Get Started with Rootstock With This Beginner's Guide

Bitcoin was founded in 2008 and became legal tender in 2009. It is the first decentralized cryptocurrency, and many chains, such as Ethereum, Ton, etc., were founded after it.

In 2014, Blockstream published a whitepaper that introduced the idea of sidechains. Sidechains are distinct blockchain applications that are interoperable with Bitcoins and also allow developers to build decentralized applications (Dapp) on Bitcoin while leveraging its security feature.

In this article, we will be talking about one of Bitcoin’s sidechains, Rootstock, and how to get started with Rootstock, from setting up a wallet to acquiring your first rBTC and exploring its ecosystem.

Rootstock's mission is to provide developers with tools to build on Bitcoin, support the growth of the ecosystem, and expand the gospel of decentralized technology.

What is Rootstock (RSK)?

Rootstock Network (RSK) was founded in 2015 as the first Bitcoin sidechain. It is an L2 solution that leverages the Ethereum Smart Contract Capabilities to bring the power of decentralized applications (dApps) to Bitcoin. By leveraging Bitcoin's robust security through merged mining, RSK enables developers and users to interact with decentralized finance (DeFi), NFTs, and more—all while remaining in the Bitcoin ecosystem. A transaction takes an average of 28 seconds of block time to complete on the network.

As said earlier, Rootstock operates as a Bitcoin sidechain, enabling users to access Ethereum-style smart contracts with Bitcoin as the underlying asset. It achieves this through the following mechanisms:

• PowPeg Protocol: This system allows two blockchains with distinct block formats to communicate. The PowPeg protocol plays a huge role in the process of bridging BTC to rBTC. It ensures secure communication between Bitcoin and Rootstock networks by using a combination of multi-signature wallets and specialized hardware modules to prevent fraud. Its security model is called ‘defence-in-depth’ which has allowed Rootstock to grow massively without experiencing any major problems or downtime. The system ensures users’ assets are safe during bridging.

• Merged Mining: This gives room for Bitcoin to be mined alongside the Rootstock blockchain, utilizing the same computational resources because both chains use the Proof-of-Work (PoW) algorithm.

• Smart Contracts: RSK is compatible with Ethereum’s Solidity language, making it accessible for Ethereum developers to build easily on the chain.

By bridging the gap between Bitcoin and smart contract functionality, RSK expands Bitcoin's utility while preserving its security and decentralization value.

Rootstock Network vs. Other Blockchains

Rootstock, Ethereum, and Solana each offer unique advantages but are distinct in security, scalability, and use cases. Rootstock is known for its strong ties with Bitcoin, leveraging its robust security model through merged mining and global recognition as the most decentralized blockchain with over 15,000 active nodes.

Ethereum has shifted to Proof-of-Stake (PoS) to improve energy efficiency. It also has an extensive DeFi ecosystem, hosting thousands of dApps, liquidity pools, and L2 solutions like Optimistic Rollups and zk-Rollups to improve transaction efficiency. Unlike Ethereum’s PoS model, Rootstock enjoys benefits from Bitcoin miners’s participation, reinforcing its security without needing a separate consensus mechanism.

Compared to Solana, Rootstock prioritizes security and decentralization over speed, with a block time of approximately 28 seconds per transaction. Solana utilizes proof-of-stake (PoS) but improves its mechanism with proof-of-history to use hashed timestamps to verify when a transaction occurs. It processes up to 65,000 transactions per second but has experienced network outages, which raises concerns about its reliability.

Rootstock is ideal and secure for financial applications to thrive, while Solana is better suited for gaming, NFTs, and high-frequency trading due to its speed.

Ultimately, Rootstock offers a powerful bridge between Bitcoin and smart contracts, enabling developers to build decentralized applications while benefiting from Bitcoin’s trust and resilience.

Exploring and Interacting with Rootstock Network

Setting Up a Wallet

To interact with the Rootstock network, you need to install a supported wallet i.e. metamask. MetaMask, is a self-custodial wallet that gives you total control over your digital assets, and you can also use CEX like Binance and ByBit, which has an embedded wallet for diverse chains, to send or receive RBTC or RIF tokens. RIF means Rootstock Infrastructure Framework.

Configuring MetaMask for Rootstock

1. Install MetaMask:

   • Download MetaMask from its official website or your browser’s extension store.

2. Add the RSK Network:

   • Open MetaMask, click on your profile icon, then select Settings > Networks.

   • Click Add Network and enter the following details:

     • Network Name: Rootstock Mainnet

     • New RPC URL: https://public-node.rsk.co

     • Chain ID: 30

     • Currency Symbol: rBTC

     • Block Explorer URL: https://explorer.rsk.co

• Save the settings and switch to the RSK network from the dropdown menu.

Your MetaMask wallet is now ready to interact with Rootstock.

Bridging BTC to rBTC

You might be wondering how you can bridge your BTC to rBTC and start transacting on the rootstock network or why you should even bridge. Bridging BTC (Bitcoin) to rBTC allows you to use your Bitcoin on the Rootstock (RSK) network, transact, own assets, and so on. The process involves converting BTC into rBTC using the Rootstock two-way peg system and can also be called PowPeg Protocol.

Below is a step-by-step guide on how to bridge BTC to rBTC

• Go to Symbiosis Finance.

• Connect your wallet funded with Bitcoin.

• Select the network you’re swapping from and the amount you want to swap

• Select the network you’re sending to, you can choose either RIF or rBTC.

• You can choose to send to another wallet apart from the one you’re connected to.

• Voila, you’ve successfully bridged from BTC to rBTC.

You can also use an exchange of your choice, as long as it supports whatever actions you want to take.

The Rootstock Ecosystem

With rBTC in your wallet, you’re ready to interact with dApps, initiate transactions, and build on the Rootstock network. Here are a few areas to explore:

• Decentralized Finance (DeFi), Payments & Stablecoins: RSK hosts several DeFi & Stablecoins platforms where you can lend, borrow, or stake rBTC to earn returns; this also allows people to transact financially with each other without restriction while ensuring the financial inclusion of the unbanked. Examples include:

• Money on Chain: Enables users to access Bitcoin-collateralized stablecoins.

• Sovryn: A DeFi platform that offers lending, borrowing, and trading services.

• Transfero: It is a payment infrastructure that powers cross-border payments for companies with clients in Latin America.

• Pago Linea: It allows you to move money around the world using your country’s local currency.

• Wallets: The RSK ecosystem has evolved and provides accessibility through diverse wallets i.e. Metamask, MyEtherWallet, Ledger, Trezor, Rabby etc.

• Smart Contract Development: For developers, Rootstock allows the development of smart contracts using Solidity, Hardhat, or any EVM-compatible tools. This gives you the power to create and deploy dApps ranging from DeFi, NFTs, etc on Bitcoin.

Security Tips

The web3 ecosystem is evolving, which requires a lot of research and attention to keep up with the latest updates:

• Always double-check URLs to avoid pushing scams, which might lead to loss of assets.

• Keep your private keys and seed phrases safe from third parties.

• Use strong and unique passwords.

Conclusion

Rootstock aims to preserve the legacy of why cryptocurrency was founded, fostering a decentralized future and encouraging adoption and building in the Bitcoin ecosystem. By enabling the development of dApps and promoting the decentralized future, Rootstock expands Bitoin’s utility while maintaining its security and decentralization. You do not want to miss out on the gems that Rootstock has to offer; join their community to get started.