Onramp.money integrates Rootstock: Unlocking Seamless Fiat-to-Crypto Solutions on Bitcoin’s First Smart Contract Sidechain
Onramp.money is thrilled to announce its integration with Rootstock and the listing of RBTC, the native token of the Rootstock network. This integration positions Onramp.money as a key facilitator, enabling users to seamlessly convert fiat currencies into RBTC, expanding the accessibility of decentralized finance (DeFi) on the Rootstock network.
Through this integration, users can now easily convert their local fiat currencies into RBTC, allowing them to leverage their Bitcoin holdings to engage with decentralized applications (dApps) and DeFi protocols on Rootstock. Onramp.money’s platform simplifies this process, making it more accessible for users to participate in the growing DeFi ecosystem with lower fees, faster transactions, and enhanced security.
What is RBTC?
RBTC, Rootstock’s native token, lets users leverage their BTC for services on the Rootstock layer-2 network. As a Bitcoin sidechain, Rootstock enables Ethereum-like smart contracts using Bitcoin as its core asset. RBTC is pegged 1:1 to BTC — users lock BTC and receive an equal amount of RBTC. This allows seamless use of DeFi and dApps.
Rootstock uses merge-mined PoW, securing over 60% of Bitcoin’s hash power. RBTC also acts as gas for smart contracts, similar to ETH on Ethereum, while remaining non-custodial and censorship-resistant like Bitcoin.
Rootstock Overview
Rootstock is Bitcoin’s first and longest-running sidechain, combining the robust security of the Bitcoin blockchain with the flexible programmability of Ethereum. Launched in 2015, Rootstock addresses Bitcoin’s challenges related to scalability and transaction speed, establishing itself as a strong platform for decentralized applications (dApps) and financial services.
By utilizing Bitcoin’s proof-of-work consensus mechanism, Rootstock enhances Bitcoin’s capabilities, allowing developers to create and execute smart contracts while upholding the principles of decentralization and security. As a layer-2 solution, Rootstock operates alongside the Bitcoin network, specifically designed to expand Bitcoin’s functionality through smart contracts and dApps.
Salient characteristics of Rootstock encompass:
- EVM Compatibility: Rootstock exhibits complete compatibility with the Ethereum Virtual Machine (EVM), therefore facilitating developers in using well-known tools and programming languages, such as Solidity, for the creation of decentralised applications (dApps).
- Smart Contracts: The platform allows the development of self-executing smart contracts that efficiently carry out agreements without the need for intermediaries, therefore simplifying procedures and decreasing dependence on trust.
- Scalability: Through the offloading of smart contract execution from the Bitcoin network, Rootstock substantially enhances transaction throughput, effectively tackling the scalability issues observed in Bitcoin.
Merged Mining in Rootstock
One unique benefit of merged mining is the ability of miners to concurrently mine blocks on the Bitcoin and Rootstock networks without using extra processing resources. By securely securing both blockchains using the same hash power, this approach greatly increases miner efficiency and profitability.
Poolserver with the RSK merge-mining plugin connected with the different networks
Benefits of Merged Mining
- Incentives: Miners earn a high percentage of transaction fees from the Rootstock block they mine. This mining process is done with the same hashing power used in Bitcoin mining, and has no additional cost or impact.
- Increased Security: By utilising Bitcoin’s hashing capability to secure Rootstock, the network gains a resilient security framework that is less vulnerable to attacks.
- Cost Efficiency: Miners can optimise their profits by earning rewards from both networks, therefore avoiding any extra expenses related to energy use.
- Faster Block Creation: In contrast to Bitcoin’s block generation rate of around 10 minutes, Rootstock achieves block generation every 30 seconds, enabling expedited transaction confirmations and smart contract executions.
Work Model & Advantages
Rootstock uses a hybrid approach combining its own unique features with the PoW (Proof of Work) consensus mechanism of Bitcoin.
Consensus models guarantees:
- Enhanced Functionality: Rootstock transforms Bitcoin from a simple store of value into a versatile platform for decentralized applications (dApps) by enabling smart contracts.
- Lower Transaction Fees: It offers significantly lower transaction fees compared to both Bitcoin and Ethereum, making it a more cost-effective solution for users.
- Robust Security Framework: Rootstock benefits from Bitcoin’s strong security through its integrated mining operations, providing developers and users with enhanced protection and peace of mind.
- Efficiency: With faster block generation times than Bitcoin, Rootstock can process transactions more swiftly, improving overall network performance.
- Interoperability: Rootstock’s compatibility with the Ethereum Virtual Machine (EVM) allows developers to easily port existing dApps and access a broader ecosystem of tools and libraries. Additionally, the two-way bridge, Powpeg, facilitates seamless asset transfers between Bitcoin and Rootstock, maintaining asset value and ensuring smooth interoperability.
Comparison with other chains
The Roostock whitepaper states that when comparing Rootstock with other blockchains, Rootstock presents superior technical advantages while preserving decentralization. Decentralization is evaluated based on the cost of running a full-node instance, and Roostock’s design achieves this balance effectively.
Ecosystem
Rootstock’s secure infrastructure and scalability allow developers to create a diverse range of dApps, such as payment systems, lending platforms, asset-swapping tools, and other applications.
Conclusion
The integration of Onramp.money with Rootstock is setting a new benchmark in the decentralized finance space. By combining Onramp.money’s rapid, secure, and cost-effective fiat-to-crypto gateway with Rootstock’s cutting-edge smart contract technology, this collaboration brings unprecedented convenience and reliability to users. With support for local payment methods, robust compliance across 40+ countries, and seamless integration, users can now experience the future of finance with unparalleled speed and efficiency. This integration is not just about access — it’s about revolutionizing how we interact with and benefit from the decentralized economy.
About Rootstock
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.