The security of Bitcoin’s network in combination with smart contracts opens up an exciting future for decentralized finance. IOVLabs brings Everyday DeFi to viewers around the world with the help of Rootstock technology. The main purpose is to onboard the first billion users.
Daily DeFi Promise
Seeing more decentralized financial opportunities for everyone sounds very attractive. Despite the popularity of the industry, it primarily addresses users and owners of existing cryptocurrencies, but the rest remain a bit omitted. That’s a shame. Even today, more than a billion people do not have or run out of bank accounts. It has proven difficult so far, but a viable solution needs to be found between the two industry segments.
The IOVLabs team has plans to change the story for the better. The team leverages and enhances the Rootstock ecosystem to bring Everyday DeFi to those in need. Making DeFi accessible and available is a big step forward. Details of this new initiative will be announced at the Consensus 2022 conference in Texas this month.
Diego Zaldivar, CEO of IOV Labs and co-founder of RSK, said:
“Current DeFi solutions are too complex for the average user, so they are only used by the elite of advanced users. IOVlabs makes decentralized finance, such as the Rootstock Blockchain and RIF platform, easy to use and affordable. We continue to create and contribute to decentralized technology. We are building a DeFi ecosystem for everyone and have Everyday DeFi enabled. “
The current DeFi landscape focuses on Ethereum and derivative blockchains and layers. These networks are not always the most scalable or efficient, but they provide direct access to programmable money. Rootstock, which enables the development of smart contracts while leveraging Bitcoin’s network security, offers better options.
Achievement of critical mass
No matter how many people are tech-savvy, the EverydayDeFi initiative needs to reach viewers around the world. Thanks to the ongoing efforts of IOV Labs, the Rootstock Blockchain and its ecosystem have been streamlined and are home to the RIF service, a suite of decentralized tools that help developers establish a decentralized shared economy.
In addition, the team wants to continue building and integrating new technologies. Attracting the best talent in FinTech and Web3 development is a pioneering and top priority for first-generation Everyday DeFi applications on the RSK network. One such solution is RIF Aggregation, a dedicated Layer 2 scaling solution built using zkSync technology.
The RIF Aggregation solution introduces highly scalable rails to accelerate peer-to-peer transactions between users. In addition, it aggregates a large number of transfers of various assets issued on the Rootstock blockchain, reduces fees and enables near-immediate transfers. In addition, users can immediately pay transaction fees for the tokens they want to transfer with that token.