Building On Bitcoin In Latin America

Two Latin American developers discuss how their projects are building on the adoption of Bitcoin in the region.

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Although we mainly talk about the Bitcoin network on the “Bitcoin Magazine Podcast,” developments on other networks can sometimes help push Bitcoin and self-sovereignty to more people.

In this episode, we were joined by two people leading the way in this conversation: Diego Gutierrez-Zaldivar, cofounder at RSK Labs, and Bruno Calmels, CTO of Defiant Wallet, an RSK-enabled wallet. The RSK blockchain allows for DeFi and smart contracts using Bitcoin, and Defiant Wallet integrates both RSK and Bitcoin into a single wallet.

Get to know Gutierrez-Zaldivar and Calmels as they talked about their respective missions at RSK and Defiant, explaining how their work overlaps. Throughout this chat, we spent time discussing El Salvador, unpacking the politicization of Bitcoin and the implications of these developments.

“Some parts of the Spanish speaking world has proved to have some particular features that make it more prone to the adoption of crypto,” said Calmels.

Ever wonder what the major differences are between various types of money? Gutierrez-Zaldivar made the case for stablecoins, sharing how short-term money should be less volatile, while long-term can handle more ups and downs. Our wide-ranging conversation also touched on how Defiant is ensuring that it is an easy platform to use, the state of crypto in the Spanish-speaking world, and pushing crypto mainstream in 2021.

“Everything we are doing is taking us closer to a sovereign world where people will be in control of their data and their value,” Gutierrez-Zaldivar said.

Tune in to hear it all!

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Multisig Wallets Make their Debut in RSK Ecosystem via RIF Multisig

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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RSK Smart Contract Platform Products To Help Accelerate Widespread Crypto Adoption

With a full suite of DeFi-centric products, RSK, secured by the Bitcoin network, brings the best of Bitcoin and Ethereum blockchains onto its layer-2 platform.

RSK Prepares Support For Bitcoin Network-Based DeFi Solutions

Decentralized Finance (DeFi) has been growing at breakneck speeds over the last couple of years, partly fueled by the pandemic. The sector has now garnered even greater interest from the masses because the idea of having blockchain-based alternatives to existing banks and brokerage is gaining momentum. With this demand, the total value locked in DeFi projects has crossed $80 billion.

Even though Bitcoin is still the largest cryptocurrency, most DeFi projects are built on Ethereum due to its embedded smart contract and tokenization capabilities. Compared to the Ethereum network, the Bitcoin network suffers from slow transaction times and scalability. On the other hand, Ethereum faces issues with the processing power linked to specific dApps hosted on its chain.

To address the problems with Ethereum and Bitcoin while ensuring developers gain access to the best features of both the platforms, RSK, an open-source smart contract platform secured by the Bitcoin network, ultimately transforming BTC from a speculative asset to a potential financial solution. And with Bitcoin gradually gaining legal acceptance in countries like El Salvador, the DeFi economy on the Bitcoin network is ready to explode. 

The RSK network is deemed to be amongst the safest smart contract platforms, adding value and functionality to the Bitcoin ecosystem. Besides, the Ethereum community is highly supportive of the infrastructure, mostly because of its compatibility with Solidity Smart Chains.

One of the biggest advantages of RSK over other platforms is that it is a second-layer solution operating on sidechains. This means that, unlike Ethereum-based dApps, those built on the RSK infrastructure won’t pull processing power from the main chain. Besides, RSK focuses on empowering everyone involved in the platform through merge-mining, a concept that allows miners to mine coins on multiple chains simultaneously using the same hardware.

With RSK adding Bitcoin to the smart contract protocol, the value of the Bitcoin network will grow as more developers start harnessing the potential of the newly added decentralized architecture, built-in security, and interoperability. The platform has already launched a suite of products, including a leveraged token, a decentralized stablecoin, RIF (its second-layer infrastructure framework layer), and an interoperability bridge between Bitcoin and Ethereum blockchains.

In terms of achievement, RSK has been on a rolling spree since its inception. In April 2021, the platform achieved 72% hash power, making it one of the best second-layer platforms on the Bitcoin network. With the launch of Sovyrn, Bitcoin-based decentralized lending and trading platform hosted on the RIF network, the platform achieved a total value locked (TVL) of 1,445 BTC, exceeding another Bitcoin-based blockchain Lighting Network’s TVL for the first time.

Amidst the rising acceptance of cryptocurrencies, government interest in blockchain, and countries like El Salvador making Bitcoin a legal tender, RSK’s smart contract solution is perfectly poised to support decentralized apps. Best of all, it can be a leading destination for the decentralized economy thanks largely to higher transaction speeds, high-grade security, full interoperability, and scalability. 

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Interview: Mass Bitcoin Adoption In Latin America

Three CEOs of Bitcoin-related projects in Latin America discussed impending adoption in the region.

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Following the historic news of El Salvador declaring bitcoin as legal tender, “Bitcoin Magazine Podcast” host Christian Keroles sat down with three CEOs of prominent Bitcoin-related projects in South America to react to the news as well as discuss Bitcoin adoption across Latin America.

Diego Gutierrez-Zaldivar, CEO of IOV Labs and RSK; Mauricio Tovar, CEO of Tropykus Finance; and Max Cajurzaa, CEO of the Money on Chain protocol all lent their experience in both building Bitcoin projects and educating users about Bitcoin.

They covered the challenges they face and tremendous progress that has been made so far. The panel spent time discussing how broken the legacy financial infrastructure is in South American countries and how RSK is serving as a permissionless financial stack for users in Latin America and across the globe. We are starting to see major ecommerce sites leveraging both bitcoin and stable assets built on RSK and Money on Chain, as well.

Next, the group took time to break down the El Salvador situation and give their opinions on Article 7 and other aspects of how this bill was implemented. The group tended to favor the bill, whereas many critics have shared mixed opinions over specific implementation details. Finally, the panel speculated on which countries are likely to be next, discussed the nuances around Panama’s “crypto bill” and much more.

Please enjoy this informative deep dive on Bitcoin adoption in Latin America!

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Coinsilium Group Limited’s Nifty Labs Starts RSK-Powered NFT on Bitcoin Marketplace Development

Coinsilium Group Limited is an open and crypto finance venture builder that creates and implements services and products based on blockchain technology. It was the very first blockchain organization that went public back in 2015. Over time it has invested in the leading and popular blockchain projects such as Blox, Indorse, and RSK/IOV Labs by using its expertise and broad network. Now the shares of Coinsilium are traded on New York-Based OTCQB Venture Market and London-based AQSE Growth Market under the ticker symbol “CINGF” and “COIN,” respectively.

Development of RSK-Powered NFT on Bitcoin Marketplace

On 11th May 2021, Coinsilium announced that one of its subsidiaries, Nifty Labs, has begun the development of the “NFT on Bitcoin” marketplace. This marketplace is powered by RSK blockchain, and Nifty Labs has partnered up with Indorse for the development of the above-mentioned NFT (Non-Fungible Token) project, which is secured by the Bitcoin network.

Highlights of the Project

It was announced on 2nd March 2021 that Nifty Labs Limited has entered into an MoU (Memorandum of Understanding) with Indorse. It’s yet another company based in Singapore in which Coinsilium holds 10 percent of equity interest. It was done to form a partnership between the two companies to launch a studio in Gibraltar for the NFT technology development. 

Coinsilium, on 22nd March 2021, announced that it had provided the Nifty Labs with 250,000 GBP of initial working capital. A part of this initial capital was reserved for the fast track development and commissioning work for the very first NFT platform solution by Nifty Labs. Moreover, it was also announced that Indorse, under the supervision of Indorse CEO (Gaurang Torvekar) and Nifty Labs tech lead, will be managing the project’s technical aspects. 

It’s important to bear in mind that because of the prevailing commercial sensitivities, all the details regarding the project were first kept confidential. However, now according to the officials of Coinsilium, they’re more than happy to publicly announce the project’s initial details.

The Development of NFT Marketplace

The initial development specifications that are announced for the new project suggest that it will be a general-purpose, all-encompassing NFT on the Bitcoin marketplace. Moreover, it’ll be powered by RSK blockchain because it offers a more cost-effective transacting and minting experience to crypto users. A team has already been deployed for the project that consists of a project manager, a designer, and three developers, and they will be working on the initial build and commissioning phase.

Various modules are planned to be developed for the newly announced platform, such as a gallery, an NFT minter, etcetera. One of the most important development plans is the capability of the system to trade NFTs for the alternative tokens based on the RSK technology, such as:

  • RBTCD (RSK Bitcoin), which is pegged to bitcoin utilizing a two-way peg which is known as Powpeg
  • RIF
  • MOC (Money on Chain) governance tokens
  • RDOC (Rif Dollar on Chain)
  • DOC (Dollar on Chain)

It has also been announced that the initial developments of the project will include the most popular categories of NFT, such as gaming, music, sports, digital art, 3D avatars, virtual land parcels, etcetera. In simple words, the capabilities of the New Coinsilium project “NFT on Bitcoin” will have pretty much the same functionalities that many other popular NFT marketplaces offer. The future development may also include the functionality that will allow users to interoperate between different blockchain protocols of layer one and layer two.

Development Duration

As a complement to its current fungible token bridge, the RSK team has told Coinsilium that it will prioritize development work on an NFT token bridge. It’ll make it possible to migrate RSK blockchain standard NFTs to other blockchain standard NFTs, such as the Ethereum ERC721 standard.

The development and implementation of the marketplace’s technological aspects are estimated to take up to six months. The completion and delivery of complete technological functionality are often subject to a number of external factors. One of the most important ones is undoubtedly the completion and activation of the NFT Token bridge. More information will be made available to the market as soon as possible.

Comments of Eddy Travia on the Initial Development Plans

Eddy Travia, who is the CEO of Coinsilium, said that releasing the initial development details of the NFT on the Bitcoin marketplace is a big step for the organization. Moreover, Coinsilium has accelerated its commercial activities in order to grow NFTs rapidly. He also said that the crypto world is taking another big turn, and Coinsilium is confident that the NFT on Bitcoin development by the Nifty Labs and Indorse will go in the right direction and will play a big role to define the success of the NFT.

NFT on Bitcoin is in its early stages. According to Coinsilium, the reason for Indorse partnership is its experience and expertise in designing complicated smart contracts. 

Comments of Diego Gutierrez Zaldivar

Diego Gutierrez Zaldivar, who is the CEO of IOV Labs (RSK’s parent company), said that there is no other technology that’s supporting the digital asset landscape and blockchain as NFTs are doing. Moreover, the use cases like virtual property ownership, music, art, etcetera that NFT offers are growing at an exponential speed. He also said that the current landscape of NFT is just a warmup to open endless new opportunities and possibilities. Coinsilium’s decision to choose RSK to develop NFT on Bitcoin is purely thrilling and exciting. It will undoubtedly enable RSK to become one of the strongest players of the future’s NFT dominated economy. 

NFT on Bitcoin: Powered by RSK

RSK (Rootstock) network (secured by Bitcoin Network) is the world’s safest smart contract platform. It now stands at 1,445 BTCs in TVL (Total Value Locked), which means it has surpassed LN (Lightning Network). This milestone represents the commitment of users in the realm of De-Fi (Decentralized Finance). It’s important to bear in mind that the launch of Sovryn DEX (Decentralized Exchange) is partly responsible for the recent rise in RSK. The Sovryn DEX platform was launched in April 2021, and it had 9 million US dollars in funding to help Bitcoin layer two platforms.

According to the recent stats, the RSK network flaunts more than 50,000 active accounts and over 259,000 transactions. Moreover, the platform reached its all-time high hashing power of more than 72 percent during the month of April. The number of integrations and solutions has also grown significantly in the RSK De-Fi network over the course of the last two months. 

rDai on RSK: Opportunity for DAI Fans

As mentioned, the rise in the TVL BTC on RSK is one of the biggest reasons for the RSK RIF (Rootstock Infrastructure Framework) economic growth. RIF is a chamber of decentralized protocols that allows developers to build scalable, easier, and faster DApps. Moreover, it’s also cheaper than Ethereum that provides DAI users with a window of opportunity

What is DAI?

DAI is a stable coin that ties up its value with the dollar price. Being a stable coin, it becomes much more desirable for users in the big world of highly volatile digital currencies. DAI operates via smart contracts that keep its value as close to one dollar as possible, and it’s based on Ethereum. MakerDAO is the organization that manages DAI, and it offers an MKR token that is completely governed by the users. It’s important to note that both MakerDAO and DAI are two of the very first DApps to undergo the mass adoption stage. 

As mentioned, DAI is based on Ethereum, but the cost of transactions of Ethereum is not feasible. Many users have even reported that they are being charged up to 1,000 US dollars for a single transaction as well. Moreover, the transaction charges in the range of hundreds of dollars are more frequent. That’s why countless developers are switching or planning to switch to layer two blockchains to achieve lower transaction costs and faster transaction time.

Advantages of rDAi on RSK

Currently, there are more than 76 million DAI in circulation which means the DAI community is very strong. Most of the users of the community want to continue using DAI because of its stability. That’s where rDAi (Redeemable DAI) comes into place, which sits on the RSK protocol instead of Ethereum and yet is always pegged to the DAI. As compared to the transaction costs of Ethereum, the RSK transaction costs aren’t even fractional (more than 100 times cheaper sometimes). Usually, the single transaction rate of rDAI is 0.15c which means that it’s 80 times cheaper as compared to the transition taking place on Ethereum.

There are also some other perks of using rDAI as it enables the users to earn a yield on their holdings by investing in the collateralized loans in a pool. In simple words, the DAI amount of the users while entering the pool will remain the same. 

Another great factor about rDAI is that it’s an ERC-20 fungible token. It means that users can use any crypto wallet they want to make transactions. Being a fungible token, rDAI allows the users to send any amount to any crypto wallet at any time, and they’ll always be able to perform withdrawal operations at a 1:1 ratio.  

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Nifty Labs Initiates Development for RSK-powered NFT Marketplace on Bitcoin Network

Nifty Labs Limited, the subsidiary of blockchain venture firm Coinsilium Group, has revealed that it has commenced developing an RSK-powered NFT marketplace on the Bitcoin network. 

NFT Marketplace on RSK Blockchain 

The development announced on May 11, 2021, is expected to introduce NFTs to the bitcoin network via the RSK blockchain. According to the press release, the NFT marketplace will take 6 months in development and incorporate the latest blockchain architecture. 

The proposed specification is to develop a comprehensive, general-purpose marketplace that will provide a hub for NFTs via the RSK blockchain. For the uninitiated, RSK blockchain provides a cost-effective medium given the lower transaction fees when compared to the bitcoin network. 

Additionally, the NFT marketplace will incorporate extra features such as an NFT minter, a gallery. Users will also have the option to trade NFTs in exchange for RSK-based tokens like RBTC (bitcoin on RSK pegged to bitcoin through a 2-way peg known as Powpeg), RIF, Money on Chain stablecoins such as Dollar on Chain (‘DOC’), and RIF Dollar on Chain (‘RDOC’), and Money on Chain governance tokens (‘MOC’).

Nifty Labs also revealed that the marketplace would initially host popular NFT categories like digital art, sports, music, gaming, and metaverse assets such as parcels of virtual land and 3D avatars. This is to ensure that the NFT marketplace has similar compatibility and functionalities with other popular NFT platforms. 

Subsequently, additional options like interoperability between various layer 1 and layer 2 blockchain protocols could be added to the marketplace. 

RSK to Build Cross-Chain Bridge 

As part of the development of the NFT marketplace, the RSK team will create an NFT token bridge specifically for NFTs that would complement existing bridges for fungible tokens. The bridge will support the transition of RSK blockchain standard NFTs to other blockchain standards like the Ethereum ERC-721. 

In addition, the first phase of the NFT token bridge is expected to enable interoperability between the NFT on the bitcoin marketplace and the existing NFTs on ethereum markets. This will ensure that the NFT ecosystem is able to expand to more users and provide opportunities to more people to interact with NFTs on the bitcoin blockchain. 

As earlier mentioned, Nifty Labs estimates that the development of the marketplace will take up to six months to complete. The timeframes for completion will be dependent on the completion and activation of the RSK NFT Token bridge. 

Major Milestone for Coinsilium

This is a major milestone for Coinsilium whose subsidiary Indorse entered a partnership with Nifty Labs in March 2021 to launch an NFT development studio in Gibraltar. This was followed by a subsequent announcement that Coinsilium had provided an initial working capital of GBP250,000 to Nifty Labs to develop the NFT platform. 

It is expected that once the NFT platform is launched, it will become a major hub for NFT enthusiasts in the blockchain space. 

Speaking on the development Coinsilium CEO, Eddy Travia commented: 

“Announcing the initial details for building and developing the ‘NFT of Bitcoin’ marketplace marks a significant moment as we accelerate our commercial activities in conjunction with the rapid growth of NFTs. The sector is fuelling a new wave of cryptocurrency adoption and we are confident that the Nifty Labs-developed NFT marketplace on RSK will demonstrate that Bitcoin, the most secure blockchain of all, will become a major part of the NFT success story.”

IOV Labs CEO (parent company to RSK) Diego Gutierrez Zaldivar commented: 

“NFTs are supporting the booming blockchain and digital asset landscape, and their use-cases – ranging from art, music, content, and virtual property ownership – continue to grow at an exponential pace. The world is only just warming up to the endless possibilities that NFTs offer. Given the importance of this flourishing market, we are working on a token bridge that will allow the seamless moving of assets between networks.”

Adding:

“We are thrilled about the agreement between Coinsilium and Nifty Labs choosing RSK to develop an NFT marketplace, bringing the unparalleled security of Bitcoin to the space and enabling RSK to become a major player in tomorrow’s NFT-dominated economy.”

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Time to Shake up Bitcoin with RSK-Based New World Utility

Bitcoin is in the middle of a nightmare, with regulatory news and a few of Elon’s words here and there dramatically moving the price of this volatile currency. Bitcoin in its current form cannot be used as a means of payment, the price swings are just too dramatic. Furthermore, companies like MicroStrategy cannot realistically hold their treasuries in Bitcoin, if it loses 40% in one single day.

Let’s be clear, although Bitcoin is the pioneer, it is not  the blockchain and the blockchain is not Bitcoin.

Bitcoin is unarguably genius as the first ever distributed ledger network, but it comes with massive flaws. It is clunky and slow, it is expensive and most of all it doesn’t have real world utility. Yes, you can mine crypto and you can trade BTC, but that is where the buck stops.

Ethereum however has been developed as a place to host apps and projects, this is more than just a speculatory asset. However Ethereum too comes with its own unique set of challenges including exorbitant gas fees, it is not scalable and it is far too slow to use it for some purposes. Imagine playing a game on Ethereum? Very frustrating.

But that’s where Layer 2 chains and side chains like RSK come into the picture. They are able to work alongside Layer 1 chains like Bitcoin and Ethereum and bring a whole new world of utility to these networks.

RSK, which is secured by Bitcoin, is in fact interoperable with any other chain.That means you can conduct transactions or activities on RSK and then have your holdings move backwards and forwards onto any network you wish. Some of the projects on RSK include decentralized finance apps like lending, mortgage and insurance apps, NFTs marketplaces, charitable donation apps, gaming projects, and so much more.

Let’s take a look at some exciting RSK-based projects:

Coinsilium Launch the First NFT Marketplace on RSK

The first ever NFT marketplace which is compatible with Bitcoin, is built by Coinsilium and it is hosted by the RSK Network.  Coinsilium is the very first  blockchain company to list on a stock exchange, dating back to 2015. A lifetime in crypto years. This company is focused on Blockchain Open Finance and their new NFT marketplace marks a real milestone for the industry, promising to be more energy efficient, faster and far cheaper than NFTs hosted on other chains. The NFTs minted here can be transferred tform RSK based NFTs to other standard NFTs. Users can access a minter, a gallery and exchange for a variety of NFTs and other RSK based tokens.

Stable and Redeemable Tokens

RSK offers users access to the rDAI, the redeemable DAI. This is hosted on the RSK network rather than DAI which is hosted on Ethereum, which means transactions in this token are much cheaper and quicker to make.  It tracks the price of the DAI, which is tethered to the USd making this a highly stable crypto currency. In terms of Bitcoin, RSK also offers minting off RBTC, which is redeemable Bitcoin. That means it is linked to the value of BTC and can be redeemed for Bitcoin at any time. RSK currently has around 1400 BTC locked inside its network.

Dapps on Bitcoin

Bitcoin, which has never been able to host decentralized apps itself, now sees RSK giving it a whole new lease of life. The RSK network hosts Dapps with transactions made on the RSK network and then transferred over to the Bitcoin network.  These include names like Sovryn, a decentralized platform for trading and lending Bitcoin.

So the question is no longer should you HODL or sell your Bitcoin, it is now, how can you make the most of your Bitcoin by staking, lending and using it across the entire world of DeFi?

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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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RSK takes the lead on the Bitcoin-Powered NFT Space

With the unprecedented rise of decentralized finance (DeFi) and non-fungible-tokens (NFTs) it was about time leading public blockchains such as RSK would join in the movement.

RSK Actively Shaping DeFi Landscape

DeFi was the theme of the cryptocurrency industry in 2020. This burgeoning subspace within the wider digital asset industry boomed last year in what is now remembered as the “DeFi Summer of 2020.”

While the vast majority of the DeFi landscape currently runs on Ethereum, it has its limitations — majorly in the form of sky-high gas fees to confirm any transaction. This is where RSK seeks to leverage the Bitcoin blockchain to flourish DeFi.

By using its innovative blockchain-powered decentralized service for blockchain domains, RSK is making DeFi easier for everyone. In essence, RNS helps change seemingly complex and hard-to-remember blockchain wallet addresses into easily readable addresses. It should be noted that RNS is just a part of the rapidly expanding DeFi ecosystem powered by RSK smart contracts. 

As previously reported by BTCManager, RSK-powered DeFi platform Money on Chain (MoC) launched its decentralized stablecoin protocol on the RSK network. Recently, MoC launched TEX, an innovative DEX platform functioning as a robust secondary market for MoC-native assets.

Given the fact that RSK is connected to the Bitcoin blockchain via a 2-way peg, it uses Smart Bitcoins or RBTC to fuel its internal ecosystem. This enables users to lock up their BTC and get an equivalent amount of RBTC on the sidechain. Subsequently, RBTC can be used to deploy or interact with smart contracts and dApps on the RSK blockchain. 

In the same vein, BTCManager reported in April last year how the RIF community had laid down the building blocks for a DeFi ecosystem dubbed RIF on Chain, backed by RIF tokens built on top of the RSK blockchain. 

The aforementioned ecosystems built on the RSK network are a testimony to the robust nature and development work being carried out by RSK. In addition, it offers an economically viable alternative to DeFi enthusiasts who are annoyed by the astonishingly high gas fees on the Ethereum network.

Surprise: RNS Was Always an NFT

Virtually everything can be turned into an NFT — art, literature, music, concert tickets, virtual identity, and others. Currently, famous billionaire investors such as Mark Cuban are riding the NFT train and it won’t be a stretch to state that we are still pretty much at the infant stage of this multi-billion dollar market.

With the recent hype surrounding NFTs, many might be surprised that RSK blockchain has always been in the non-fungible tokens space in the form of different products and services it offers to its users.

For instance, take RNS. Many would not know but intrinsically, RNS has always been an NFT. What’s more, RNS can even be traded like a typical NFT on an NFT marketplace.

Every RNS blockchain domain can essentially be traded as an NFT as there is and always will be only one of a kind of each domain, i.e., it will always be non-fungible. 

What separates RNS domains as an NFT from other NFTs is that, unlike the rest, RNS domains actually have a utility in that it is something that a user might actually put to use. RNS domain owners can use their domains to receive, send, or trade any cryptocurrency, token, and other similar items. Moreover, the RNS domains can be further leveraged to redirect users to a DeFi platform or store profile information such as avatar, email address or Twitter handle.

Recently, blockchain and open finance venture builder and investor Coinsilium entered into an MoU with Indorse Pvt. Ltd., to launch an NFT technology-development studio in Gibraltar called “Nifty Labs.” This studio will work toward developing robust smart contract systems for NFT applications that would include a bridge for NFTs on the Bitcoin network via the RSK blockchain.

RNS domains can be traded as typical NFTs via the RIF Marketplace. Simply put, the RIF Marketplace is the one-stop-shop to trade everything within the RIF ecosystem. It can be called the marketplace that is working toward bridging the gap between the current state of global financial infrastructure and the decentralized, inclusive, and fair DeFi-powered world commerce as envisioned by RSK.

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Interview: Banking On Bitcoin With Max Carjuzaa

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This week for the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Max Carjuzaa, the cofounder and CEO of Money On Chain.

Money On Chain is a fascinating new trustless application built on the RSK sidechain. RSK is a sidechain that pegs one-to-one with bitcoin and allows users to leverage a Turing complete computing environment. Money On Chain is part of the emerging decentralized finance and banking movement coming to Bitcoin in a more native way. Money On Chain allows users to leverage their bitcoin collateral to mint dollar-backed tokens as well as its B2X token that enables the users earn a two-times leveraged bitcoin position, all with minimized trust on the RSK sidechain.

Carjuzaa explained the story behind Money On Chain and how he and his team conceived of the idea and leveraged RSK and learning from other ecosystems to build the Money On Chain system in the most Bitcoin-native way possible. Money On Chain is built to enable bitcoiners to express short and long sentiments on Bitcoin while also creating a dollar synthetic token that is permissionless and censorship resistant. Carjuzaa explained how RSK and Money On Chain are thriving in Latin America, where financial services and fiat currency are much worse and there is a substantial need for alternative banking solutions.

Follow Max on Twitter, learn more about Money On Chain on Twitter or its website.

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