Transfer of Bitcoin between the Bitcoin blockchain and Rockstock sidechain just became easier and safer. As announced by IoV labs today, such transactions can now be completed in minutes instead of hours, thanks to the RIF Flyovers.
General described as a ‘Repayment Protocol’, RIF Flyover is unique, utilizing a novel bridging method that offers improved security without compromising decentralization. Unlike traditional cross-bridging methods, it doesn’t grant third-party access to your fund or private key.
Improving Asset Transfer between Bitcoin and Rootstock
The primary goal of RIF Flyover is to facilitate fast and secure asset transfer between the Bitcoin blockchain and the Rootstock Infrastructure Framework (RIF). It is very useful for fast cross-chain transfers, especially in specific conditions. It improves on traditional bridging solutions in terms of speed, security and overall user experience.
Among the first platform to recognize this groundbreaking blockchain engineering is the Association for Cryptologic Research. The IoV’s Research and Innovation Team had the Flyover protocol research paper published there.
According to available information, RIF Flyover will achieve the required speed by utilizing trust-minimized utility providers. More on the liquidity providers later.
It is important to state that RIF Flyover is just the latest addition to RIF, which is fast becoming a suite of valuable open-source protocols developed by IoV Labs. This suite of products is currently helping developers to build and launch DeFi applications quickly.
Tested Solution for Asset Transfer
RIF Flyover works in a unique way to create value and reward participants. The technology allows third-party liquidity providers to facilitate a transaction by advancing the transfer for the user. Such liquidity providers have no access to neither the users’ assets nor private keys.
Upon transferring an asset to Rockstock, which is a Bitcoin Layer-2 sidechain, a BTC-pegged native token named RBTC is used to complete a transaction faster. Thanks to its services, users can interact with:
- Decentralized exchanges (DEXs) like Sovryn
- Lending and borrowing protocols like Tropykus
- Remittances and instant transactions
Speaking about the new product and the future, Co-Founder and Chief Scientist at IoV Labs said:
“We are excited to release the RIF Flyover protocol to the Rockstock community. The protocol significantly reduces the amount of time required to transfer bitcoins between Bitcoin and Rockstock Chains without compromising security. This is achieved by ensuring that the fund is never in the custody of a third party during the transfer.“
“We can’t wait to see how the community uses the protocol to develop unique solutions. RIF Flyover is now available as part of the Rockstock Infrastructure Framework (RIF) as an open-source suite of products and protocols that enable developers to quickly and easily develop and launch new DeFi services.”
The RIF Flyover from IoV labs offers something new and exciting for the Rockstock and Bitcoin ecosystems, as well as the wider crypto community. Liquidity providers are vetted to ensure the utmost professionalism. They register through a liquidity pool and deposit collateral into a smart contract before resuming their work. The collateral helps to keep every participant in check and misbehaving liquidity providers are punished automatically.