Oct 7, 2018 19:13 UTC
Oct 8, 2018 at 08:05 UTC
Bitcoin Will Now Be Able To Host ICOs, Thanks To New Sidechain
By the close of 2018, the field of crypto funding might just have been changed forever as ICOs (initial coin offerings) are coming to Bitcoin. This feat is set to become possible thanks to a new sidechain developed by RSK. Till now, most entrepreneurs have tended to choose the Ethereum blockchain or any of the other smart contract protocols available in the industry for launching their native virtual tokens. Now, this field will no longer remain a monopoly of the second-largest blockchain in terms of market cap, Ethereum.
ICO, typically a means to raise funds for new projects, was initially introduced as a concept on the BTC blockchain 5 years back by J.R. Willet, a name frequently associated with the birth of the concept. Although he had managed to raise a fund of $500000 for his currency “mastercoin”, the limitations of the network’s erstwhile infrastructure meant that it would prove to be untenable to sustain ICOs on a larger scale.
The later part of next month is likely to see blockchain startup Temco from South Korea use the technology forged by RSK’s developers to launch a sale of their native tokens for the general public. With bitcoin’s newfound ability to host fundraising ICOs, they will seek to raise at least $19 million to fuel their expansion. RSK has been engaged in its efforts to develop this sidechain since the first half of 2016. The network consists of Turing-complete smart contract technology coded in Solidity, the language that’s primarily used for the Ethereum blockchain as well. The native token for this network is a virtual currency known as SBTC (smart Bitcoin), pegged against the BTC itself.
The network is still available only on beta, with just a few crypto projects using it for the deployment of smart contracts. However, Temco’s CEO and Business Development Head, Scott Yoon and Joey Cho respectively, seem confident that the sidechain will soon garner a great deal of interest and attract new ICOs.
Yoon himself is absolutely convinced that BTC has the potential to move beyond its basic function of being a cryptocurrency meant for payments. He is hopeful that the upcoming Temco ICO launch will be a watershed moment that transforms the industry and ushers in a change.