RSK LABS created an open source software allowing smart contracts giving Ethereum a run for its money. This second layer to the bitcoin core will allow any user, company and developer to create any kind of solution. This will allow smart contracts to be built on top of the already secure and decentralized network.
How it works
RSK has a two-way communication peg to Bitcoin so that the smart contracts are executed and paid with Bitcoin.
This will allow the most trusted network in payment processing to be able to move into the most efficient instrument for trustless agreements.
Merg-Mining with Bitcoin
This will allow Bitcoin Miners can profit from the smart contracts as well at the same time securing the RSK network.
The Federation will be providing checkpoints and will back up solutions for institutions users and banks.
As of May 1st, they rolled out the beta testing but looking to go live by the end of the year