Altcoin News

RIF Lumino: A new Project being launched on Bitcoin RSK

Introduction to the RIF Labs network

The RIF Lumino Network is a third layer solution for the Bitcoin blockchain, which enables a state channel to be opened for every token being built on top of RSK. According to an executive from RSK Labs, the Lumino Network has become part of the RSK Infrastructure Framework (RIF OS).

rif lumino

The RSK network was the first to bring smart contract capabilities to the Bitcoin Blockchain, which now has a live scaling solution that can execute up to 5000 transactions per second.

This new service from the company will be integrated with the RIF Name Service (RNS), which enables the use of aliases instead of complex hexadecimal addresses in its payment channel creations.

According to the team, the RIF network will be similar to the Bitcoin Lightning Network. It also provides some great scalability for bitcoin and every other crypto token running on the RSK Network.

This functionality will deliver near-instant processing capabilities and network transaction costs at a fraction of a cent or in Micro-transactions. The RIF network is set to bring the foundation for a strong infrastructure development that will bring this new financial system to the future.

The CEO of Diego Guitierz Zaldivar has mentioned that:

“The launch of the RIF Lumino Network is a major milestone in our path to enable a global and inclusive financial system. Blockchain scaling solution are a priority for both RSK and RIF because they are key to serving billions of individuals around the world that are excluded from the traditional financial system.”

Bitcoin’s RSK receiving a lot of recognition

The RIF OS was launched back in November of 2018 and is a open decentralised infrastructure protocol, that will be enabling a faster, easier and scalable development of Blockchain applications.

According to Gabriel Kurma, a Strategist at RIF Labs:

“We are very excited because the RIF Lumino Network will enable solutions built on RSK to benefit from off-chain state channels. Fast, secure and low-cost transaction will be key to the development of use cases for cryptocurrency technologies.”

Bitcoins scalability is one of the most discussed topics coming from the crypto community these days. The more the blockchain grows the more terabytes will be needed in order to save the entire network if an individual wishes to download it.

This RIF team has been doing a lot of research on the on-chain and off-chain projects that are focused on scaling for a few years now. And this will be the first step towards a scalable network infrastructure for the company.

Share the news on;
  •  
  • 1
  •  
  •  
  •  
  •  
  •  
  •  
    1
    Share
  •  
    1
    Share
  •  
  • 1
  •  
  •  
  •  
  •  
  •  
coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.