South American blockchain technology company IoV Labs has launched its Rootstock Infrastructure Framework (RIF) Flyover designed to enable seamless bitcoin (BTC) transfers.
According to a press release CryptoPotato, the open-source protocol would act as a bridge to enable faster transactions between the main Bitcoin blockchain and the Rootstock sidechain.
IoV Labs Unveils RIF Flyover
IoV Labs’ RIF is a suite of open, decentralized infrastructure protocols that allow for the faster development of scalable decentralized applications (dApps) within a unified environment. RIF Flyover is the latest addition to the protocol set.
RIF Flyover, known as a Repayment Protocol, is designed to enable smooth and quicker transfers between Bitcoin and the Rootstock sidechain through the services of third-party liquidity providers.
Although Flyover acts as a bridge, it uses non-custodial bridging methods, unlike traditional cross-chain bridges. The protocol’s design ensures secure cross-chain transfers, as users do not need to give third parties access to their funds or private keys.
Commenting on the product launch, Sergio Demain Lerner, the 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.”
Third Parties to Provide Liquidity
Per the release, Flyover quickens the transfer process by allowing third parties to provide liquidity. This ensures that the transfer time is reduced from hours to minutes.
Once the assets are transferred to Rootstock, users use RBTC, a BTC-pegged native token of the sidechain, to interact with a range of services.
“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,” Lerner added.
