Bitcoin smart contracting platform RSK has been celebrating its one-year anniversary, and developers RSK have taken the opportunity to reflect on the past year’s achievements. In 2019, RSK made major headway in luring projects to its Bitcoin-anchored infrastructure, and in doing so placed a flag in the sand for defi. No longer is the decentralized finance movement the preserve of Ethereum: now, it has a second home within the Bitcoin ecosystem.
RSK Toasts a Fruitful Year of Acquisitions and Developments
A lot can happen in a year. The maturation of the sharing economies for Bitcoin RIF platform attests to that. RSK’s smart contracting infrastructure has taken shape during this time, with its architects delivering a trio of core products:
- RIF Name Service: enables the use of Aliases, making blockchain technology more intuitive, and incorporating RIF Payments, RIF Storage, RIF Communications and other RIF services to providing a seamless user experience.
- RIF Lumino Network: component of RIF Payments protocol, delivering payment channels for tokens issued on RSK at low cost.
- RIF Storage: allows users to store and control their data and to be remunerated for storing data for others. A partnership with Swarm has provisioned decentralized swarm storage and encrypted cloud and physical storage.
In addition to beavering away at building out its infrastructure, the RSK team had an acquisition to toast in 2019. Parent company IOV Labs bought Taringa, the world’s largest Spanish-speaking social network. RSK is determined to introduce its 30 million users and more than 1,000 active online communities to RIF technologies and open finance. Taringa is seen as a testbed for the many decentralized finance products that RSK hopes to perfect, including decentralized exchanges and payment systems.
From Volatility to Stability
Over the past year, it has become widely acknowledged that the solution to the volatility problem that makes cryptocurrencies ill-suited to payments is to remove them altogether in favor of stablecoins. There’s no need for merchants to cash out their crypto to fiat instantly when they’re getting paid in a dollar-pegged digital currency. RSK saved its best news till last, with Money on Chain’s collateralized stablecoin arriving in December, extending the utility of the RIF network and making it a genuine decentralized finance contender that can go toe-to-toe with Ethereum.
Money on Chain have now launched stablecoins backed by RSK and BTC, as well as one backed by RIF. Integration into RIF Lumino will further enhance the payment system that’s available to projects building on RSK.
In 2020, the challenge for RSK will be wooing projects to build on Bitcoin. All of the tools are now in place to do so, thanks to RIF and its suite of products. The next step is to convince businesses of the benefits of doing so, starting with the unrivaled security provided by Bitcoin’s proof of work, and aided by the integrated wallets, exchanges, tools, and libraries that RSK have constructed. With the value of assets locked up in decentralized finance now past $650 million, and experts tipping that figure to surge past $1 billion next year, this is defi’s time to shine. With their horse now saddled and in the race, RSK will be seeking to lead the charge towards open finance for the banked, the unbanked, and the hard to bank alike.