• IoV Labs has released RIF Flyover, a “Repayment Protocol” that enables quick and secure transfers of Bitcoin between the main Bitcoin blockchain and Rootstock sidechain.
• The protocol is non-custodial, meaning users never give third parties access to their money or private keys.
• RIF Flyover is a part of the open-source protocols known as Rootstock Infrastructure Framework (RIF) which allows developers to create DeFi apps quickly and securely.
IoV Labs has recently released RIF Flyover, a repayment protocol designed to facilitate fast and secure transfers of Bitcoin between the main Bitcoin blockchain and Rootstock sidechain. This new protocol is part of the open-source protocols known as Rootstock Infrastructure Framework (RIF).
Features of RIF Flyover
RIF Flyover is distinctive in its architecture since it is non-custodial, meaning users never give third parties access to their money or private keys. It accelerates transactions across various blockchains while maintaining user asset security without sacrificing decentralization. This makes it an ideal alternative for bridge-based solutions which are more conventional but take longer to process transfers.
The Association for Cryptologic Research recently acknowledged this revolutionary advancement in blockchain engineering by releasing a research paper on the Flyover protocol produced by IoV Labs’ Research & Innovation Team. It highlighted how this enhancement of Rootstock’s cross-chain capabilities enables Liquidity Providers to carry out smart contracts on behalf of the user while safeguarding user assets without compromising decentralization.
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… We can’t wait to see how this technology will benefit our community.” By utilizing trust-minimized liquidity providers with existing federated Powpeg system’s security guarantees, users can now move funds from one chain to another in only a few minutes instead of hours – making it an invaluable addition for those looking for fast yet secure cross-chain transactions.