Rootstock’s RIF: The future of blockchain technology
Q&A with Diego Gutierrez Zaldivar – CEO, Rootstock (RSK)
What is RSK?
Rootstock (RSK) is an innovative blockchain network with a unique value proposition: combining Bitcoin’s large user base and robust security with smart contracting capabilities.
RSK achieves this by enabling BTC holders to import their cryptocurrency into the network via a secure, two-way conversion process. By offering full support for Ethereum’s programming languages, RSK allows developers to utilise their existing code and create powerful smart contract applications. In addition, RSK has an in-built infrastructure layer that provides services such as computing power, storage and fast payment channels. This infrastructure is fuelled by RSK’s very own cryptocurrency – the RIF token – and is in active development.
How is it being used now?
RSK’s mainnet launched in 2018 following 4 years of hard work and thoughtful planning. RSK’s user base is growing at a fast rate and a diverse range of applications has already started to blossom. For instance, there are insurance solutions like InsurTech, financial applications like Money on Chain, gaming applications such as Crypto Spaceshift, and even legal service solutions like Signatura. To catalyse adoption, the RSK team recently set up a development studio in San Francisco and partnered with Monday Capital to establish an RSK start-up accelerator. In addition, the RSK team is executing on an ambitious outreach programme, through which it has partnered with financial services firms like Tarjeta Naranja (Argentina’s main credit card issuer).
How will it be used in the future?
The RSK team is directing the bulk of its resources to expanding the network’s in-built services layer, as this will allow it to attract further developer talent and professional-grade applications. Through the RIF token, any user will be able to make use of the computation, storage and payment channels that overlay the network. This means that decentralised applications running on RSK will bypass the scalability issues and UX frictions that pervade applications in smart contract networks like Ethereum. RSK’s technology stack is particularly well-suited to the development of decentralised financial applications, as these are resource-intensive and require a high transaction throughput.
Who is funding and supporting RSK?
In 2018, the RSK team raised USD150 million by selling RIF tokens to a collective of respected blockchain investors, including Silver 8 Capital and Coinsilium. Furthermore, RSK has formed a Federation of 30-plus service providers to support the network’s transactional activity. Among the Federation’s ranks are prominent entities such as Digital Currency Group, Bitmain and Coinfirm. Finally, RSK has gathered the support of over 80 per cent of the Bitcoin network’s miners, who will also use their computing power to safeguard the RSK network.
Who is the team behind Rootstock’s RIF?
The team comprises 70 employees spread across various geographies, spearheaded by Diego Gutierrez Zaldivar, whose extensive entrepreneurial experience includes being part of the founding teams of some of the most well-known digital projects in Latin America. Sergio Lerner leads the development on the technical side and has a stellar track record in fixing cryptographic vulnerabilities.
Diego Gutierrez Zaldivar
For more information on the RSK network, the RIF infrastructure, and further reasons to be excited, you may visit: https://www.rifos.org/