Rootstock vs Ethereum’s smart contract battle

Rage Review : Blockchain startup Rootstock and another blockchain open source project Ethereum are competing for the "smart contract" high ground. Although Ethereum has taken the lead in reaching partnerships with large companies such as Microsoft, Rootstock's dominant position in this field is also obvious. It is built on the Bitcoin blockchain, uses Ethereum's opcode, and is compatible with Ethereum, so it is particularly powerful in system compatibility and functionality. In the end, the success or failure of the competition between the two depends on the choice of the market.

Translation: Annie

Rootstock and Ethereum are two different open-source blockchain protocols for building smart contracts. So which one will win in the end?

Blockchain is Bitcoin's valuable contribution to the financial industry. Blockchain technology is currently used in different cryptographic platforms, but its application areas are very wide. Smart contracts are one of the applications based on blockchain protocols. Currently, two blockchain protocols have been established around blockchain applications and smart contracts. One of them is Rootstock, and the other is the famous crypto platform Ethereum.

Rootstock is an open source peer-to-peer smart contract platform. It is similar to Ethereum. The few differences are that Rootstock uses existing blockchain technology instead of developing its own blockchain. The existing Bitcoin ecosystem provides a stable and scalable support system for the platform.

Increased demand for Ethereum

Rootstock is dedicated to the Bitcoin blockchain, while Ethereum is an independent open source digital currency and blockchain platform. It provides a platform for developers to build and publish applications on the blockchain. The computing power of these applications is provided by the Internet, and people maintain and run these applications by increasing the processing power of their computers. Just like Bitcoin mining, Ethereum miners can also get extra rewards for their efforts. Ether is a digital token of Ethereum, and developers need to pay Ether to support the operation of applications. In addition, Ether can also be bought and sold.

The versatility of the Ethereum platform and its ability to build and execute smart contracts have made it a top choice for the banking and internet finance industries. The banking and finance industries are trying to use blockchain technology to automate operations and minimize costs. The characteristics and capabilities of the Ethereum network make it the ideal choice. Through smart contracts, financial institutions, trading platforms and banks can automate back-end processes, reducing labor and process time. Large companies using Ethereum include Nasdaq, JPMorgan Chase, Visa and Goldman Sachs.

Ethereum will become the best digital currency platform after Bitcoin. Blockchain technology research and development companies in Internet finance and other industries have received investment from the banking and financial industries. Wall Street giants JPMorgan Chase and Goldman Sachs are supporting Digital Asset Holdings Inc. led by Blythe Masters. Even IBM and Linux are working with Digital Asset Holdings to develop the Hyperledger.

How does Rootstock compete with Ethereum?

As Ethereum gains global corporate attention, Rootstock is not far behind. However, it is still unclear who will be the winner between the two.

Rootstock has its own advantages. Although it is based on the Bitcoin blockchain, it uses the Turing virtual machine and Ethereum opcode. This makes Rootstock fully compatible with the Ethereum platform and can run perfectly on both the Bitcoin sidechain and the Ethereum blockchain, and also merge mining with Bitcoin. The integration and compatibility between the two makes Rootstock's advantages more obvious.