IoV Labs launches RIF Flyover to streamline transfers between Bitcoin and Rootstock
IoV Labs has released RIF Flyover, a new open-source protocol that enables seamless transfer of Bitcoin between the main Bitcoin blockchain and the Rootstock sidechain in minutes instead of hours without compromising security.
RIF Flyover is what is known as a “Repayment Protocol,” and it is unique in its design. Unlike traditional cross-chain bridging methods, the process is non-custodial which means that users never need to provide third-party access to their funds or private keys. The unique design of this protocol allows for safe, secure, and significantly faster cross-chain transfers.
At its core, Flyover is a crucial cog in reducing transfer times across different blockchains. More importantly, it does so without compromising security. It is a valuable alternative solution to traditional bridge-based solutions involving asset transfers. Those bridges remain a valid option, although Flyover provides faster transfers while protecting user assets, a solution that may prove favorable in specific conditions.
This groundbreaking development in blockchain engineering was recognized by the Association for Cryptologic Research which published a research paper on the Flyover protocol written by the IoV Labs’ Research & Innovation Team. The report highlights the extension of Rootstock’s cross-chain capabilities that allows Liquidity Providers to execute smart contracts on behalf of the user. In addition, it signifies the importance of protecting user assets without compromising decentralization.
RIF Flyover is the latest addition to the RIF (Rootstock Infrastructure Framework), a suite of open-source protocols developed by IoV Labs that enable developers to quickly and easily build and launch DeFi applications.
Fully open source, RIF Flyover speeds up bitcoin transfers through trust-minimized liquidity providers, and with the guarantees and security of the existing federated Powpeg system.
Sergio Demain Lerner, Co-founder, and Chief Scientist at IoV Labs said:
“We are excited to release the RIF Flyover protocol to the Rootstock community. The protocol significantly reduces the amount of time required to transfer bitcoins between the Bitcoin and the Rootstock chain without compromising security. This is achieved by ensuring that the funds are never in 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 Rootstock Infrastructure Framework (RIF) an open-source suite of products and protocols that enable developers to quickly and easily develop and launch new DeFi services.”
RIF Flyover technology works by allowing a third party to provide liquidity to advance the transfer for the user. Without the protocol, such transactions typically take several hours. With Flyover, the time is reduced to a few minutes.
Once transferred to Rootstock, a layer 2 sidechain of Bitcoin, RBTC is used as the native asset. RBTC is a BTC-pegged native token of Rootstock and allows users to interact with a range of services on the Rootstock Bitcoin sidechain including:
- Decentralized exchanges (DEXs) such as those offered by Sovryn
- Remittances and instant transactions
- Lending and borrowing protocols such as Tropykus
- Stablecoins and more.
Liquidity Providers can use the protocol to generate additional revenue and build upon it to become a part of an open marketplace for Rootstock peg-ins and peg-outs. To do so Liquidity Providers need to register through a Liquidity Bridge Contract and deposit collateral into a smart contract. That collateral serves as a way to automatically punish misbehaving Liquidity Providers.
Rootstock is a Bitcoin layer 2 sidechain that provides smart contract functionality using bitcoin as the native asset. Rootstock is the most permissionless and censorship-resistant Bitcoin sidechain.
Rootstock’s native token RBTC is known as “Smart Bitcoin and lets users use their BTC to interact with a range of services on Bitcoin layer 2 (on the Rootstock Bitcoin sidechain) It brings extra security, alongside permissionless transfers. Unlike other tokens, Rootstock is non-custodial. Unlike WBTC, RBTC is not an IOU and maintains censorship resistance.
Rootstock is permissionless, and its consensus mechanism is merge-mined proof of work (PoW) with over 60% of Bitcoin’s hash power currently mining Rootstock. This means that Rootstock is mined with more hash power than any other chain, except Bitcoin itself.
Sergio is a computer security and cryptocurrency researcher. In 2015 he co-founded IoV Labs, the company developing the community-owned Rootstock Smart Contract platform.
Other prior entrepreneurial activities include co-founding Coinspect (specializing in security auditing cryptocurrencies and smart contracts), Coinfabrik (a cryptocurrency software factory), and ASICBoost (developing more efficient Bitcoin mining ASICs).
In 2011 he joined the Bitcoin community and collaborated to strengthen the security of the Bitcoin Core by being responsible for disclosing 9 vulnerabilities. He also proposed more than 70 design improvements to Bitcoin, Ethereum, and Rootstock. In early 2013, he created QixCoin, the first Turing-complete cryptocurrency.
In 2015, he designed a part of the Ethereum Ethash mining algorithm and performed one of the first security and design audits of the Ethereum platform.
IOVlabs is on a mission to provide the next generation of fintech innovators with the decentralized tools and technology to build a new global economy.
The organization created the Rootstock blockchain, developed the open-source RSK Infrastructure Framework (RIF), and owns Taringa!, the largest social network ever created in Latin America.
Rootstock Infrastructure Framework (RIF) is a set of open, decentralized infrastructure protocols that enable faster, easier, and more scalable development of distributed applications (dApps) within a unified environment.
Taringa! is the largest Spanish-speaking social network in Latin America, with 30 million users and 1,000 active online communities.