Beexo Wallet is the first wallet to integrate RIF Enveloping, a solution designed to make user payment experience akin to those provided in traditional finance.
GIBRALTAR / ACCESSWIRE / January 28, 2021 / IOVlabs and the RIF community are today announcing a new service designed to ease onboarding for DeFi beginners at Bitcoin smart contract network RSK. RIF Enveloping is a solution that supports meta-transactions, enabling third parties to subsidize transaction fees for end users, thereby eliminating the complexity of using native currencies to pay network fees and making user experience much more intuitive. Applications for the technology include wallet developers covering the cost of new users making their first decentralized finance interactions.
RIF Enveloping has been designed by the community with the support of the IOVlabs Research and Innovation team and with the help of Beexo Technologies to drive down the barriers to defi adoption. The solution will make it easier for new users to make their first transactions and familiarize themselves with the tools and services that are integral to decentralized finance.
By default, blockchains require users to pay a fee to send tokens, which is denominated in the native currency such as ETH on Ethereum or RBTC on RSK. This presents a barrier to new users, who must first purchase the native asset and then send it to their wallet before they can begin interacting. RIF Enveloping solves this problem by using Smart Wallets like Beexo Technologies', that allow any smart contract to support meta-transactions, paying the fee on behalf of the end user and optionally charge the user for this service in tokens.
Diego Gutiérrez Zaldívar, CEO of IOVlabs & RSK co-founder, said: "Bitcoin and RSK are about enabling a new financial system open to everyone. Making our technology easy to use for non-technical users is key to drive positive change with real impact. RIF Enveloping is a key tool to provide a user experience on decentralized blockchain networks on par with that offered by neobanks while also creating a path to sustainability for wallets and token issuers."
Compared to similar solutions in place on other smart contract networks, RIF Enveloping reduces the cost of sponsored payments by 50%. This enables dApp creators and defi platforms to subsidize network fees for more users, while driving down one of the biggest impediments to greater adoption.
Sergio Lerner, IOVlabs Chief Scientist and RSK Cofounder commented: "RIF Enveloping is the first of a series of technological enhancements that highly improves the usability of RSK. Together with the upcoming fast peg-in system and zk-rollups, developers can build wallets that provide users a much better user experience that is fundamental for financial inclusion."
Ezequiel I. Cuesta, CEO and founder of Beexo, the first wallet to integrate RIF Enveloping, added: "We are happy to always be in the forefront of the industry, and to integrate new technologies. We constantly seek to improve and to continue to provide our users with privacy-oriented, secure communications and transactions, and integrating RIF Enveloping is a step in the right direction."
Other wallet developers are expected to follow suit, paving the way for more users to begin experiencing the benefits afforded by decentralized finance.
IOVlabs develops the blockchain technologies needed for a new global financial ecosystem that fosters opportunity, transparency, and trust. The organization currently develops the RSK Smart Contract Network, RSK Infrastructure Framework (RIF) and Taringa!'s 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. RSK Infrastructure Framework (RIF) is a suite of open and decentralized infrastructure protocols that 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.
For more information please visit: https://www.iovlabs.org/
Beexo's was founded in 2018 to bring blockchain-based technologies closer to users, and make them simpler.
Beexo is a private and secure communication tool to store cryptocurrencies. With Beexo, only users have control of their information, and they are able to send and receive coins and messages, alongside interacting with the decentralized finance world.
Beexo Technologies is also offering Beexo Chat - a peer-to-peer messaging app with privacy protection and secure communications.
So far, Beexo users have made more than 15 millions transactions. Our nodes and super scalable infrastructure allows us to support high demand and throughput, across four different blockchain networks.
For more information please visit: https://beexo.com/
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Kim Bazak, MarketAcross