The success of Bitcoin is everywhere: the most popular virtual currency, supported by a distributed blockchain, is chaging the fintech world. But it success is not coming alone: it has limitations (transaction throughput, block size limits, transfer-oriented, inertia to change, no smart contracts… ) that are more evident with the spread of its success.
One path to overcome such limitation is to evolve. But historically, Bitcoin change (via Bitcoin Improvement Proposals, soft and hard forks…) was a not-so-easy process, that precludes innovation. And it has its reasons: the security gained by Bitcoin is not so easy malleable for innovation. There are many interests that fight against changes that could affect the basis of the system.
The “new kid on the block”, Ethereum, is an example of controlled innovation: the platform supports the execution of smart contracts, that could open a new world of applications to virtual currency management and related assets.
I’m a member of development team of @RSKSmart, where we are working hard to connect Bitcoin network (virtual currency, security) with an RSK network based on Ethereum (smart contracts). In this personal blog post series, I want to discuss some ways to connect blockchains, in general, and Bitcoin, Ethereum/RSK in particular.