IOV Labs Launches RIF Lumino Network Light Client to Bring Bitcoin DeFi to Mobile

Gibraltar - May 13th, 2020

The Light Client enables mobile payments integration with all ERC20-compliant tokens and stablecoins available in the RIF, RSK, and Money on Chain DeFi ecosystems.

Today, IOV Labs announced the launch of its Light Client for the RIF Lumino Payments Network, a third-layer Bitcoin scaling solution. RIF Lumino Payments Network enables off-chain payment capabilities for any current or future ERC20-compliant token deployed on the RSK and RIF blockchain networks.

The RIF Lumino Light Client allows developers to integrate the distributed security of blockchain without needing to run a full node. Only an internet connection and mobile device are needed for client-integrated dApps. RIF Lumino enables two-way payment channels, with network processing capability at 100 transactions per seconds and the capacity to scale to 20,000TPS.

The announcement comes soon after the release of RIF Dollar stablecoin. Pegged to the Dollar, and collateralized by the RIF token, RIF Dollar can be directly in the RIF on Chain environment using RIF Tokens, without the need for a Collateralized Debt Position. Users have full control over their RIF Dollars, and can freely transfer and store them in a compatible hardware wallet. RIF Dollar integration is now available on RIF Lumino and its Light Client.

Diego Gutiérrez Zaldívar, CEO of IOV Labs, commented: “Developing a truly inclusive financial system is a driving force behind our work at IOV Labs. The RIF Lumino Light Client will grant millions of unbanked mobile users access to micropayments transactions at high speeds and near-zero cost, backed by the unparalleled security of Bitcoin. Given the compounding of financial pressure and exclusion on the unbanked brought on by this pandemic, and the increasing accessibility of DeFi applications, we expect to see a whole new level of cryptocurrency adoption in the very near future.”

Ale Narancio, Head of RIF Payments, expressed: “We are already working with several wallets to integrate the RIF Lumino Light client. Our goal is to make RIF Lumino compatible with the Lightning Network and other off chain networks to enhance interoperability and user experience”.

RIF Lumino Light Client can be accessed, free and open source, via the RSK Developer Portal.

About IOV labs

IOVlabs develops the blockchain technologies needed for a new global financial ecosystem; one that fosters opportunity, transparency, and trust. The organization currently develops the RSK Smart Contract Network, RIF, and Taringa! Platforms.

The RSK Network is one of the more secure smart contract platforms in the world, designed to leverage Bitcoin’s unparalleled hash power while extending its capabilities. RIF’s suite of open and decentralized infrastructure protocols enable faster, easier and scalable development of distributed applications (dApps) within a unified environment. Taringa is Latin America's largest Spanish speaking social network with 30 million users and 1,000 active online communities.

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