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I want to share today’s clip from Brian De Mynt, author of the Amazon best seller “Bitcoin Evangelism”, from my Podcast talking about his views of Bitcoin vs the other Cryptocurrencies, which inspired today’s article.
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The Evolution of DeFi on Bitcoin: From WBTC to Rootstock 
In the early days of decentralized finance (DeFi), the only way for people to use bitcoin within these platforms was through the use of Wrapped Bitcoin (WBTC). WBTC is a token that represents bitcoin on the Ethereum blockchain, allowing it to be used within DeFi protocols and applications. While WBTC did provide a way for people to bring their bitcoin into the DeFi space, it was heavily centralized, with a small group of organizations controlling the creation and destruction of the token.
The Centralization of WBTC: Risks and Challenges
This centralization posed a number of risks to users, including the potential for single points of failure and the possibility of these organizations acting in their own interests rather than those of the broader community.
Enter Rootstock: A Decentralized Alternative for DeFi on Bitcoin
However, with the emergence of Rootstock (RSK), a smart contract platform built on top of the Bitcoin blockchain, users now have a much more decentralized alternative for bringing their bitcoin into the DeFi space.
RSK allows users to create and execute smart contracts on the Bitcoin blockchain, opening up the possibility for a wide range of DeFi applications and protocols to be built directly on top of the world's largest and most secure blockchain. This decentralized approach to DeFi on Bitcoin brings a number of benefits, including increased security, censorship resistance, and reduced reliance on third parties.
Improved Scalability and Lower Fees with Rootstock
In addition to these benefits, RSK also offers improved scalability compared to Ethereum, allowing for faster and cheaper transactions within DeFi applications. This is particularly important for bitcoin users, as the high fees on the Bitcoin network can make it impractical to use for smaller transactions.
Conclusion: A Bright Future for DeFi on Bitcoin with Rootstock
Overall, the emergence of RSK has provided a much-needed alternative for bringing bitcoin into the DeFi space in a decentralized and secure way. While WBTC will likely continue to play a role in DeFi, the addition of RSK gives users more choice and increased security when interacting with DeFi protocols and applications. As DeFi on Bitcoin continues to grow and evolve, we can look forward to even more innovation and development in this exciting space.
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We Are Bitcoin
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