RSK Infrastructure Framework Simplifies Bitcoin (BTC) DeFi Experience with RIF Enveloping Solution

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Thu, 01/28/2021 - 09:00
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Vladislav Sopov
A new solution significantly advances the UX of meta transactions. Why is this crucial for DeFi on Bitcoin?
RSK Infrastructure Framework Simplifies Bitcoin (BTC) DeFi Experience with RIF Enveloping Solution
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IOVlabs, the software company tasked with building Bitcoin-based smart contracts network RSK, together with the RSK Infrastructure Framework (RIF) community, introduces a solution designed to make cross-chain interaction easier.

No more worries about fees

According to a press release shared with U.Today, Bitcoin (BTC) side-chain RSK eases the process of onboarding new clients to Bitcoin's decentralized financial protocols (DeFi). Namely, it erases difficulties with the necessity of purchasing additional tokens to pay network fees.

With the new instrument, RIF Enveloping, a third party can subsidize the fees required for initial transactions. Thus, every smart contract can assist in paying for transactions, eliminating the necessity for end users to obtain extra tokens.

The new option is available with the integration of cryptocurrency wallets. It significantly improves the user experience of interaction with DeFi, even for non-technical users.

Diego Gutiérrez Zaldívar, CEO of IOVlabs & RSK co-founder, stresses the importance of the new release for the whole decentralized finances segment:

RIF Enveloping is a key tool to provide a user experience on decentralized blockchain networks on par with that offered by neobanks while also creating a path to sustainability for wallets and token issuers.

Beexo is the first wallet to integrate RIF Enveloping

Decentralized cryptocurrency wallet Beexo Wallet becomes the first service to integrate RIF Enveloping. Its CEO and founder, Ezequiel I. Cuesta, highlighted the revolutionary essence of the new technology:

We are happy to always be in the forefront of the industry, and to integrate new technologies. We constantly seek to improve and to continue to provide our users with privacy-oriented, secure communications and transactions, and integrating RIF Enveloping is a step in the right direction.

IOVlabs is a leading software development company in the sphere of empowering Bitcoin (BTC) hash power with smart contracts functionality. RSK Infrastructure Framework (RIF) is a family of decentralized protocols that addresses multiple use cases for smart contracts on Bitcoin (BTC).

Besides RIF and RSK, IOVlabs also delivered Taringa!, Latin America's largest Spanish-speaking social network with thousands of active communities and 30 million users.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)