The security of Bitcoin’s network, along with smart contracts, paves the way for an exciting future for decentralized finance. IOVLabs will bring DeFi everyday to a global audience with the help of Rootstock technology. The primary objective is to engage the first billion users.
DeFi everyday. promise of
It seems very tempting to see more decentralized finance opportunities open to everyone. Despite the popularity of the industry, it mainly caters to existing cryptocurrency users and holders, while the rest are left with little. This is unfortunate, because even today more than a billion people have unbanked or little banking facilities. There is a need to find a viable solution between the two industry sectors, although this has so far proved difficult.
The IOVLabs team has a plan to change that narrative for the better. The team will leverage the Rootstock ecosystem and grow it to reach those who need it most. Making DeFi accessible and usable is a big step forward. More details on this new initiative will be unveiled during the Consensus 2022 conference in Texas this month.
Diego Zaldivar, CEO of IOVLabs and co-founder of RSK, says:
“Current DeFi solutions are too complex for regular users. Therefore it is only used by the elite of advanced users. At IOVlabs, we continue to build and contribute decentralized technologies such as the Rootstock blockchain and the RIF platform that drive decentralized finance. Enabling DeFi to be easy to use and affordable. We are building a DeFi ecosystem for all, we are enabling DeFi everyday.”
In the current DeFi landscape, there is a strong focus on Ethereum and derivative blockchains and layers. They provide direct access to programmable funds, even though these networks are not necessarily the most scalable or efficient. Rootstock, which enables smart contract development while taking advantage of bitcoin’s network security, presents a more suitable alternative.
gaining critical mass
Everyday DeFi initiatives will need to reach a global audience, no matter how tech-savvy. Thanks to the ongoing efforts of IOVLabs, the Rootstock blockchain, and its ecosystem, has been streamlined and is home to RIF Services, a suite of decentralized tools to help any developer establish decentralized sharing economies.
In addition, the team does not want to continue to build and integrate new technologies. Attracting talent in fintech and web3 development is a top priority for RSK Network to launch the first generation of DeFi applications everyday. One such solution is RIF aggregation, a dedicated layer-2 scaling solution built using zkSync technology
RIF aggregation solution introduces highly scalable Rails to accelerate peer-to-peer transactions between users. In addition, this rootstock allows for a large number of transfers for various assets issued on the blockchain, reducing their fees and enabling near-instant transfers. Additionally, users can soon pay transaction fees for the tokens they wish to transfer to that token.
