Although Sidechain was only launched back in January, it has already achieved a major stepping-stone in its infancy. The very first of the smart contracts for Bitcoin is now able to communicate how many users are actually mining using this new product.
RSK has recently announced the impact of the much-needed technology. Sidechain was integral to Bitcoin having smart contracts based on Ethereum and has taken Bitcoin an impressively long way in just five months. RSK has detailed that 10% of miners are now using Sidechain which is a major achievement considering how long the product has been on the market and how restrictive it can currently be i.e. there is an approval process to go through before you are able to access and use Sidechain. Furthermore, it has been stated by RSK that although at that the moment this is only a small percentage this is set to grow over the coming months as more and more miners stake their claim of Sidechain and this Bitcoin smart contract evolution. This in turn naturally means that the hash power requirements will take an upsurge. This is not surprising considering that Sidechain has been developed to enable miners to secure their transaction fees by simply giving Sidechain to use their power – with pre-approval of course. This is one of the major attractions with Sidechain, that miners can generate more income from the system.
There has also been a lot of forethought gone into Sidechain allowing it to deal with many more transactions than are required at the moment. This means there is room to grow with Bitcoin through “smart Bitcoins”. The technology used means that Sidechain can process over 100 transactions per second with smart Bitcoins. Certainly a very breathtaking statistic. However, this is only a temporary congratulations as all too soon these statistics will not be enough to cope with the ever-increasing demand and changes in the Bitcoin industry.
RSK has been developing things a lot further behind the scenes too by working on technologies similar to the lightning and Raiden networks that are already in existence for Bitcoin and Ethereum. Developers having been looking at a comparative product to keep up with the latest movements in the industry. The RSK version – named Lumino – sits alongside the Sidechain technology and will see even more transactions every second. Watch out for announcements, which are currently expected by the end of 2018.
In addition to this technology-based announcement, two more companies will be brought into RSK. One of which is an NGO from Argentina and the second is charity focusing solely on Bitcoin – BitGive. The first of these will bring Buenos Aires (the Argentinian city) into focus a little more and the latter will see donators able to use smart contracts when giving money. The partnership with charities and Bitcoin is something that is moving faster and faster with more companies adopting this approach with Cryptocurrencies for a more transparent transaction and giving.