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