Bitcoin: Altcoin soared 90% and promises to bring smart contracts, DeFi and NFTs to the BTC blockchain
RIF has exploded in price as it promises to bolster the Bitcoin blockchain with DeFi capabilities.
IoV Labs has set a new roadmap to help fast-track its Bitcoin smart contracts agenda.
The influence of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization is rubbing off on RSK Infrastructure Framework (RIF), a token seeking to help infuse Decentralized Finance (DeFi) capabilities into the former. Having soared by 90% over the past 24 hours, the RIF token is now changing hands at $0.1551, up 161.14% over the trailing 7-day period.
The RSK Infrastructure Framework has a defined agenda of its own and beyond its goals of bringing smart contract capabilities to the Bitcoin blockchain, it is looking to make the protocol more usable.
The RSK Infrastructure Framework is a layer-3 protocol that is built on top of Bitcoin’s Rootstock protocol. The protocol grants access to a whole range of services including payments, Domain name services, and crypto assets storage amongst others. The mission of RIF is a bullish one, and it is notably drawing enhanced interest from key members of the Bitcoin ecosystem.
RIF was developed by IoV Labs and after years of development, the team has unveiled a roadmap that it hopes will help usher in a suite of new protocols to power its agenda. Per the shared roadmap, the startup hopes to launch the RIF Wallet before the end of the second quarter of this year.
In addition to these, there are plans for BTC RNS Domain names to be activated and go online. These Domain names will position Bitcoin to exhibit the similar functionalities of other blockchains like Ethereum (ETH), and Solana (SOL) with relatively simpler domain name facilities.
Besides these notable upgrades, plans remain to launch the DeFi Gateway and to perfect its eventual integration. As an outfit with ambitious growth, RIF understands the need to carry its community along and is doing all it can to regularly connect with the community through AMAs.
Bitcoin and the RIF Flyover Debut
According to an earlier report by Crypto-News Flash, IoV Labs launched the RIF Flyover, a new tool that is designed to help fast-track the speed of transfers between the Bitcoin blockchain and the Rootstock.
The RIF Flyover will reduce the timeline for bridging assets from one protocol to the other from several hours to a matter of minutes or seconds. This will further reposition the Rootstock framework as a very viable L2 protocol to help power Bitcoin’s growth.
Though the DeFi and Non-Fungible Token (NFT) functionalities of the Bitcoin blockchain are yet to fully go into the mainstream, RIF, through IoV Labs, is building the infrastructure that will power the mass adoption of such innovations in the near future.
While it takes years to develop and launch a broadly accepted product, IoV Labs’ efforts, especially through its RIF Flyover have been recognized by several bodies including 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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Filed under: Bitcoin - @ February 22, 2023 3:05 pm