to note in your agendas is December 4th. Do keep in mind this dare is always subject to change and delays.

    This is not the only major development for Bitcoin to come in the next few months. Lumino is similar to the Lightning Network and will be launched in Q2 2018. More specifically, the first layer of this protocol will be launched at that time. According to the team, this new solution will improve Bitcoin scalability by over 8 times. An ambitious goal, to say the very least. Combining Lumino with Rootstock will have some interesting consequences, to say the least.

    Header image courtesy of Shutterstock

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