RSK Lab, whose platform promises to incorporate the smart contracts capabilities of Ethereum within the Bitcoin ecosystem, has announced that it has developed a hybrid security model which incorporates a private Federation integrated by major Bitcoin industry companies.
The new initiative has received support from exchanges and other service providers from around the world including Bitcointoyou, Bitex, Bitfinex, bitFlyer, Bitgo, Bitoasis, Bitpay, Bitso, Bits of Gold, Bitstamp, Blockchain, Blockchain Intelligence Group, Blocktrail, BTCC, BitKan, Jaxx, SurBTC, CoinBR, Huobi, OKCoin, Paycase, Tether, Unocoin and Xapo.
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Wences Casares, CEO of Xapo, commented: “We are very excited about what RSK is doing by bringing Ethereum-like capabilities to the Bitcoin network. This will take the Bitcoin ecosystem to the next level and unveil the endless possibilities of the Blockchain technology.”
The RSK federation will provide additional services for the use of smart contracts including the generation of external security checkpoints and active “oracling” services to gather information from external sources. Federation members will also provide other services to RSK users such as instant peg liquidity and multisig services.
“This hybrid security model will be key to promote institutional use cases. We have more than 20 international banks, insurance companies, governments and development agencies that are planning to launch their services over RSK,” stated Diego Gutierrez Zaldivar, RSK Labs CEO.
Additionally announced by the firm, Sergio Lerner, RSK Chief Scientist, is now working with several universities and security experts across the industry to develop smart contract security standards and best practices.