Bitcoin Global News (BGN)
October 08, 2018 -- ADVFN Crypto NewsWire -- Next year just might be the year of
the Bitcoin ICO.
Technically, projects have been
connected to Bitcoin before, but according to Coindesk’s recent
article, never by ICO. Now, due to the implementation of sidechains
on Bitcoin, it appears that the ICO landscape is shifting to
Bitcoin.
If you
do not already know what a sidechain is, just think of a Blockchain
attached to another Blockchain at a pre-determined exchange rate.
In referring to this exchange rate here, we are talking about when
someone wants to transfer assets from one of these Blockchains to
another.
The
reason that all of this is possible is due to work on Bitcoin
sidechains by a startup called Rootstock, which is a smart contract
platform for Bitcoin. Rootstock or RSK’s work began in 2016, using
the Solidity programming language, which, to review, is also the
leading language on the Ethereum network.
When you understand this, it makes a
bit more sense that they are the ones to bring ICOs to Bitcoin,
since ICOs run on smart contracts and basically, so are
sidechains.
Now,
thanks to this work, it has already been announced that a South
Korean startup called Temco will be launching an ICO this November
on the Bitcoin network, with a goal of raising $19
million.
Despite
this auspicious beginning, the fact remains that RSK’s sidechain is
still in beta mode, which according to Coindesk also goes together
with the fact that it has only a few planned users. Even so, Temco
appears optimistic about the future of RSK and Bitcoin’s
cooperation, essentially saying that they believe Bitcoin will end
up being on the same level as Ethereum in terms of ICOs, in the
future.
Even
so, it is important to remember that on paper, Temco will still
accept Ethereum for their ICO as well. Therefore, it can be said
that we have not quite reached the age of the Bitcoin ICO boom,
just yet.
By: BGN
Editorial Staff