The security of the Bitcoin network combined with smart contracts opens up an exciting future for decentralized finance. IOVLabs will bring Everyday DeFi to a global audience with Rootstock technology. Attracting the first billion users is the main goal.
The Promise of Everyday DeFi
It sounds very attractive to see more decentralized finance opportunities for everyone. Despite the popularity of the industry, it primarily caters to existing users and holders of cryptocurrencies, while the rest remain on the sidelines. This is unfortunate as today more than a billion people are still unbanked or underbanked. A viable solution needs to be found between the two industry segments, although this has not been easy so far.
IOVLabs The team has a plan to change this narrative for the better. The team will leverage and improve the Rootstock ecosystem to bring Everyday DeFi to those who need it most. Making DeFi accessible and easy to use is a big step forward. More information about this new initiative will be presented at Consensus 2022 in Texas this month.
IOVLabs CEO and RSK co-founder Diego Zaldivar adds:
“Existing DeFi solutions are too complex for regular users. That is why it was used only by the elite of advanced users. At IOVlabs, we have created and continue to contribute to decentralized technologies such as the Rootstock blockchain and the RIF platform that make decentralized finance easy to use and accessible. We are building a DeFi ecosystem for everyone, we are driving the day-to-day operation of DeFi.”
In the current DeFi landscape, there is a lot of focus on Ethereum and derivative blockchains and layers. They offer direct access to programmable money, although these networks are not necessarily the most scalable or efficient. Rootstock, which allows you to develop smart contracts using Bitcoin’s network security, is a better option.
Reaching Critical Mass
The Everyday DeFi initiative will need to reach a global audience, no matter how tech-savvy people are. Thanks to the continuous efforts of IOVLabs, the Rootstock blockchain and its ecosystem have been optimized and become the home of RIF services, a set of decentralized tools that will help any developer create a decentralized sharing economy.
In addition, the team does not want to keep creating and integrating new technologies. Attracting the brightest minds in fintech and Web3 development is a top priority to launch the first generation of Everyday DeFi applications on the RSK network. One such solution is RIF Aggregation, a custom Layer 2 scaling solution built using zkSync technology.
RIF aggregation The solution introduces highly scalable rails to accelerate peer-to-peer transactions between users. In addition, it aggregates a large number of transfers of various assets issued on the Rootstock blockchain, reducing their fees and providing almost instant transfers. In addition, users will soon be able to pay a transaction fee for the token they wish to transfer in that token.
Credit : www.newsbtc.com