Blockchain News

Blockchain News | Spin-off Project RIF Labs acquires Bitcoin Smart Contract Protocol Rootstock

Rootstock, Bitcoin- based smart contract protocol and Spin- off project RIF OS are collaborating to enhance their scope of operations. The collaboration was confirmed in two separate blog posts Nov. 18.

The structure behind off-chain infrastructure layer RIF OS, will acquire RSK’s counterpart  RSK Labs. It started out as side project from the same executives who held senior positions at RSK. They plan to enable the RSK protocol, so that it goes beyond Bitcoin and Ethereum and also inculcate various P2P functions.

“The three principal components to the RIF OS announcement include the integration of RIF Labs and RSK Labs, the publication of RIF OS Protocols and the launch of the first implementation of the RIF Directory Protocol (the Name Services component of RIF OS),” RIF’s post explains, adding:

“RIF Labs has signed an agreement to acquire RSK Labs. With this acquisition, RIF Labs will take on the development and community support of both the RSK Smart Contract Network and RIF OS Protocols.”

Describing the latest developments, the company called the RIF OS integration a “huge milestone” and said it would help “accelerate the adoption of open source blockchain technology worldwide.”

Rootstock, the brainchild of Bitcoin Core developer Sergio Lerner, saw several years’ development before its initial mainnet release in January 2018.

“Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch,” blockchain engineer Albert Szmigielski explained in a 2016 blog post.


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