RIF Token Gets Integrated Into Xcapit’s Investment Wallet

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.”


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

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Decentralized Stablecoin DAI Goes Live on RSK Blockchain as rDAI

The most popular decentralized stablecoin Dai (DAI) is now live on RSK network.

An Alternative to Escaping High Ethereum Fees

Since the famed DeFi “summer of 2020” a major pain point on the Ethereum network has hindered small and retail investors from enjoying the benefits of DeFi – the exorbitant transaction fees. 

The high transaction fees on Ethereum has been a major reason for the rise of competing smart contract platforms such as Binance Smart Chain that offer transactions at a fraction of Ethereum network’s cost. However, these alternatives have one major caveat, i.e., they are relatively more centralized.

Seeing the above mentioned problems facing the cryptocurrency industry, Bitcoin-powered smart contract platform RSK has now launched rDAI which is equivalent to the famed stablecoin called DAI. This facilitates transacting with DAI in a highly cost-effective way: almost 100x cheaper.

But Why RSK?

For the uninitiated, RSK is a smart contract blockchain powered by the Bitcoin network. Being powered by the Bitcoin network makes RSK inarguably the safest smart contract platform in the world. In fact, RSK can be considered a Bitcoin side-chain but with a wide array of extra utilities.

Although it is powered by Bitcoin, RSK network is also EVM (Ethereum Virtual Machine) compatible which means it essentially works in the same capacity as the Ethereum network but with much lower transaction fees. At the time of writing, a transaction on RSK costs less than 15 cents which is, on average, about 80x cheaper than the fees one had to pay on Ethereum.

In fact, one of the reasons why several promising DeFi projects are flocking to RSK is its cheaper transaction fees. Further, the fact that more than 70 percent of Bitcoin miners also mine RSK blocks speaks volumes about the trust the Bitcoin-enabled smart contract platform enjoys in the crypto community.

Ethereum Tokens on RSK

If you were having second thoughts about using Ethereum tokens on RSK, worry not. Thanks to the ETH-RSK bridge, users can seamlessly move ERC-20 tokens between the two chains. To learn more about the ETH-RSK bridge, check out the detailed guide here.

However, if you do not have the bandwidth to go through the detailed guide, the easiest way to move tokens from Ethereum to RSK is by connecting the token bridge dApp via Wallet Connect with Defiant wallet which supports both blockchains.

To do this, simply scan the QR code shown in the website and begin swapping the tokens in the dApp. Next, just sign the incoming transaction on your phone and you are done. After a few seconds, you should see the RSK tokens in your wallet.

Sure, token bridges are nothing new and they involve a one-time onboarding cost that might scare retail investors from moving their tokens across different networks. At current prices, moving $1000 worth of DAI from Ethereum to RSK would involve about $60 just in transaction fees. However, it must also be noted that such cost is a one-time affair and if a user plans to move around rDAI more than 4 times on RSK, it’s economically better to convert DAI into rDAI as from the 5th transaction onwards, users would be saving around $15.

Even still, if the token bridge cost sounds a little too much for you, there is another roundabout. Using Defiant, a user can perform a similar swap without the need for the token bridge. Thanks to a partnership with Kripton Market, Defiant enables users to swap many pairs of tokens from their own wallets similar to the option of buying and selling crypto with/for fiat via Kripton Market. The market has a pair of DAI <> rDAI which can be tapped to buy rDAI at minimal cost.

So let’s assume you want to swap 1000 DAI for rDAI, use them for several operations and get your DAI back. Costs are as follows:

  1. Swap DAI for rDAI in Defiant via KM: 10 USD (service fees) + 15 USD (DAI transfer)
  2. Make certain number of transactions: N x 0.15 USD
  3. Swap rDAI for DAI back: 10 USD (service fees) + 15 USD (DAI transfer)

In this case, we have a fixed cost of 50 USD, instead of the 64.50 USD of the Token Bridge. In addition to being economically feasible, there are numerous other benefits for swapping tokens using Defiant such as no need to wait for 24 hours for token movement via bridge, no need to connect two different networks and using the same wallet where the user has their funds.

More About Defiant/KM Token Swaps

While the above example deals with the DAI <> rDAI swap, it is worthy of note that Defiant allows users to change among different pairs such as USDT <> rUSDT, DOC <> rDOC, and others. There is also the BTC <> rBTC trading pair available. At present, the service is available to users in Argentina, Uruguay & Venezuela with plans to expand the offering to other countries soon.

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RIF Pinning: An Innovative Solution Addressing a Major Pain Point in IPFS

Creators of RIF Storage Services are introducing a new solution dubbed RIF Pinning that will once and for all address a loophole in the present decentralized storage architecture, InterPlanetary File System (IPFS). RIF Pinning aims to encourage participation through deserving incentivization.

IPFS is a Data Shield Preserving Privacy

Admittedly, the IPFS is a technology that’s still at nascent stages. 

It has already proven disruptive, destabilizing legacy storage systems. Most importantly, it protects fundamental rights.

This is because the migration from physical to digital introduced new, unexpected weakness, allowing agents to assail guiding principles of people’s liberties, especially those centered on privacy preservation. 

As a new data storing architecture, IPFS has a solution to effectively protect the end-user through cryptography. Precisely, it first does this by overhauling the location-based system employed by traditional providers, sealing backdoors. 

IPFS has an Economic Incentive Problem

Still, the main weakness with IPFS is its reliance on a distributed ledger. 

Inherently, every blockchain design dictates that every smart contract or transaction moved within the distributed ledger incurs an expense. Therefore, the absence of an economic incentive in IPFS means implementers of this novel data storage solution end up racking up millions in fees. 

It can be a headache and even slow down the development of the ecosystem because blockchain projects only thrive due to incentivization. Related gear and injection to the network cost both time and money. 

Without means to encourage users to join in, the project will naturally wither regardless of how promising it was on paper.

Why RIF Pinning is The Solution

To counter this, RIF Pinning is introducing an incentivization model allowing a clear definition of who handles the cost of keeping the network and ecosystem operational. 

Through RIF Pinning, a user can pay for the service of other computers on IPFS to pin their files. Concurrently, it allows IPFS providers to list their services and set their prices per GB per month.RIF Pinning makes sense and primarily solves a major pain point in the IPFS network. 

Ordinarily, when a file is uploaded from a given computer (node), it will remain in existence provided it remains pinned to that computer. The problem is, the node being part of a distributed network would also require the same file to be pinned by other computers that make up the ecosystem. To “pin” the file for accessibility, node operators expect an incentive to meet operational costs.

Joining the Network

Using RIF Pinning, nodes that accept to “pin” a file would be incentivized, receiving payment in RBTC or RIF tokens. 

RBTC is “smart” BTC. Every RBTC is pegged 1:1 to Bitcoin. 

On the other hand, the RIF token allows access to the RIF OS services. Users who wish to rent storage space can do so in three easy steps after choosing their provider from the decentralized storage marketplace. 

Providers of decentralized storage space through RIF can also opt-in and receive payment for pinning files. The process requires administration and technical skills but isn’t hard. Nonetheless, providers must first apply to be whitelisted. The provider will also need to run the Storage Pinner application and generate a Peer ID. Once ready, he/she would create an offer stating the capacity and billing plans as an IPFS node. 

Other Use Cases

Beyond Pinning, RIF Storage Services is building a unified interface that will ease access to the IPFS and other networks in the future. The platform will also enable nodes to guarantee the availability of a file during the required period. Journalists and suppressed media outlets or groups can also use the network for censorship-resistant publishing of content. 

Also, the platform can act as a portal for users to upload or download files to decentralized networks using their rails. 

To Wrap It Up

Overly, the integration of RIF Storage Services into shared economies presents a very compelling use-case that would accelerate the adoption of decentralized storage economies. Notably, censorship- resistance and privacy in the age of mass surveillance can further open up more opportunities. Subsequently, it would ignite a shift towards data control with an incentivization model that profits and protects participants.

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Sovryn Launches Bitcoin DeFi Platform Using the RSK Sidechain

Sovryn Launches Bitcoin DeFi Platform Using the RSK Sidechain

Sovryn Launches Bitcoin DeFi Platform Using the RSK SidechainDevelopment of open finance dApps on Bitcoin by projects such as Sovryn proves the RSK protocol is beginning to gain traction.  Decentralized Finance (DeFi) is a multi-billion industry that promises to revolutionize traditional finance. Nonetheless, there are aspects of the space that need regulatory clarity.  Bitcoin DeFi and Sovryn Recently, the chair of the U.S.

Read MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News


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