The security of Bitcoin’s network, paired with smart contracts, paves an exciting future for decentralized finance. With the support of Rootstock technology Rootstock, IOVLabs will make Everyday DeFi available to an international audience. Primarily, the goal is to enroll the first billion users.
Everyday DeFi: The Promise
To see decentralized financial opportunities available for all sounds appealing. Despite the industry’s popularity, it primarily caters to existing cryptocurrency users and holders, whereas the rest remains a bit left out. It is regrettable that more than one billion people today are not banked. Although it is difficult to find a solution, the problem between these industry sectors must be solved.
IOVLabs has a plan for changing that story. This team will use Rootstock to enhance the ecosystem to provide Everyday DeFi for those most in need. This is an important step towards making DeFi more accessible and useable. This month, Consensus 2022 in Texas will provide more details about this initiative.
Diego Zaldivar, CEO of IOVLabs and co-founder of RSK, adds:
“Current DeFi solutions are too complex for regular users. That’s why it has only been used by an elite of advanced users. We at IOVlabs have contributed to the creation and continued development of decentralized technologies such as the Rootstock Blockchain, and the RIF platform. These enable Decentralized Finance be simple to use and cost-effective. We are building a DeFi ecosystem for everybody, we are enabling Everyday DeFi.”
There is an emphasis in the DeFi ecosystem on Ethereum, derived Blockchains and Layers. Although they offer easy access to programable money, these networks may not be the most flexible or efficient. Rootstock, which enables smart contract development while leveraging Bitcoin’s network security, presents a more suitable option.
Critical Mass
Everyday DeFi needs to reach all people, regardless how tech-savvy. IOVLabs has been working tirelessly to streamline the Rootstock Blockchain ecosystem and provide RIF services. This suite of decentralized tools will help developers establish Decentralized Sharing Economies.
The team also wants to continue building and integrating new technologies. The RSK Network’s first Everyday DeFi application will be launched by the top priorities of the team, which includes attracting the most talented Web3 developers and fintech experts. RIF Aggregation is a layer-2 solution that uses zkSync technology.
RIF Aggregation introduces highly scalable rails for speeding up peer-to–peer transactions. It also aggregates large amounts of transactions for assets on Rootstock, which reduces their fees and allows fast transfers. Users will soon be able to pay transaction fees in order to send the token that they wish.