The first ICO that would be launched on Bitcoin sidechain may soon be a reality according to a report by CoinDesk.
Ethereum and other smart contract compliant blockchains have been dominating the initial coin offering market even though the concept was first thought of to work on Bitcoin. This was in 2013 when JR Willett raised half a million dollars for the mastercoin project. This project was later renamed Omni.
A sidechain created by RSK is at beta testing stage for the purpose. This will also have fund-raising and smart contract abilities.
A Real Project Drive
By November, a South Korean startup is hoping to use the platform for its fundraising drive. The company, Temco is hoping to raise $19 million through its initial coin offering.
Although this is not the first time the ecosystem has heard of the RSK project, this is the very first time that its reality has become as obvious as it could be.
RSK has been working on its Turing-complete smart contract machine since 2016. The project which is built on the Solidity, the same language Ethereum uses. Its internal currency is Smart Bitcoin (SBTC).
Although still relatively unknown compared with the more popular Ethereum and even Cardano and EOS, it is likely that Bitcoin sidechain will find attraction among developers and startups.
Scott Yoon, the CEO of Temco has similar views when he said, “
“RSK … will be dominating [the smart contract] ecosystem and [for] bitcoin that will open another era of bitcoin, like Ethereum.”
The Temco project aims to help supply chain managers of small and medium enterprises to track the movement of their shipping from origin to destination on a blackchain based platform.
The Temco token will be the internal currency of the Temco ecosystem used for every activity by vendors and clients to access its services.
A Better Solution for SMEs
The company’s head of business, Joey Cho said that the blockchain architecture is a better solution for SMEs as it offers better operating system at minimal cost.
“We believe RSK is one of the best blockchain technology because … if we create our supply chain on top of let’s say ethereum … number one the gas fee is amazingly expensive…which is not ideal for the Temco supply chain since we use lots of smart contract transactions,”
He reiterated that the transaction speed on the sidechain is at par with what is obtainable with payment processors such as PayPal.
According to him,
“Bitcoin network is really ideal because scalability is number one and you don’t have to worry about hacking. So when smart contract tool is brought to the bitcoin network … everybody’s going to want to come to bitcoin.”
80% of Miners in The Bag
In any case the RSK project when deployed for real use solution would be assessed based on its performance.
RSK has already secured support from 80 percent of Bitcoin miners. This implies that the project has nearly everything it needs to take off.
Yoon continues in his optimism,
“The reason why we started Temco was we want to see a real blockchain technology actually implementing in the real world and change the society for the better.”