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$RewardBTC proposes an innovative feature in its contract: Reward PAID IN $BTC Token! With the auto-claim feature, simply hold $RewardBTC and you'll receive $BTC automatically in your wallet | Stealth Launch Soon |
All you Need to Know About Bitcoin Variants — BCH | BTG | BCD | BTX | BSV | BTCP | RBTC | WBTC |…
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I recently asked this in a different sub but I don't know why RSK hasn't got more traction. RBTC is pegged to BTC. You don't need to deal with keeping your own node online, or managing channels & liquidity. Most things that the average person would have no clue about. Fees are a fraction and it actually support defi apps.
What makes RSK not Bitcoin and Bitcoin on Lightning get a free pass? I see RBTC seems basically pegged to BTC.
Lots of people complaining about fees and how lightning has fundamental issues. RBTC doesn't seem to have those issues. Lightning gets way more attention for some reason.
RSK use RBTC to pay gas, it's BTC=RBTC
Use RBTC with Ledger and then just bridge from Rootstock to Bitcoin main chain once a year. Fees are much lower and as a sidechain the peg between BTC and RBTC is pretty unstoppable.
Then those people would learn why we want to own our BTC. Would be sad indeed to be forced to follow Blackrock into their RBTC where the 21mil cap is removed and Blackrock have the power to mint new BTC, not sure its price would follow BTC:s price tho.
Lol, but it’s literally the same thing, only with different words/wording. I even gave examples as ETHW after the Ethereum merge. Sure people forked and kept going a version of Ethereum proof of work consensus, but who’s using it? And how’s the price of ETHW going? More like ETHW who? Even me and you can right now fork a version of BTC and call it The Real Bitcoin with a ticker RBTC, but will the majority join us? Our tokens (coins) will be worthless… there’s no magic money out of thin air like people tend to think there’s in crypto…
I think good UI is a HUGE barrier to adoption by the 99% most people have no idea how to navigate the world of DeFi currently PS. The native token of Rootstock (RSK) is $RBTC which is smart contract enabled bitcoin pegged 1:1 with actual bitcoin (Don’t think $RSK exists)
Interesting, what’s the RBTC? You need to essentially swap BTC for this wrapped coin in order to borrow?
You are borrowing against the value of your bitcoin. So basically you are using bitcoin as collateral to mint the statblecoin ZUSD. Currently you can 1) Hold ZUSD, 2) Put ZUSD in the stability pool to earn potential RBTC liquidiations 3) Covert to XUSD where you can LP on Sovryn, Trade, Lend. 4) Covert to XUSD and bridge out to USDT, USDC, BUSD or DAI. Also, third party off-ramp services may accept ZUSD in the future or a prepaid debit card.
Also, you have a price oracle problem. I assume that the liquidation in the case of undercollateralization depends on the price of RBTC, not BTC. Hence, if the price oracle is flawed, non-functioning or compromised, your position is at risk of being liquidated. Secondly, there is the problem of flash crashes. Those can be caused by price oracle, in many cases these are symptoms of something else e.g. bad liquidity, market manipulation etc. Flash crashes may instantly liquidate any position, even one with a TVL of only 10%. And then the question is why even bother for 10%? The third problem is that bitcoin is too volatile in its current state on its own. Once bitcoin is less volatile, this makes more sense. A rational LTV in these environments would be 50%. Then, however, if you did 50% TVL above $60k you would be skrewed right now and required to put in more collateral. So what else do you want to do? 40% TVL? 30%? At some point, you put your bitcoin at risk for 30% of their current value which is very concerning from a portfolio-management perspective. The only real scenario such a loan can make sense if you are desperate for the money. But then what do you do? How sure are you you can pay it back? Because again, going 90% TVL makes no sense, you will be instantly liquidated on one bad day. Going 50% TVL makes more sense but then you basically loan out your coins for 50% of their current value and hope you can in the future repay your debth, otherwise you basically sold for a 50% loss right away. In any case I think this is a very tricky deal that people dont fully understand, hence shouldnt take it. There should not need to be a situation that requires to loan out bitcoin for money, because then you invested money you couldnt aford to invest. From an investment perspective its also highly questionable due to risk I mentioned above. So what's the usecase actually?
RBTC is not BTC. There’s no smart contacts on the Bitcoin blockchain. It’s **high risk** no matter what you say, or however many times you downvote.
RBTC can only go to 0 if 1) BTC itself goes to 0, or 2) 7-of-12 [Powpeg](https://developers.rsk.co/rsk/architecture/powpeg/) nodes have their HSMs compromised in a way that gives the attacker access to the private keys, or 3) 6-of-12 Powpeg nodes are bricked AND 2-of-3 emergency keys are either bricked or stolen. That is an unlikely series of events, probably far less likely than BlockFi or Celsius or whatever else people are using to get BTC-backed loans getting compromised. But it sounds to me like you're just not in the market for a BTC-backed loan of any kind (since all require giving up _some_ degree of control), in which case, yeah Zero is not for you. Thanks for the feedback anyways :)
RBTC can go to 0 though. Then what, you get back RBTC which is worth nothing? Doesn’t sound like a good plan.
RBTC can go to 0 though. Then what, you get back RBTC which is worth nothing? Doesn’t sound like a good plan.
You can always repay your debt and get your RBTC back. There's no individual or company holding the collateral, it's a smart contract.
I recommend looking into how RBTC and the Zero/ZUSD protocol works in detail. It's not as tenuous a proposition as you make it out to be. RBTC is programmatically backed by BTC using a mechanism called a [Powpeg](https://developers.rsk.co/rsk/architecture/powpeg/). And 1 ZUSD has a price floor of ~1 USD because 1 ZUSD can always be redeemed with the Zero protocol for 1 USD worth of RBTC. If a borrower wants to reduce their chance of liquidation they can set a relatively high collateral ratio, and top up if it drops below their comfort zone. Zero docs: https://wiki.sovryn.app/en/sovryn-dapp/subprotocols/zero-zusd
My Sovryn RBTC/XUSD is doing quite well. Currently at 30% apy.
it would be a Cryptocurrency, but adding RBTC to my Bitcoins, is making my life changes!
I do prefer to watch RBTC on red girl which has very good DeFi on RSK network. It's like WBTC but better. is Pegged with BTC 1to1 and is deployed on the most decentraliced Network! hahahah
RSK is adding smart functionality to Bitcoin. It's going to help BTC maintain relevance in the long term. In my case I'm using RBTC that is pegged 1 to 1 on BTC and move on DeFi more cheaper! in this case if some Network or coins make more valuable Bitcoin, not only can wort 1M each!, maybe can be more!
So a bitcoin fork that redistributes old UTXOs to new UTXOs. So "Redistibute-Bitcoin" (RBTC). Go for it... Good luck with that.
Short term inflationary Tokenomics of SOV and rewards based on SIP-0024. RBTC rewards come from revenues generated by volume of users transacting fees trading on the dapp. Lending rates come from a smart contract so nothing rehypothsicated. Lending rates are basically rates are determined by a formula which tracks the amount of borrowers who have to pay high fees in the smart contract.
Sovryn on RSK sidechain is better. On RSK you use RBTC to pay for gas, you don't need any other token than Bitcoin to use it and use defi features. Check it out [https://sovryn.app/](https://sovryn.app/) r/Sovryn
The smart contract platform RSK has its own chain - called a sidechain. Rootstock has many of the features of Ether, making it cross-compatible with the ETH dApp. As RSK has a two-way link to Bitcoin's blockchain, Rootstock's native token is called a "smart bitcoin" and carries the code for RBTC. RSK also provides additional incentives for bitcoin miners through merged mining. By offering its hashing power, miners can further profit without additional hardware requirements. There are also benefits to the root directory for ethereum users and developers. Notably, RSK is extremely compatible with Ethernet dApps, thus allowing developers to seamlessly transfer their dApps to Rootstock's blockchain. Another benefit that RSK brings to Ethernet dApps is the reduction of transaction costs when interacting with applications. RSK has its own approach to scalability, both by reducing the space per transaction and by bundling more transactions into the same space through a compression mechanism. What is RSK's reliability and anvil virtual machine? Root uses the same smart contract language as Ether-Solidity. Ethernet's runtime environment is the Ethernet Virtual Machine (EVM), while Rootstock has the RVM (Rootstock Virtual Machine). Ether has Gas to facilitate operations on its network, while Rootstock has RBTC, which power the smart contracts. The main benefit of the RVM over the EVM is that the leaked contracts on the Rootstock platform do not affect the Bitcoin blockchain. Instead, they may affect the Rootstock sidechain, which acts as a kind of buffer between bitcoins. This method of securing contracts is why vulnerable contracts do not have the same impact as they do on ETH. For example, when a DAO is used on Ether, the entire network is halted. This has many negative effects on ETH investors and users, as it makes the entire cryptocurrency unusable until a solution is available. Advantages and disadvantages of RSK The main advantage of Rootstock relates to security, as RSK operates as a sidechain to BTC and creates a true sandbox environment for dApps. Another advantage of RSK is its RVM format, which is easily compatible with ethereum dApps. Unity is a very intuitive language that has been learned by many developers. This way, developers can easily create applications for Rootstock and Ethernet without having to translate them into different languages. On the other hand, RSK is still working on getting more use cases, as Ether currently has most developers and dApps working on different projects. The adoption process (in terms of use cases, development tools and documentation) will be crucial if RSK wants to be the first choice for smart contract developers.
The smart contract platform RSK has its own chain - called a sidechain. Rootstock has many of the features of Ether, making it cross-compatible with the ETH dApp. As RSK has a two-way link to Bitcoin's blockchain, Rootstock's native token is called a "smart bitcoin" and carries the code for RBTC. RSK also provides additional incentives for bitcoin miners through merged mining. By offering its hashing power, miners can further profit without additional hardware requirements. There are also benefits to the root directory for ethereum users and developers. Notably, RSK is extremely compatible with Ethernet dApps, thus allowing developers to seamlessly transfer their dApps to Rootstock's blockchain. Another benefit that RSK brings to Ethernet dApps is the reduction of transaction costs when interacting with applications. RSK has its own approach to scalability, both by reducing the space per transaction and by bundling more transactions into the same space through a compression mechanism. What is RSK's reliability and anvil virtual machine? Root uses the same smart contract language as Ether-Solidity. Ethernet's runtime environment is the Ethernet Virtual Machine (EVM), while Rootstock has the RVM (Rootstock Virtual Machine). Ether has Gas to facilitate operations on its network, while Rootstock has RBTC, which power the smart contracts. The main benefit of the RVM over the EVM is that the leaked contracts on the Rootstock platform do not affect the Bitcoin blockchain. Instead, they may affect the Rootstock sidechain, which acts as a kind of buffer between bitcoins. This method of securing contracts is why vulnerable contracts do not have the same impact as they do on ETH. For example, when a DAO is used on Ether, the entire network is halted. This has many negative effects on ETH investors and users, as it makes the entire cryptocurrency unusable until a solution is available. Advantages and disadvantages of RSK The main advantage of Rootstock relates to security, as RSK operates as a sidechain to BTC and creates a true sandbox environment for dApps. Another advantage of RSK is its RVM format, which is easily compatible with ethereum dApps. Unity is a very intuitive language that has been learned by many developers. This way, developers can easily create applications for Rootstock and Ethernet without having to translate them into different languages. On the other hand, RSK is still working on getting more use cases, as Ether currently has most developers and dApps working on different projects. The adoption process (in terms of use cases, development tools and documentation) will be crucial if RSK wants to be the first choice for smart contract developers. \*\*\* Translated with www.DeepL.com/Translator (free version) \*\*\*
Just a bit of RBTC for fees for Sovryn.
> There is already RootStock. And now there is also Stacks, but that sounds an awful lot like a shitcoin using Bitcoin for a small aspect of it to lay claim to “being powered by Bitcoin”. As far as I understand, the token is needed to achieve a higher level of decentralization compared to rootstock that has a federation that manages the peg, so Rootstack has RBTC but it is also a shitcoin as you say, the difference is that the peg with BTC is centralized. It is the same with Thorchain, the token is needed to move asset cross-chain. This comes from the fact that Bitcoin cannot run smart-contracts natively, so you cannot really complain that workarounds are needed, it all comes from the fact that Bitcoin only does one thing and does it well. In the case of Stacks they created something that is symbiotic with Bitcoin: if Stacks blockchain grows, it means Bitcoin blockchains grows as well.
I have lost many coins to the ether/void all because I did not know which blockchain went to which address. (THETA, ETC, RBTC, TWT) Pour one out for all the lost homies who never made their way to my wallet.
I think the key factor to remember is that you will have to convert or trade BTC to RBTC, as well as the other pegged crypto equivalents, on the RSK chain to use it. https://youtu.be/EXoiMn-o4KU So, the biggest risk is being able to convert your rBTC back into BTC: https://wiki.sovryn.app/en/getting-started/faq-general Also, the liquidity token Sovryn, barely has any trading volume. This is a concern. But, then again, it is new and has barely gained any attention or traction. At least, not yet. So, there is risk, yet the developers and the project have been transparent and detailed in their approach. And, it could succeed in the long run. That said, my approach and suggestion, as is standard investment advise, would be to test it out with the minimum amount. And, if you like it, only put in what you can tolerate losing.
Is there an ELI5 on how one creates RBTC?
RBTC are bitcoins on a different blockchain. more RBTC means Bitcoin has one more interesting option for bitcoiners
I wish on the Tokens page that we could sort by RBTC balance? (is it important whether or not they have a high balance in a token? I would assume so, higher numbers being a more important token?)
converting bitcoin in RBTC you can do it on bitfinex or in decentralized ways https://www.rsk.co/
I don't think so. My understanding is that RSK is a side-chain: [Smart Bitcoin RBTC | RSK - Smart Contract Platform Secured by the Bitcoin Network](https://blog.rsk.co/smart-bitcoin-rbtc/)
If you came here for low or no fees then Ethereum is not going to make you happy. Their blockchain is congested so the fees are high. This could change in the future but yeah. In my opinion crypto wasn't about low fees it's about Decentralisation. That's why the blockchain exists to not give a huge amount of power to one single entity to run all of this. There are lots of options out there in the crypto market with low/no fees like Bitcoins lightning network, RBTC, Nano, IOTA, Stellar etc.
Oh? Damn, I had thought (due to this https://sovryn-1.gitbook.io/sovryn/) that we just had to go through the steps to deposit our Bitcoin and get the equivalent in RBTC (Ugg... of all the unfortunate acronyms given the bastardy of that in Reddit). Any idea when the evolution public sale will happen? And, thank you, I am indeed very interested, and will join their discord.