Rootstock Implements Major Upgrade... "60% Fee Reduction"

Uk Jin

Summary

Rootstock announced that through the upgrade, they have significantly reduced user costs by cutting network fees by 60%.
Through the Lovell upgrade, they aim to enhance Ethereum Virtual Machine compatibility and security, while also improving native Bitcoin bridge functionality.
They reported that the Faster protocol will improve transaction speed by 6 times and reduce block generation time to 5 seconds.

*Daniel Fogg, Rootstock CEO/Photo=Provided by Rootstock*

Bitcoin (BTC) first sidechain Rootstock announced its upgrade plan on the 13th.

This upgrade focuses on three key areas: △cost reduction △decentralization △speed improvement.

First, regarding cost reduction, network fees have been reduced by 60%. This has already been implemented on the network, significantly reducing users' costs for deploying and maintaining smart contracts.

Rootstock explained, "The fee reduction was possible thanks to optimization by merge mining partners," adding, "Users will incur lower costs when interacting with dApps and smart contracts. Developers will also be able to reduce costs for maintaining smart contracts."

The Lovell upgrade has also been announced. This focuses on Ethereum Virtual Machine (EVM) compatibility, enhanced security, and decentralization. Specifically, it will improve the native Bitcoin bridge PowPeg functionality, establishing the foundation to increase the number of signers from 9 to 60. The Lovell upgrade will be implemented from 1 AM on the 14th (Korean time).

Additionally, the Faster protocol currently under development will be introduced. Through the Faster protocol, transaction speed will improve by 6 times, and block generation time is expected to be reduced from 30 seconds to 5 seconds.

Daniel Fogg, CEO of Rootstock Labs, said, "Through this major upgrade, we have been able to improve accessibility for users participating in the Rootstock ecosystem."

RIF