Bitcoin smart contracts are getting their own cooperative.
Announced today, a group of international bitcoin companies have signed a letter of intent to form a federation that would find them supporting and contributing to the development of a smart contracts platform that would utilize the bitcoin blockchain.
Unveiled today, the RSK Federation is built around the RSK smart contract network created by Buenos Aires-based startup Rootstock.
Rootstock co-founder and CEO Diego Gutiérrez Zaldívar described the federation to CoinDesk as “a huge signal from the bitcoin ecosystem” and a validation of how companies can leverage sidechains, a technology developed by bitcoin startup Blockstream to add functionality to the bitcoin network.
He told CoinDesk:
“The whole extension of bitcoin, and solving some of its biggest challenges with richer scripting, will solve a lot of shortcomings of bitcoin in the coming years while protecting the intrinsic value of bitcoin.”
Included among the 25 companies announced today are Hong Kong-based Bitfinex; San Francisco-based BitGo; Dubai-based BitOasis; Atlanta, Georgia-Based BitPay; Luxembourg-based Bitstamp, Shanghai-based BTCC, Toronto-based JAXX; and Palo Alto-based Xapo.
Described by the company as the first Turing-complete platform to run smart contracts secured by the bitcoin network, RSK uses a “hybrid” security model that combines elements