RSK Mainnet Launched

Argentinian startup launched main network of sidechain for Bitcoin smart contracts
04 January 2018   326

The Argentine start-up RSK Labs announced the launch of the main sidechain's network for bitcoin smart contracts. Release of the beta version of the platform called Bamboo, took place in December 2017.

Bamboo is a sidechain of bitcoin with turing-full virtual machine that is compatible with the interface of decentralized applications of Ethereum. Blockchain RSK exists independently of bitcoin and at the stage of the test network Ginger generated blocks every 20 seconds, reducing this time to today by about 10-12 seconds.

The developers plan to use Lumino technology, so the network can reach 20,000 transactions per second. Confirmation of transactions, as they say in the white paper of the project, will take less than 20 seconds.

At the initial stage, the platform uses RSK tokens, also called smart bitcoins. Initially, they will be distributed between developers and companies in a limited mode, but gradually the limits will be removed.

Also, RSK Labs launched a bounty program to identify possible bugs and errors.

Note that the generation of blocks in the RSK network is conducted in the combined mining mode with bitcoin. Also, the developers say that in the future, the side-owner of Bamboo will be able to create smart contracts for the Litecoin network as well.

In 2018, RSK Labs developers also intend to implement so-called confidential transactions - a technology that allows you to hide certain data about transactions.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   136

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.