By surpassing 45% of the hashing power of the Bitcoin Network, Rootstock also becomes the second most secure blockchain
RootsockLabs, a key contributor to the Rootstock blockchain, has announced that Rootstock has become the most secure smart contract platform in the world, and the second most secure blockchain behind the Bitcoin blockchain. As reported by the Crypto51 website, which aggregates data from Mine the Coin, CoinMarketCap, and NiceHash, the cost to execute a 51% attack on Bitcoin costs US$ 244,853. By surpassing 45% of the hashing power of the Bitcoin network, an attack on Rootstock would cost approximately US$ 112,000 per hour. This makes Rootstock one of the most secure and reliable platforms for developers to build their dApps, and proves that merge-mining can succeed in securing Bitcoin sidechains.
Diego Gutierrez Zaldivar, cofounder of Rootstock, said: “With Bitcoin miners able to secure both the Bitcoin blockchain and associated sidechains at essentially no added cost to operations, not only can these layer-2 solutions be confidently built out, but it facilitates the development of layer-3 services – such as RIF — which will be vital to scale Bitcoin and Rootstock to service tens of millions of users while providing peer-to-peer financial services, secure messaging, data storage, and other forms of decentralized services powered by Bitcoin.”
Rootstock brings smart contract capabilities to the Bitcoin blockchain powered by a two-way 1:1 Bitcoin peg. Rootstock recently celebrated its one-year anniversary with several notable achievements, including an increase in merge-mining hash rate from 4% to over 45%; more than 50 partnerships between Rootstock and key partners across several industry verticals; and the launch of the Root Infrastructure Framework Open Standard (RIF), which provides blockchain and non-blockchain developers with P2P infrastructure services and software libraries to support easier and scalable dApp development.
RootstockLabs has also developed an innovative double-spend protection method for high-valued payments (>30 minutes of confirmation) on merge-mined sidechains, requiring the sole assumption of good network connectivity. The method works by enabling Rootstock nodes to monitor RSKBLOCK tags on Bitcoin blocks in order to detect partially hidden and selfish chains of Rootstock blocks that could represent a double-spent attack preparation. With this development, Rootstock has closed a previously unsolved security gap between merge-mined sidechains and their mainchain.
“The new Internet of Value is emerging, and its future is brighter than ever as evidenced by the incredible progress the Bitcoin ecosystem had over the past year,” added Gutierrez Zaldivar.
About RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.