Home / Crypto Currency / PR: Booming Rootstock Ecosystem Nagezeni Creates Token on Bitcoin Sidechain

PR: Booming Rootstock Ecosystem Nagezeni Creates Token on Bitcoin Sidechain

Collapse of the financial system, broken lives of thousands of uninvolved people and subsequent economic recession – all of that mess brought the year of 2008. Satoshi Nakamoto realised that banking system inefficiencies can be solved by eliminating human factor from the equation, something that peer-to-peer technology could offer, so Bitcoin was born. Ten years after Bitcoin is having a deja vu, but this time cryptocurrency itself experiences some problems. Who or what will solve them?

Many people erroneously think that vulnerability is an only issue cryptocurrency creators should care about. In reality, scalability is as important as security and, surprisingly, to date the pioneer digital currency is far behind its competitors in this regard. To ensure Bitcoin’s integrity and survival, improvements must be made. And Rootstock’s innovations are here to help.

Rootstock (RSK) acts as Bitcoin sidechain that allows users to execute smart contracts and create DApps on top of its blockchain. All of that without changing original characteristics of the currency’s network. In simplest terms, sidechain is a separate blockchain but attached to the parent chain through the use of a two-way peg mechanism, which allows for assets to be interchangeable and move across at a fixed exchange rate.

As any other blockchain, sidechain needs its own miners to help protect the network from nefarious actors and malicious hacking attacks. Rootstock implements merge-mining reward algorithm, which lets users mine Bitcoin and RSK tokens at the same time and thus actively participate in the Rootstock ecosystem.

Besides the employment of smart contracts into Bitcoin network, RSK is able to speed up the payment confirmation up to 20 seconds, followed by scaling up to 1000 transactions per second. Rootstock plans to achieve it by introducing the Lumino Transaction Compression Protocol.

As a result, RSK solves one of the main Bitcoin issues to date: constantly filled up of mempools. In other words, it will end the queue of unconfirmed transactions. Just remember December of 2017, when there were over 136,000 pending transactions. And it is not an isolated incident, but a typical and unsolved problem, according to Dr. Jochen Hoenicke research.

NZE

RSK blocks, in turn, can hold many more transactions than Bitcoin blocks, at the same time offering lower fees. Probably, Satoshi Nakamoto did not even think that his creation could attract so many people.

Back in 2009 he announced the first release of Bitcoin, a new electronic cash system that was supposed to be fully immutable. Unfortunately, in 2010 developer Jeff Garzik discovered the biggest vulnerability of the network, so far. Some people found out about this breach before him and were able to flood the code and create a ridiculously large amount of Bitcoin in the process. Thankfully, this vulnerability was eliminated.

Despite having scripting language, BTC is not Turing complete, so its usage is limited to transactions only. With Rootstock sidechain this problem is not a matter anymore because it brings smart contract to Bitcoin blockchain. In reality, it was the second obstacle after scalability deficiency that was limiting Bitcoin’s growth. Since Rootstock fills both of these gaps, Bitcoin can now rise to its full potential.

You may probably think that Roostock features end here, but you will be wrong, because it additionally allows Ethereum users to migrate into Bitcoin network. That is possible because the RSK smart contracts are Ethereum-compatible.

Among the first companies that saw Roostock’s potential was a Japanese venture called Nagezeni. In the beginning, they launched their NZE token on Ethereum platform. But once they figured out about Rootstock sidechain existence and innovative features it can offer, Nagezeni decided to migrate to Bitcoin network.

As a result, transactions with NZE tokens became not only faster, but also cheaper. This is especially important given that Nagezeni coins will be primarily used for micropayments and tipping in the Internet. In particular, netizens will have an opportunity to support their favorite content creators not only with likes, but also with some actual value – with NZE. Additionally, the project’s tokens could be used as a payment for digital advertising and for crowdfunding purposes, thanks to a high level of security and transparency.

Rootstock introduces a better, upgraded version of Bitcoin blockchain. It is faster, cheaper, more secure, scalable and opens up opportunities that BTC users have never seen before, such as creating smart contracts. Though, the technology is still quite young, it already captures attention of crypto enthusiasts. Japanese Nagezeni is one of those who not only believed in RSK idea, but already employed it. As people say, first to see, first to get all the merits.

About the project

Nagezeni is a Japanese company that seeks to allow people to reward their favorite content creators with small payments such as tipping or donations in form of cryptocurrency – their native NZE token.

The unique feature of the project is Rootstock (RSK) technology, which is sidechain tied to Bitcoin network. RSK enables Nagezeni to preserve security of the original currency, but at the same time improve transactions speed and reduce payment confirmation time.

To learn more about Nagezeni and its innovative ideas, visit its website and follow the news on Telegram, Twitter and Facebook.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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