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Sidechain for Bitcoin

There’s a first time for everything. Not many people expected it, but by the end of 2018, an ICO will be launched on Bitcoin. Ethereum has always been the most selected choice when it comes to creating new tokens, because Ethereum revolutionized fundraising and Smart Contracts. A sidechain created by RSK however, will allow Bitcoin to host the new fundraising mechanism as well.

Most people are unaware, but the proto-concept of an Initial Coin Offering was started on the bitcoin blockchain way back in 2013. The blockchain infrastructure was incredibly limited when compared to the one of Ethereum today. J.R. Willet managed to raise $500 000 dollars for his “Mastercoin” token. The Mastercoin was later renamed to Omni.

A Bitcoin sidechain will enable ICOs on Bitcoin’s blockchain

Next month, the South Korea-based blockchain startup Temco, will try to use the seminal idea and RSK’s technology. A public token sale will be launched and the end goal will be $19 million. RSK has also been working on its Turing-complete smart contract sidechain designed especially for bitcoin. The project has been ongoing since 2016. All of the smart contracts are written in Solidity, the same language used in the Ethereum blockchain.

There aren’t that many projects using the RSK sidechain’s smart contracts for now. This is expected since the project is still in its beta phase. According to Scott Yoon, Temco’s CEO, if given enough time, bitcoin will attract many future blockchain projects. At the end the bitcoin blokchain will be able to one day, share ethereum’s function.

It’s still however, quite early and at the moment the RSK Bitcoin sidechain is still under development. Only a few selected developers currently have access to the system. The beta version was launched in January and it’s ran by a group of blockchain companies.

In May, RSK announced that it was looking to implement large upgrades that would address the scalability issues troubling the world’s biggest blockchains. A Bitcoin sidechain will enable Bitcoin Initial Coin Offerings. If the Bitcoin blockchain becomes an ecosystem like Ethereum, this could lead to a big surge in price for Bitcoin, just like it did for Ethereum.

Since then we’ve learned that this is a double-edged sword, because it skyrockets the price at first, but the market and the true market value has the last word. Still, it will be interesting to see what impact could Bitcoin Initial Coin Offerings have. At least, they might be great investments for smart investors or a pit of money for scams.

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