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 blockchains that are interoperable with Bitcoins and also allow developers to build decentralized applications (Dapp) on Bitcoin while leveraging its security.
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 give developers the tools to build on Bitcoin, support the growth of the ecosystem, and expand the frontiers of decentralized technology.
What is Rootstock (RSK)?
Rootstock (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 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: A system that allows two blockchains with distinct block formats to communicate. It allows you to convert Bitcoin (BTC) to Rootstock Bitcoin (rBTC) and vice versa.
- 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.
Setting Up a Wallet
To interact with Rootstock, you need a wallet that supports the network. One of the most popular options is MetaMask, a browser-based wallet, 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
- Install MetaMask:
- Download MetaMask from its official website or your browser’s extension store.
- 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. Below is a step-by-step guide on how to bridge BTC to rBTC
- 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.
Exploring 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:
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Decentralized Finance (DeFi) & Stablecoins: RSK hosts several DeFi & Stablecoins platforms where you can lend, borrow, or stake rBTC to earn returns, this also gives people to transact financially with each other without restriction and financial inclusion of the unbanked. Examples include: Money on Chain, Sovryn, Transfero, meanfinance etc., which are all created to ease everyone’s financial stress while bringing everyone onchain.
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Wallets: The RSK ecosystem has evolved and provides accessibility of use through diverse wallets i.e. Metamask, MyEtherWallet, Ledger, Trezor, Rabby etc.
- Smart Contract Development: If you’re a developer, rootstock allows you to deploy smart contracts using Solidity, Hardhat or any EVM tools on the Rootstock network.
Security Tips
The web3 ecosystem is evolving, which requires a lot of research and attention to keep up with the latest update:
- 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. You do not want to miss out on every gem that Rootstock have to offer, join their community to get started.
