Cryptocurrencies like bitcoin, as stores of value, exist as math and code, secured through energy-intensive protocols like proof-of-work. For the masses to adopt a global, financially inclusive digital store-of-value, the network it runs on needs to be decentralized and secure. However when considering complex use cases beyond store of value, we also need to be able to transact at scale (speed).
Second-layer (L2) solutions like Plasma, Raiden, Lightning, TrueBit and RSK are exploring structures that anchor to a main blockchain as a root of trust, with scalability features implemented in higher layer(s). While many L2 solutions are building on a newer blockchain, what can we do to improve the scalability and programmability of bitcoin itself?
In this post I will be exploring how we may leverage the decentralization and security of the Bitcoin network to run decentralized applications at scale, and dive into the Rootstock project which is tackling this very problem.