RSK launched a tool for the interaction of Bitcoin and Ethereum



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RSK launched a tool for the interaction of Bitcoin and Ethereum

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The Gibraltar company IOV Labs, behind the development of the RSK platform, has introduced a “bridge of interoperability” that enables the interaction of Bitcoin and Ethereum blockchains.

📣 # RSK‘s Token Bridge with @ethereum is officially launched! We are bringing @Bitcoin benefits to Ethereum users, connecting the #developer communities

When a user transfers coins, the “bridge” smart contract blocks them, issuing the appropriate number of new tokens on another chain. Using such a system, Ethereum assets can be converted to RSK tokens RRC20. The latter can be converted into assets of the standard ERC777.

Interoperability protocols are designed to simplify projects working with various blockchains. In particular, thanks to them, decentralized applications can serve a wider user base, as well as apply various characteristics of individual networks.

“Interoperability has been the cornerstone of the RSK concept from the very beginning,” said Adrian Adelman, RSK strategist. “We are confident that the opportunity to offer the benefits of bitcoin to Ethereum users and unite these developer communities is a crucial step for the entire blockchain ecosystem”

Recall that last year a service was introduced for the RSK network, which makes it easy to find addresses and public keys through readable aliases and domain names.

RSK Labs is developing the first open-source smart contract platform with two-way Bitcoin binding, which also offers an additional economic incentive for miners.

According to the company itself, its goal is to create added value and functionality for the Bitcoin ecosystem by activating Ethereum-compatible smart contracts, near-instant payments and a high level of scalability.

RSK launched a tool for the interaction of Bitcoin and Ethereum



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