RootstockLabs, a key contributor to the growth of the Rootstock blockchain, has officially launched the RIF Lumino Network as part of the Rootstock Infrastructure Framework (RIF OS).
Bitcoin and blockchain scalability is one of the most important issues being discussed throughout the ecosystem these days. While the Rootstock Network added smart contract capabilities and onchain scaling improvements on top of the Bitcoin network, it is not enough to achieve transaction processing levels on par with those offered by major payment processors around the world. On top of this, onchain scaling impacts the future as every record saved on the blockchain needs to be saved forever. It is going to become increasingly difficult to maintain and validate multi-terabyte blockchains in the coming years.
The RIF Lumino Network, an integral part of the RIF Payments Protocol, provides scalability without compromising long term sustainability. The RIF Lumino Network is similar to the Lightning Network, but provides scalability not only for bitcoin but for every token running on the Rootstock Network. With near-instant processing capabilities and network transaction costs at a fraction of a cent, the RIF Lumino Network provides infrastructure developments that set the foundations to build the financial system of the future.
“The launch of the RIF Lumino Network is a major milestone in our path to enable a global and inclusive financial system. Blockchain scaling solutions are a priority for both Rootstock and RIF because they are key to serving billions of individuals around the world that are excluded from the traditional financial system,” said Diego Gutierrez Zaldivar, RootstockLabs former CEO.
Sergio Lerner, Head of Research and Innovation at RootstockLabs, also commented, “the Rootstock/RIF team has been researching on-chain and off-chain scaling for many years. The launch of the RIF Lumino Network is the first step towards a scalable network infrastructure.”
The RIF Lumino Network integrates with the previously launched RIF Name Service (RNS), enabling the use of aliases instead of complex hexadecimal addresses when creating payment channels or sending payments. This is an important step towards broader network adoption by making cryptocurrency technologies more accessible to non-technical users.
“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 transactions will be key to the development of use cases for cryptocurrency technologies,”commented Gabriel Kurman, Strategist at RootstockLabs.
The RIF Lumino Network is the second major implementation of RIF OS protocols to be launched on RIF OS since its debut in November 2018. RIF OS is a suite of open and decentralized infrastructure protocols that enable faster, easier, and scalable development of distributed blockchain applications built atop RSK Network, the first open-source smart contract platform secured by the Bitcoin Network.
For more information on RIF Lumino Network, please visit the technical overview:
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.
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.