Tag: Rif

Multisig Wallets Make their Debut in RSK Ecosystem via RIF Multisig

by Btcmanager

The RIF Multisig – which includes the RIF Savings and Vault – offers the RSK community a safe and simple solution to create wallets that require multiple signatures to transact their funds.

IOV Labs Unveils RIF Multisig

With the RIF Multisig, users can choose the number of keys that are allowed to open the vault and the ‘threshold’ number which is essentially the number of keys required to unlock it.

The RIF Multisig solution is primarily geared toward IOV Labs ecosystem partners, wallets integrated with or considering integration with RSK, and decentralized applications (dApps) developers.

In addition, the solution can also be used by retail crypto investors, users, exchanges, investment funds, and other funds in the business of handling digital assets and crypto wallets.

At present, Gnosis Safe is the most widely used solution for the RSK and Ethereum ecosystems. Gnosis Safe offers a range of smart contracts, an SDK, a backend, and a web application that facilitates the development and administration of multisig wallets in Ethereum and other EVM networks that are not a part of the RSK ecosystem.

What Does the Solution Offer?

Essentially, the RIF Multisig will enable RSK developers to deploy Gnosis smart contracts in the RSK ecosystem. It will allow the developers to add the necessary functionalities that are currently not supported in Gnosis Safe SDKs to operate multisig wallets safely and intuitively.

Developers can achieve the aforementioned by following the correct process for creating and operating multisig wallets and developing an example application that offers a correct understanding of the user experience.

There are a plethora of use-cases that can be tapped by RSK developers by using the RIF Savings & Vault solution. By using RSK SDKs and referring to documentation, developers can create multisig wallets choosing their owners and threshold, receive gas in the form of RBTC, receive ERC-20 tokens including RIF token, and request transactions to other owners for sending RBTC and ERC-20 tokens.

In addition, the solution can also be leveraged for sending raw transactions, extracting the list of pending transactions on a multisig wallet, confirming pending transactions both on-chain and off-chain, rejecting pending transactions, and deleting a multisig and withdrawing its funds.

Once the RIF Multisig is integrated into an end-user solution by developers, all entities will be able to benefit from its added security compared to single-sign storage. Crypto brokers, OTC traders can distribute admin keys for their funds to distribute the risk and ensure no single person can withdraw funds on their own.

Advantages of the RIF Multisig

Now that the RIF Multisig is released, interested individuals might be wondering what advantages does it offer? Especially compared to other similar solutions?

To answer the above questions, it must be noted that RIF Multisig is the first-ever multisig crypto storage solution designed for RSK and the Bitcoin DeFi ecosystem. The RIF Multisig lets users enjoy all the benefits of Gnosis Safe and many more SDK methods. This way, the RIF Multisig is bringing the multisig solution to RSK and Bitcoin ecosystems for the first time.

How to Integrate the RIF Multisig?

The RIF Multisig is refreshing the Bitcoin DeFi experience, bringing it at par with the Ethereum DeFi experience in terms of security and user experience. Interested developers can right away integrate the RIF Multisig solution with RSK-powered dApps. They can try out the software via the UI sample app here.

To get started with the integration, developers can view the technical documentation here.

Further, they can also get support from the RIF Identity team via the Open Slack.

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RIF Token Gets Integrated Into Xcapit’s Investment Wallet

by Btcmanager

RIF token holders now have another investment wallet to earn attractive yields on their tokens.

Xcapit Investment Wallet Adds Support for RIF Tokens 

Xcapit, the firm behind the development of an investment wallet on the RSK network recently announced it had added RIF token to its investment portfolio. This addition means that retail users and RIF holders will now be able to earn lucrative yields on their tokens in a manner that is native to bitcoin (BTC) and noncustodial.

For the uninitiated, Xcapit enables users to generate automatic investment strategies with RIF by integrating their Binance accounts with Xcapit. Furthermore, users have the option to convert supported fiat currencies into RIF tokens and vice-versa via the Kripton API which will help them connect with the real economy. 

The announcement by Xcapit is a significant one for the decentralized finance (DeFi) landscape on bitcoin as it gives RIF token holders a brand new option to earn yields on their holdings. What’s more, Xcapit is built on top of the RSK blockchain which means it also imparts the unparalleled security of the bitcoin network. 

Secured by the Bitcoin Network

For those not in the know, the RSK blockchain is a smart contract platform built on top of the bitcoin network. Bitcoin’s unparalleled hash power, in fact, makes RSK the most secure smart contract platform in the world. 

Since its successful launch, Xcapit has positioned itself as one of the most prominent layer-2 protocols in the bitcoin ecosystem which reflects in the exponential growth of the platform.

Commenting on the development, Jose Ignacio Trajtenberg, CEO, Xcapit, noted:

“When we designed Xcapit, we did it thinking that the financial model could also be used with other assets. We believe that RIF offers many new infrastructure services through the RSK network, and this will accelerate the adoption of DeFi for Bitcoin. RIF will allow people using the RSK Infrastructure framework to yield on that. We are very happy to be able to collaborate with this amazing project.”

Similar sentiments were echoed by Diego Gutierrez Zaldivar, CEO, IOV Labs. He said:

“We are excited to have Xcapit integrated with RIF which will provide new opportunities to RIF token holders.”

Adding:

“It’s thrilling to experience how quickly the DeFi ecosystem has been growing, launching more products and achieving broader adoption.”  

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RSK TVL Overtakes that of Lightning Network as Interest in DeFi on Bitcoin Rises

by Btcmanager

Bitcoin-powered smart contracts platform RSK Network has eclipsed Lightning Network (LN) in terms of total value locked (TVL) in BTC having over 1,445 bitcoins locked, a recent announcement reads.

Strong Demand for DeFi on Bitcoin

In yet another major milestone for the RSK community, the secure, decentralized, Bitcoin-based smart contract platform RSK Network announced that more than 1,445 BTC was locked in the protocol which pushes it ahead of the Lightning Network.

This mean feat is a testimony to the rapidly growing demand for DeFi on Bitcoin among users.

Notably, RSK smart contracts platform had more than 259,000 transactions, 50,000 active accounts and reached an all-time high of 72 percent hashing power during April 2021. It is worthy of note that in the past few months, the number of solutions and integrations in the budding RSK DeFi ecosystem has surged exponentially.

The aforementioned milestones hold immense significance for the RIF (RSK Infrastructure Framework) economy as it is largely based on Bitcoin and RSK.

For the uninitiated, RIF is a suite of open and decentralized infrastructure protocols that enables faster, easier, and scalable development of decentralized applications within a unified environment. The growth in the RIF economy can be majorly attributed to the surge of BTC locked on RSK.

Sovryn Pushes DeFi Adoption on RSK

Sovryn, a Bitcoin-based decentralized trading, and lending platform backed by Anthony “Pomp” Pompliano has been one of the driving forces responsible for the rise of user interest and TVL on RSK.

Notably, Sovryn commenced trading on April 13, and on the same day, Sovryn agreed to a $9 million investment from a consortium of partners.

It should be recalled that Sovryn is built on top of the RSK Network and provides native and noncustodial trading and lending of BTC. Through Sovryn, users can easily long or short with up to 5 times leverage and allow the holders of BTC, USDT, and the Dollar on Chain (DOC) stablecoin to collect healthy interest by lending their digital assets.

Further, Sovryn users can also leverage the app’s low-cost, low slippage swaps between BTC, USDT, and DOC via the Sovryn decentralized exchange with automated market-makers.

“The launch of Sovryn, which provides native and noncustodial trading and lending of BTC, represents a major step forward for DeFi projects built on the Bitcoin blockchain. It has driven amazing growth on the RSK blockchain. We are very excited about the future of the platform which has proven to fulfill a need in the Defi space.”

Sovryn Co-Founder Edan Yago had similar sentiments. He commented:

“Bitcoin is the center of gravity for the entire crypto economy. Layer 2 innovations will only increase its reach. When people think of Bitcoin Layer 2, most think of Lightning Network. Sidechains are a powerful complement to Lightning and are gaining remarkable user traction.”


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RIF Unveils Unified Digital Identity Solution rLogin

by Btcmanager

Bitcoin-powered smart contract platform RSK announced the launch of rLogin, a unified digital identity solution that enables users to have complete control over their data and digital identity.

RSK Introduces Robust Digital Identity Solution rLogin

In a recent announcement, RSK unveiled blockchain-enabled digital identity solution dubbed rLogin that allows web application developers to integrate distributed ledger technologies into their projects. 

For the uninitiated, rLogin is part of the wider RSK Infrastructure Framework (RIF) suite of tools. Notably, the solution is natively integrated with the Bitcoin and Ethereum networks, thereby enabling users of rLogin-enabled applications the power to use their cryptocurrency wallets to authenticate, store, and porting their data across various Web 2.0 and Web 3.0 applications.

More importantly, rLogin also gives an opportunity to developers to build their own digital identity without any dependence on big tech or financial institutions that can, as they please, de-platform anyone from their platform without facing any repercussions. 

In addition, rLogin also ensures that users’ data is not being leaked or sold to third-party vendors without their consent.

Some of the major benefits for an application integrating with rLogin are:

1) An interactive front-end that can be used with any blockchain wallet the users chooses. This also includes a pre-designed user experience for registration and login.

2) A back-end, that also serves as a Decentralized Identifier (DID) to authenticate users by their wallet addresses

3) A registration model that helps users to access their data stored in Data Vault — rLogin’s user-centric cloud storage

4) Full compatibility with W3C SSI standards: Decentralized Identifiers (DID) and Verifiable Credentials (VC)

Sure, there may exist a few similar services in the market for Ethereum but what makes RIF stand out is that it is the first to deliver a comprehensive solution for integrating self-sovereign decentralized identity into an application with native compatibility to both Ethereum and Bitcoin (via RSK).

As far as wallet integrations are concerned, rLogin is already integrated with numerous reputable wallets, such as Metamask, Nifty, Liquality and WalletConnect. There are plans to introduce support for more wallets soon.

Commenting on the development, RIF Identity Product Owner, Milton Berman noted:

 “rLogin is a huge step towards achieving Self-Sovereign Identity while simplifying the way to interact with the blockchain. We are very excited to see these integrations giving users the flexibility to control their own data and move their crypto assets and reputation across platforms.”

Truly Decentralized

Staying true to its ethos of decentralized, RIF’s rLogin is free and open-source so as to enable any developer to integrate rLogin into their application via the exhaustive toolset available on Github.

There are several options for web integration developers to choose from — authentication without a back-end, authentication with a back-end, or authentication requesting user-credentials.

In order to further democratize participation in fine-tuning rLogin, RSK invites developers to learn more about the application from the list of supporting documentation through its Developer Portal. In addition, RSK can also offer support and assistance from the RIF Identity tea via an open Slack channel.

Users of the aforementioned supported crypto wallets, and those of RNS Manager and RSK Token Bridge can start enjoying the benefits of rLogin now. 


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