Rootstock Infrastructure Framework (RIF) is a service protocol providing distributed infrastructure solutions to the users of Web3 and blockchain technology. Firstly, the Rootstock (RSK) platform was launched based on Bitcoin to help in executing smart contracts. It has also launched Smart Bitcoins (SBTC) which is the native token used for the payment purpose in the ecosystem of Rootstock. RIF was designed by RIF Labs, the new company that acquired RSK Labs, the founder of RSK technology.
RIF is an open standard protocol based on the Bitcoin blockchain that aims to provide distributed infrastructure. It is easy to use such infrastructure that helps developers and organizations to access a wide variety of services in the world of blockchain. Developers can easily access the services with the help of RIF tokens.
RIF token helps third parties to access the services provided by the RIF protocol. A total of a billion RIF Tokens will be created by RIF Labs at the Token Generation Event. Out of which, 20% will be distributed to RSK Labs shareholders, 40% will be allocated to private sale contributors, and the remaining 40% will be kept by RIF Labs.
Rootstock(RSK) V/s Rootstock Infrastructure Framework(RIF)
RSK is the smart contract platform of Bitcoin. It has two networks, one is a development or testing network (Testnet), and the other is a production network (Maninnet). It is Bitcoin-friendly, scalable, transparent, and can handle up to 100 transactions per second. It was created by RSK Labs with the mission of creating a platform that allows the practical adoption of the concept of smart contracts. It has its native token, RBTC and it is pegged with 1:1 BTC.
RIF is an open and decentralized infrastructure protocol that enables faster, easier, and more scalable development of decentralized applications (dApps). It is a protocol with integrated APIs which is scalable, seamless, and security driven. It was created by the RIF Labs, the company which is created by an amalgamation of RSK Labs. The native token is the RIF token which is used to access the services provided by the platform.
RSK and RIF both have the same mission to help organizations and individuals to take part in the blockchain ecosystem even without having much knowledge of it.
Why is RIF needed?
- The first reason is that it is needed for implementing smart contracts more efficiently and effectively, as there are some loopholes in the process of it.
- Second, it is needed for scaling issues. The bitcoin network is slow in processing transactions and it is facing the scaling issue.
- Third, traditional developers find it difficult to implement the whole process of blockchain in their uses. So, to cope with this problem, it is needed as a solution provider.
Conclusion
RIF is a new technological innovation in the field of blockchain and smart contracts. It has the potential for the future as it helps developers and businesses to make effective use of blockchain systems by providing them with distributed infrastructure services. It has its native token as well for accessing its services. As the future of blockchain is surrounded, we can hope to see more of these decentralized applications (dApps) service providers.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.