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Originally Posted by onemoretimes
I don't know much about RSK, just learned about it, but how does it work? Do you have to send your transactions to RSK or something. Like if I want to deposit money on an exchange what would be the process?
Not gonna lie, I went major overweight in ETH because of the issues with BTC being slow and expensive. It has paid off big, but if this RSK makes bitcoin compete again, there's not going to be much reason for people to switch to ETH. Granted I know ETH has a million other things going for it, my fav is proof of stake, but that's not 100% to work. I just moved some ETH to BTC, I'm now 70% ETH, 30% BTC.
If ETH gets a sky is falling reaction to this I'll def be looking to add. This is the type of stuff that gets you the pullbacks people have been waiting for.
I've only heard about it recently as well. I am hoping TC or NLNico or someone more technical can elaborate on its features.
First off its worth mentioning that RSK will be compatible with everything developed on ethereum.
My understanding is that RSK is a semi-federated sidechain of Bitcoin. The "onramp" to transfer Bitcoins to the RSK sidechain in exchange for "smart bitcoins" is operated by a selection of 25 of the "leading bitcoin operators" -- mostly exchanges. The coins on the Bitcoin blockchain are held in a multi-sig wallet with keys held separately by the federation and the miners.
Contracts require pay for storage for using the RSK chain, and fuel is expected to cost 1/10th of what it costs on Ethereum.
I have read about the RSK economic incentives that may satisfy all parties and actually get this thing adopted:
- 80% of fuel fees goes to miners
- 18% of fuel fees goes to RSK investors (Jihan was the #1 investor in the last round of funding)
- 1% of fuel fees goes to federation members
- 1% of fuel fees to full nodes on the sidechain
- Possibly a reward for full nodes on the BTC network
Another benefit for miners is that RSK can be merge mined with ASIC hardware.
RSK plans to launch its public testnet on May 22nd- day of the Consensus 2017 conference.
Fwiw I probably have like 80% of this stuff wrong. I haven't found ELI5 explanations of RSK anywhere