Running ERC20 contract on RSK

Question

I have been reading about RSK lately and was wondering about the compatibility and possibilities, so I wanted to ask for some basic info in case there's someone more knowleadgable.

I have a smart contract running on the Ethereum network. The contract is based on the ERC20 standard. So, this smart contract, with its setup today, would it be possible to make it use the RSK network instead of Ethereum?

If yes, what could be the pros and cons? Eg. cheaper/faster transactions.

Answer 1

Yes, you can easily deploy your Ethereum smart contracts to the RSK blockchain. Smart contracts for RSK can be written using Solidity and are fully compatible with Ethereum Smart Contracts, so you can migrate your existing Ethereum Smart Contract to RSK without changing the smart contract. You just need to configure your truffle-config.js file to point to RSK. Here's an example for the RSK Testnet:

testnet: {
      provider: () => new HDWalletProvider({
        mnemonic: {
          phrase: testnetSeedPhrase,
        },
        providerOrUrl: 'https://public-node.testnet.rsk.co/',
        derivationPath: "m/44'/37310'/0'/0/",
        // Higher polling interval to check for blocks less frequently
        pollingInterval: 15e3,
      }),
      // Ref: http://developers.rsk.co/rsk/architecture/account-based/#chainid
      network_id: 31,
      gasPrice: gasPriceTestnet,
      networkCheckTimeout: 1e6,
      timeoutBlocks: 100,
      // Higher polling interval to check for blocks less frequently
      // during deployment
      deploymentPollingInterval: 15e3,
    },

Pros

• RSK has lower gas fees compared to Ethereum - ~2-2.5%
• You can build and use smart contracts using the same tools/software/libraries

Cons

• The block time is 30 sec, which is slower than 15 sec in Ethereum

You can find a guide here on how to port Ethereum dApp to RSK.