- IoV Labs has launched the RIF Flyover protocol to bolster the functionality of Rootstock.
- Rootstock ranks amongst other innovative networks helping to build the DeFi world around Bitcoin.
IoV Labs, the blockchain startup behind developing and maintaining the Rootstock Infrastructure Framework (RIF), has launched its latest product, the RIF Flyover. According to a Press Release shared with Crypto-News Flash, the RIF Flyover is an open-source protocol with a predefined goal of stirring a seamless transaction between RIF and Bitcoin (BTC)
As a layer 2 sidechain for the Bitcoin Network, the Rootstock provides smart contract functionalities using a wrapped Bitcoin token RBTC as its native asset. Transfers from the Bitcoin blockchain to Rootstock often require third-party permissions, significantly slowing down the process.
The bridging of assets between Rootstock and Bitcoin often takes several hours but the use of the RIF Flyover will hasten this to minutes. Per its design, the RIF Flyover is billed to foster a more trustless engagement for users as it operates as a non-custodial protocol. This means users will not be required to cede access to their funds or private keys to an unknown third party.
“We are excited to release the RIF Flyover protocol to the Rootstock community. The protocol significantly reduces the amount of time required to transfer bitcoins between the Bitcoin and the Rootstock chain without compromising security. This is achieved by ensuring that the funds are never in custody of a third party during the transfer,” said Sergio Demain Lerner, Co-founder, and Chief Scientist at IoV Labs.
While previous innovations from the IoV team have gained prominence amongst users, Lerner noted that he;
“…can’t wait to see how the community uses the protocol to develop unique solutions. RIF Flyover is now available as part of the Rootstock Infrastructure Framework (RIF) an open-source suite of products and protocols that enable developers to quickly and easily develop and launch new DeFi services.”
IoV Labs’ RIF Flyover to Foster Higher Functionalities
The introduction of the RIF Flyover is billed to foster quite a lot of functionalities in the Rootstock protocol, giving the community users room to explore more utilities across the board. Amongst the decentralized services the RIF Flyover can be used to enhance remittances and payments, the operations of decentralized exchanges lending and borrowing protocols as well as stablecoins.
While IoV Labs has deemed the Flyover protocol to have immense capabilities. Drawing on this, an attestation has been given by the Association for Cryptologic Research which published a research paper on the Flyover protocol written by the IoV Labs’ Research & Innovation Team.
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RIF comes off as one of the major protocols that are helping to expand the Bitcoin blockchain’s ecosystem. While Rootstock is operating as a sidechain, other protocols are building the Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) capabilities of the Bitcoin blockchain.
One of these protocols is Stacks (STX), a layer-1 network that has just recently been recognized by top crypto market analyst Chris Burniske. Despite Bitcoin enjoying a sparse DeFi ecosystem when compared to other layer-1 networks like Ethereum (ETH) and BNB Chain, there is still a very promising hope that protocols like Rootstock and tools like RIF Flyover can make a good difference in the long term.
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