IoV Labs Launches RIF Flyover to Ease Transfers Between Bitcoin and Rootstock
South American blockchain know-how firm IoV Labs has launched its Rootstock Infrastructure Framework (RIF) Flyover designed to allow seamless bitcoin (BTC) transfers.
In accordance with a press launch CryptoPotato, the open-source protocol would act as a bridge to allow sooner transactions between the primary Bitcoin blockchain and the Rootstock sidechain.
IoV Labs Unveils RIF Flyover
IoV Labs’ RIF is a collection of open, decentralized infrastructure protocols that permit for the sooner improvement of scalable decentralized functions (dApps) inside a unified atmosphere. RIF Flyover is the most recent addition to the protocol set.
RIF Flyover, often known as a Reimbursement Protocol, is designed to allow easy and faster transfers between Bitcoin and the Rootstock sidechain via the companies of third-party liquidity suppliers.
Though Flyover acts as a bridge, it makes use of non-custodial bridging strategies, in contrast to conventional cross-chain bridges. The protocol’s design ensures safe cross-chain transfers, as customers don’t want to offer third events entry to their funds or non-public keys.
Commenting on the product launch, Sergio Demain Lerner, the co-founder and Chief Scientist at IoV Labs, mentioned:
“We’re excited to launch the RIF Flyover protocol to the Rootstock neighborhood. The protocol considerably reduces the period of time required to switch bitcoins between the Bitcoin and the Rootstock chain with out compromising safety. That is achieved by making certain that the funds are by no means in custody of a 3rd occasion throughout the switch.”
Third Events to Present Liquidity
Per the discharge, Flyover quickens the switch course of by permitting third events to offer liquidity. This ensures that the switch time is diminished from hours to minutes.
As soon as the belongings are transferred to Rootstock, customers use RBTC, a BTC-pegged native token of the sidechain, to work together with a spread of companies.
“We will’t wait to see how the neighborhood makes use of the protocol to develop distinctive options. RIF Flyover is now obtainable as a part of the Rootstock Infrastructure Framework (RIF), an open-source suite of merchandise and protocols that allow builders to rapidly and simply develop and launch new DeFi companies,” Lerner added.
