IoV Labs has launched the Rootstock Infrastructure Framework (RIF) ” flyover” to streamline transfers between Bitcoin, the world’s most precious blockchain by market cap, and Rootstock, a latest press launch exhibits.
RIF Flyover launched
Rootstock is a sidechain that brings sensible contracting functionality to Bitcoin, permitting builders to construct and launch dApps in DeFi and extra. Just like the underlying community, the layer-2 platform is permissionless and censorship-resistant.
The RIF Flyover is open supply and is now accessible for customers. By this portal, customers would simply transfer bitcoin (BTC) between the mainnet, that’s, the Bitcoin community, and Rootstock, and vice versa. All transfers might be non-custodial and differ from cross-chain bridges, the place the coin holder offers possession to a 3rd celebration.
RIF Flyover depends on liquidity suppliers who will provide funds required by the person. In return, this association slashes switch instances to minutes, down from hours it could usually absorb options. BTC transferred to Rootstock exists as RBTC, and is pegged to the worth of BTC. This token is native to Rootstock, permitting holders to work together with DeFi options on the Bitcoin sidechain.
Slashing cross-chain switch instances
Nonetheless, it must be famous that different BTC transfers throughout cross-chain bridges would nonetheless be accessible to customers. Nonetheless, the Flyover will supply extra safety, and transfers might be non-custodial, accessible to all customers, at any time. Subsequently, IoV Labs argues that the Flyover might be advantageous beneath particular situations, particularly when the person needs pace and enhanced safety.
Any switch between the sidechain and the mainnet might be secure by the RIF Flyover. Furthermore, the non-custodial nature of this operation means the coin proprietor all the time retains management. IoV Labs hopes this can speed up transfers between the 2 platforms, driving utilization.
Sergio Demain Lerner, the co-founder and Chief Scientist at IoV Labs, mentioned they’re excited to launch the Flyover to the Rootstock neighborhood, including that it’ll save time and improve safety.
“We’re excited to launch the RIF Flyover protocol to the Rootstock neighborhood. The protocol considerably reduces the time required to switch BTC between the Bitcoin and the Rootstock chain with out compromising safety. That is achieved by guaranteeing that the funds are by no means in custody of a 3rd celebration through the switch.”
On Feb. 7, the RIF 2023 Roadmap was released.
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