RIF Flyover is now available as part of the Rootstock Infrastructure Framework (RIF), an open-source suite of products and protocols that enable developers to quickly and easily develop and launch new DeFi services,” Lerner added. “We can’t wait to see how the community uses the protocol to develop unique solutions. Once the assets are transferred to Rootstock, users use RBTC, a BTC-pegged native token of the sidechain, to interact with a range of services. Getting your Private Keys from the Bitcoin Core wallet Bitcoin Daytrader 11.4K subscribers Subscribe 1. This ensures that the transfer time is reduced from hours to minutes. Per the release, Flyover quickens the transfer process by allowing third parties to provide liquidity. This is achieved by ensuring that the funds are never in custody of a third party during the transfer.” Third Parties to Provide Liquidity The protocol significantly reduces the amount of time required to transfer bitcoins between the Bitcoin and the Rootstock chain without compromising security. “We are excited to release the RIF Flyover protocol to the Rootstock community. The protocol’s design ensures secure cross-chain transfers, as users do not need to give third parties access to their funds or private keys.Ĭommenting on the product launch, Sergio Demain Lerner, the co-founder and Chief Scientist at IoV Labs, said: As a rule of thumb, sweeping is more recommended than importing. Import keeps the Bitcoins on the original private key, while Sweep sends the Bitcoins to a whole new private key connected to the software wallet. Both the private key and the address are visible in text form and as 2D barcodes. (If you do not see this text, please tap to the settings cog in the top right of the screen, and then on 'Backup') 4. Tap on the red 'wallet not backed up' text to proceed directly to the backup stage. RIF Flyover, known as a Repayment Protocol, is designed to enable smooth and quicker transfers between Bitcoin and the Rootstock sidechain through the services of third-party liquidity providers.Īlthough Flyover acts as a bridge, it uses non-custodial bridging methods, unlike traditional cross-chain bridges. Sweep and Import are ways of transferring a private key onto a software wallet. Cold storage A paper wallet with a banknote-like design. Select the wallet you wish to back up, BTC or BCH 3. This should prevent it from scanning the entire blockchain when it imports the private key and will therefore speed up the import. If you really want to, then I suppose you can use the rescanfalse option on the importprivkey command. RIF Flyover is the latest addition to the protocol set. I can't imagine why you would need to import 10,000+ private keys into Bitcoin Core. IoV Labs’ RIF is a suite of open, decentralized infrastructure protocols that allow for the faster development of scalable decentralized applications (dApps) within a unified environment. South American blockchain technology company IoV Labs has launched its Rootstock Infrastructure Framework (RIF) Flyover designed to enable seamless bitcoin (BTC) transfers.Īccording to a press release CryptoPotato, the open-source protocol would act as a bridge to enable faster transactions between the main Bitcoin blockchain and the Rootstock sidechain.
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