Transferring Bitcoin between the Bitcoin blockchain and the Rockstock sidechain has become easier and safer. As announced by IoV Laboratories today, such transactions can now be completed in minutes instead of hours, thanks to RIF Flyovers.
Generally described as a “reimbursement protocol”, RIF Flyover is unique, using a new bridging method that provides improved security without compromising decentralization. Unlike traditional cross-bridging methods, it does not grant third parties access to your funds or private key.
Improving asset transfer between Bitcoin and Rootstock
The primary goal of RIF Flyover is to facilitate fast and secure transfer of assets between the Bitcoin blockchain and the Rootstock Infrastructure Framework (RIF). It is very useful for fast cross-chain transfers, especially under specific conditions. It improves on traditional bridging solutions in terms of speed, security and overall user experience.
The Association for Cryptologic Research is one of the first platforms to recognize this revolutionary blockchain engineering. The IoV Research and Innovation team published the Flyover Protocol research paper there.
According to available information, RIF Flyover will achieve the required speed using low-trust utility providers. More on liquidity providers later.
It is important to state that RIF Flyover is just the latest addition to RIF, which is rapidly becoming a suite of valuable open source protocols developed by IoV Labs. This suite of products currently helps developers quickly build and launch DeFi applications.
Solution tested for asset transfer
RIF Flyover works in a unique way to create value and reward participants. The technology allows third-party liquidity providers to facilitate a transaction by advancing the transfer for the user. These liquidity providers do not have access to users’ assets or private keys.
When transferring property to Rockstock, which is a Bitcoin Layer-2 sidechain, a native BTC-pegged token named RBTC is used to complete a transaction faster. Through its services, users can interact with:
Speaking about the new product and the future, the co-founder and chief scientist of IoV Labs said:
“We are excited to release the RIF Flyover protocol for the Rockstock community. The protocol drastically reduces the time it takes to transfer bitcoins between Bitcoin and Rockstock chains without compromising security. This is achieved by ensuring that the fund is never in the custody of a third party during the transfer.“
“We look forward to seeing how the community will use the protocol to develop unique solutions. RIF Flyover is now available as part of the Rockstock Infrastructure Framework (RIF) as an open-source suite of products and protocols that allow developers to quickly and easily develop and launch new DeFi services.
The IoV Labs RIF Flyover offers something new and exciting for the Rockstock and Bitcoin ecosystems, as well as the broader crypto community. Liquidity providers are vetted to ensure utmost professionalism. They register through a liquidity pool and deposit collateral in a smart contract before resuming their work. Collateral helps keep each participant in check, and misbehaving liquidity providers are automatically punished.