RedStone powers Bitcoin side chain Rootstock
The restless team at RedStone Finance have just announced another addition to their ever-growing list of partnerships with other Web3 companies. RedStone Finance has the capability to offer unique, fully customisable oracle feeds to any company that wishes to utilise its protocol. The latest company to be powered by RedStone in this way is Rootstock.
Let’s take a closer look!
All the good stuff from #Bitcoin with SmartContracts, powered by RedStone Oracles – what a mix 😉
— Marcin Kaźmierczak 🔜 ETHDenver 🦬 (@Marcin_Kaz13) December 1, 2022
Rootstock and RedStone Finance
Rootstock is a Bitcoin-powered, EVM-compatible smart contracts platform – a Bitcoin sidechain – that is highly scalable, supports interoperability and boasts fast transactions.
Through Rootstock, users can get the best of both the Ethereum and Bitcoin worlds by deploying EVM-compatible smart contracts that leverage the security of the Bitcoin network, which is secured by one of the most robust systems known to modern technology, the Bitcoin Network’s Proof-of-Work (PoW) consensus method.
Rootstock allows users to mine simultaneously on both Bitcoin and Rootstock with no additional effort or resources. It uses “Smart BTC” (RBTC) as its native coin and enables a two-way conversion between BTC and RBTC using its 1:1 built-in two-way peg protocol called “PowPeg”.
Users and developers can also convert their Ethereum-based tokens to Rootstock equivalents using Rootstock’s RSK-ETH token bridge.
The fully decentralised protocol boasts a community of thousands of users and already has many decentralised applications (dApps) built on it, with a Total Value Locked (TVL) of $60.185m.
Being powered by RedStone means that Rootstock developers will now have access to fully customisable data feeds for over 1100 assets, including cryptocurrencies, stocks, commodities, on-chain reputation, and more. Developers can also take advantage of RedStone’s custom URL feature to plug in any API and use the data in their Rootstock smart contacts instantly.
If you would like to learn more, as well as read RedStone’s full interview with Rootstock co-founder Sergio Demian Lerner, head over to their blog post here, or check out the links below.
- Website: https://rootstock.io/
- Twitter: https://twitter.com/RSKsmart
- Discord: https://discord.com/invite/fPerbqcWGE
- GitHub: https://github.com/rsksmart
- Website: https://redstone.finance/
- Twitter: https://twitter.com/redstone_defi
- Discord: https://discord.com/invite/PVxBZKFr46
- GitHub: https://github.com/redstone-finance
- LinkedIn: https://www.linkedin.com/company/redstone-finance/