RSK launched a tool for the interaction of Bitcoin and Ethereum

The Gibraltar company IOV Labs, which is behind the development of the RSK platform, presented an “interoperability bridge”Interoperability of Bitcoin and Ethereum blockchains.

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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 designed to simplifyprojects 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 believe that being able to offer the benefits of Bitcoin to Ethereum users and bring these developer communities together is a critical 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.

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