RSK and RIF Labs Merger Promises Interoperability Between Blockchain Smart Contracts
Rootstock (RSK), a smart contracts platform based on the Bitcoin network has announced a merger with RIF Labs. The objective of this partnership is to expanded RSK’s scope to cover the Ethereum network and other popular blockchains. RIF Labs shares the same owners as Rootstock.
Similar to RSK, RIF Labs deals with the development of blockchain-based smart contract solutions. Hence, this merger will involve the onboarding of RIF Labs’ software infrastructure into RSK. This could actualize the interoperability of smart contract platforms based on varying blockchain protocols. For instance, RSK would easily transact with smart contracts platforms based on Ethereum and others.
Diego Gutierrez-Zaldivar, the CEO of RSK, said that RIF OS will act as the top layer of the RSK network. The software will leverage Rootstock smart contracts to facilitate specific peer-to-peer processes. The highlight, however, is its ability to enable RSK smart contracts to operate seamlessly across several blockchain networks.
RSK technology deals with the creation of blockchain infrastructure for the development of smart contracts based on the Bitcoin blockchain protocol. On the other hand, RIF OS concerns itself with facilitating peer-to-peer processes such as data storage, payment solutions and so on. These processes are executed by RSK smart contracts.
The acquisition of RSK is in line with RIF Labs’ intentions of extending their service delivery across various smart contract platforms. Essentially, the integration of RIF OS into RSK will bridge the technological gap between RSK and other blockchain networks. In this regard, Gutierrez-Zaldivar expressed his confidence that RIF OS will improve scalability, reduce fees and most importantly eradicate the disparity between developers and blockchain technology.
The introduction of the RIF token is a significant milestone towards the realization of the aforementioned objectives. The RIF token is an ERC20 standard coin based on the Ethereum blockchain. RIF tokens will be accessed in a similar way to smartBitcoins (RBTC). RBTC is the utility token that drives the RSK protocol.
Initially, RIF tokens will power the ecosystem of applications introduced to RSK blockchain by RIF OS. Later on, RSK will introduce additional services that will be accessible off-chain. These include a payments platform and a blockchain-based data storage mechanism. The entirety of these features will be accessible through the RSK platform.
Ultimately, RSK aims to expand their operations to cover all blockchain protocols that support the deployment of smart contracts. In this regard, Gutierrez-Zaldivar noted that RSK will maintain loyalty to its origin, the Bitcoin network. This means that RBTC will remain the principal currency of the RSK ecosystem. Also, the platform will still execute its native smart contracts.
Additionally, the RIF OS will support development using mainstream programming languages such as C# and Python. Thus, developers who are not acquainted will blockchain technology can still integrate RIF OS services into their software platforms. This move is aimed at increasing the allure of RIF OS amongst the developer community. Elaborating on this, Gutierrez-Zaldivar said that the targeted developers can enjoy the advantages of RIF OS without necessarily understanding the tenets of distributed ledger technology.
Similar to the majority of blockchain projects, RSK works hard to promote the mass adoption of the technology as well as digital currencies. To do this, RSK prioritizes communities that need cryptocurrencies due to the inadequacies of their fiat money systems and underserviced from financial institutions. By doing this, RSK aims to empower the underprivileged populations into achieving financial freedom.
The economic issues facing South American countries has caused a significant increase in the use of cryptocurrencies within the region. Fundamentally, this region epitomizes the importance of Bitcoin as a decentralized currency meant for underserved populations. Gutierrez-Zaldivar is confident that RSK can develop applications that can positively impact the economic conditions of such areas.
Gutierrez-Zaldivar believes that RSK succeeds in its mission in developing economies, the developed world will certainly adopt their solutions. Specifically, he noted that developing countries face problems such as financial instability and insufficient liquidity.
Thus, if RSK can prosper in such adverse conditions, it should perform well in environments with fewer challenges. Gutierrez-Zaldivar concluded by saying that the existing system, are discriminatory to the unbanked, a trend that RSK intends to change by creating an all-inclusive financial ecosystem, powered by digital currencies.