[Featured Content]
The emergence of Bitcoin and its network over a decade ago brought revolutionary technology that quickly progressed into various other blockchain-related endeavors, especially with the inception of smart contracts.
Their growth in terms of popularity and usage is more than evident, with such protocols being the most recognized and highly valued projects in the industry today.
In order for the Bitcoin blockchain to remain competitive in this manner as well came RSK – a BTC sidechain bringing advanced smart contract capabilities to the Bitcoin ecosystem. Its use cases also snowballed, and the latest large project aiming to take advantage of RSK’s benefits is BRZ – the world’s largest stablecoin paired to a national currency other than the US dollar.
The team behind BRZ has incorporated RSK to combine the best of both worlds – the enhanced security of the Bitcoin blockchain and the flexibility and capabilities of Ethereum’s network. By doing so, the collaboration between the two parties will enable BRZ to explore the world of decentralized finance as well.
BRZ Integrates RSK
Like other stablecoins, BRZ is a digital token backed by a national currency – in its case, the Brazilian real and its value stays the same. It’s built on top of Ethereum, Solana and Algorand, and it’s available for purchase on several well-known cryptocurrency exchanges, including FTX, Bittrex and BTSE.
Most recently, the team behind the token announced the integration with RSK. This Bitcoin sidechain intends to combine the security of the BTC network and the power of Ethereum’s smart contracts.
The Bitcoin blockchain – being the largest DLT network – is home to a countless number of miners who have made it the most secure system in the space by putting their computational devices to work. RSK takes advantage of this as more than 50% of all miners also do the validation of RSK-related transactions.
At the same time, the incorporation should also lower the costs of BRZ transactions. Compared to the Ethereum network, RSK’s transactions fees are around 2,000% lower, and they were more than 3,000% lower just a few months ago.
To simplify the process of transferring tokens with the security of the Bitcoin blockchain, BRZ has already been deployed on the network and has been integrated with wallets that utilize it.
BRZ and RSK Allow DeFi Involvement
The collaboration between the BRZ and RSK will enable the former to get into the ever-growing world of decentralized finance. DeFi, as it’s most commonly referred to, has skyrocketed in popularity with nearly $100 billion locked in various projects as of now. Just for reference, this number was around $1 billion in mid-2020.
Many of the transactions involve stablecoins. DeFi protocols will also be able to employ the services of the digital token backed by the Brazilian real since RSK has the ability to run smart contracts on the Bitcoin network.
It’s worth noting that RSK already has numerous projects working on top of it. In some cases, like RSKSwap, they even transitioned from the Ethereum blockchain. Others, such as Money On Chain, were specifically developed to work on RSK.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Credit: Source link
