Enabling DeFi ecosystem on Bitcoin
The Rootstock (RSK) smart contract enables smart contracts on the Bitcoin network. The RSK and the RSK Infrastructure Framework (RIF), a third-layer protocol upon Bitcoin, were used to mint NFTs through Carnaval - an open-source platform for smart contracts and decentralized apps. The Rootstock network uses Bitcoin’s network security by combining mining operations. RIF offers RSK-based decentralized protocols and services. Using RIF’s marketplace engine, Carnaval has dramatically shortened its launch of decentralized markets on the Bitcoin network.
The introduction of non-fungible tokens has led to a paradigm change that Carnaval is helping to facilitate. The platform takes us to the next level by linking parts of the NFTs to actual items, giving users a new sense of “ownership.” Tokenized digital assets traded as NFTs on top of the Bitcoin network provide security and trust.
Connie Ansaldi, the co-founder of Carnaval, said:
I’m incredibly excited to be part of this game-changing experience: creating new financial tools built on top of NFTs. This is the shaping of Ownership 3.0. The shaping of a legacy of transcendence. And the most beautiful thing is that we are empowering talented artists as well as reaching new audiences for this art. This opens a rabbit hole as infinite as the imagination can go. And maybe…beyond that, If you wanna make history, you have to be part of the story.
Additionally, the platform aims to release a 210-piece NFT art collection. Iberoamerican artists selected these pieces linked to actual works of art. With the help of sponsors, such as art museums and galleries, Carnaval has expanded the audience for this art and validated it. The artist’s work is pushed front and centre by bringing famous art industry participants into the fold.
Understanding what Rootstock is? The protocol layer for smart contracts on Bitcoin
RSK is a secure smart contract platform safeguarded by Bitcoin’s unrivalled hash power via merge-mining, which provides smart contract ability to applications built on Bitcoin. RSK is a third layer protocol that integrates with the Bitcoin blockchain. RSK brings open finance and utility to the bitcoin network by allowing smart contracts, near-instant transactions, and increased scalability.
The network expands to up to 100 transactions per second without affecting decentralization and uses probabilistic authentication, fraud detection, and other techniques to decrease storage and bandwidth. RSK Infrastructure Framework (RIF) is a set of open and decentralized infrastructure protocols that allow for the creation of distributed applications (dApps) in a single environment, allowing for high deployment of Bitcoin and RSK.
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Image credits: Carl Raw and Markus Spiske.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has not been commissioned to write this story and thus has no vested interest in the companies/products mentioned above.