MoneyOnChain the creator of the first stable asset collateralized with bitcoin launches the first dollar stable asset backed with RIF.
During it´s first year of existence RIF platform has matured into a full blown set of decentralized protocols and applications. Some of the most remarkable announcements during 2019 were:
- RIF Name Service that enables the use of Aliases, making the use of blockchain technology easy and intuitive across platforms, is utilized across RIF Payments, RIF Storage, RIF Communications and other RIF Services providing a seamless experience to end users.
- RIF Lumino Network and integral part of RIF Payments protocol provides scalability and enables payment channels for every token built on RSK at a fraction of a cent setting the foundations to build the financial system of the future.
- RIF’s Storage meant to allow users to store and control their data as well as profit by storing data for others, signed a partnership with Swarm to offer solutions for different needs, from decentralized swarm storage to encrypted cloud and physical storage.
- Additionally Taringa, the largest Spanish-speaking social network in the world with 30 million users and over 1,000 active online communities that was acquired during September by IOV Labs, became the first step towards massive adoption of RIF technologies and RIF´s Token Economy.
On top of this, today Money on Chain announced they have implemented a version of it´s stablecoin protocol using RIF as collateral to issue a dollar denominated stable asset. This asset will be integrated into the RIF Marketplace so both user and service providers can pay and denominate their services using the RIF backed dollar.
The tech teams are currently finalizing the variables of the system for the offical launch of a RIF Dollar on the MOC protocol. Similar to Money on Chain’s DoC token backed by Bitcoin, the RIF Dollar is a stable asset that will allow RIF holders to make use of all the DeFi (Decentralized Finance) Services being built on RSK.
The integration roadmap also includes RIF Lumino Payments protocol that will provide scalability and sub-cent transaction costs for DoC (DollarOnChain) and RIF Dollar transactions.
Max Carjuzaa, CEO and Founder of Money on Chain, commented, “Introducing RIF Dollar into Money on Chain’s protocol will increase liquidity for the MOC community, which is crucial to achieving a peer to peer DeFi ecosystem. Over the coming months we will integrate RIF Lumino into our protocol to provide scalability for the Dollar on Chain token. Launching DOC on the Lumino payments network will allow thousands of instant transactions with near zero fees. We look forward to working closely with IOVLabs to integrate RIF protocols on these key components of our strategy.”
Diego Zaldívar, CEO of IOV Labs organization fully dedicated to the development of the RSK and RIF plarforms said: “IOV Labs was born with the purpose of providing the tools and infrastructure to enable financial inclusion and empower people by giving them control of their data, identity and money. The collaboration with Money on Chain to launch the first stablecoin backed with RSK/bitcoin, the first dollar stable asset backed with RIF and the ongoing efforts to integrate RIF Lumino Protocols within their offerings are a key milestone in setting the foundation for the financial system of the future”.
About Money on Chain
We imagine a world where transactions are instant, cost-efficient and free from the volatility of the current cryptocurrencies markets. Furthermore we want international trade to be frictionless so individuals and companies can use the Bitcoin blockchain without facing volatility risks. In order for our vision to happen we need to bring stability to the Bitcoin world. Money on Chain hence takes the best of both worlds, decentralization, security, immutability of Bitcoin and the stability of traditional fiat to create such a solution.
About IOV Labs
IOV Labs is a purpose-driven organization focused on developing the platforms needed for a new blockchain-based financial system that will enable worldwide financial inclusion and bridge the gap between these nascent technologies and mass adoption.
The organization currently develops the most popular implementations of the RSK Smart Contract Network and RIF platforms. RSK Network is the most secure Smart Contract platform in the world, as it relies on Bitcoin’s hash power. 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 to enable mass adoption of Bitcoin and RSK.
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