MoneyOnChain the creator of the first stable asset collateralized with bitcoin launches the first dollar stable asset backed by 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 Rootstock 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.
On top of this, today Money on Chain announced they have implemented a version of its stablecoin protocol using RIF as collateral to issue a dollar-denominated stable asset. This asset will be integrated into the RIF Marketplace so both users 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 official 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 Rootstock.
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 RootstockLabs to integrate RIF protocols on these key components of our strategy.”
Diego Zaldívar, co-founder of Rootstock blockchain and former CEO of RootstockLabs said: “RootstockLabs 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 Rootstock/bitcoin, the first dollar stable asset-backed with RIF, and the ongoing efforts to integrate RIF Lumino Protocols within their offerings is 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 RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
About Rootstock
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.