With the recent release of RIF Flyover, it is now possible to move Bitcoin quickly and securely from the Rootstock sidechain to the main Bitcoin blockchain in only a few minutes as opposed to taking hours.
The “Repayment Protocol” known as RIF Flyover is distinctive in its architecture. The procedure is non-custodial, in contrast to conventional cross-chain bridging techniques, thus users never have to give third parties access to their money or private keys. This protocol’s distinctive architecture enables safe, secure, and notably quicker cross-chain transfers.
Fundamentally, Flyover plays a key role in accelerating transactions across various blockchains. What’s more, security isn’t compromised in the process. It is a useful substitution for the more conventional asset transfer bridge-based solutions. These bridges continue to be a viable alternative, but Flyover offers quicker transfers while safeguarding user assets, a solution that can be advantageous in certain conditions.
The Association for Cryptologic Research, which released a research paper on the Flyover protocol produced by the IoV Labs’ Research & Innovation Team, acknowledged this revolutionary advancement in blockchain engineering. The enhancement of Rootstock’s cross-chain capabilities that enables Liquidity Providers to carry out smart contracts on behalf of the user is highlighted in the report. It also emphasizes the need of safeguarding user assets without sacrificing decentralization.
The newest addition to the RIF (Rootstock Infrastructure Framework), a collection of open-source protocols created by IoV Labs that enables developers to create and run DeFi apps fast and efficiently, is RIF Flyover.
Completely open source, RIF Flyover expedites bitcoin transfers by using trust-minimized liquidity providers and the existing federated Powpeg system’s security and guarantees.
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 enabling a third party to provide liquidity to the user in order to hasten the transfer. Such transactions often take many hours without the protocol. The duration is shortened to a few minutes using Flyover.
RBTC is utilized as the native asset after being moved to Rootstock, a layer 2 sidechain of Bitcoin. Users of Rootstock’s RBTC native token may engage with a number of services on the Rootstock Bitcoin sidechain, including:
- Decentralized exchanges (DEXs) similar to those offered by Sovryn
- Remittances and instant transactions
- Lending and borrowing protocols like Tropykus
- Stablecoins and more
Liquidity providers may build on the protocol to join an open market for Rootstock peg-ins and peg-outs and utilize it to earn more money. Liquidity Providers must register through a Liquidity Bridge Contract and deposit collateral into a smart contract in order to do this. The collateral acts as a means of automatically punishing Liquidity Providers that act inappropriately.
Source: https://thenewscrypto.com/iov-labs-launches-rif-flyover-to-ease-bitcoin-and-rootstock-transfers/