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Rootstock Smart Bitcoin
About Rootstock Smart Bitcoin
Rootstock Smart Bitcoin (RBTC) is a cryptocurrency tied 1:1 with Bitcoin, enabling smart contract execution on the Rootstock sidechain. It is used for transaction fees within the RSK network, leveraging Bitcoin’s security while enhancing functionality with faster confirmations and smart contract support. RBTC was created by RSK Labs, co-founded by Adrian Eidelman, and launched in 2018, benefiting from merged mining with Bitcoin.
Rootstock Smart Bitcoin (RBTC) is the native cryptocurrency of the Rootstock (RSK) blockchain, a smart contract platform that functions as a sidechain to Bitcoin. It operates through a two-way peg mechanism with Bitcoin, allowing users to transfer Bitcoin into the RSK blockchain where it is converted into RBTC at a 1:1 ratio. This setup enables the use of Bitcoin on the RSK network for paying transaction and contract execution fees. RBTC exists solely on the RSK network but can be redeemed back to Bitcoin at any time.
RBTC is primarily used to pay miners on the RSK network for processing transactions and executing smart contracts. This includes decentralised applications (dApps) and services built on the RSK platform, such as micropayments, decentralised finance (DeFi) solutions, decentralised exchanges (DEXs), and many other potential use cases. RBTC benefits from the security of Bitcoin via merged mining, while enabling faster and more scalable transactions. The RSK blockchain's use of a Turing-complete virtual machine allows for complex smart contract operations that are compatible with Ethereum’s virtual machine (EVM).