Updated: Dec 21, 2019
RIF Tokens are a cryptocurrency that are issued on the Rootstock RSK platform. RSK is thought to be one of the most secure smart contract networks globally that enables Dapps secured on the Bitcoin network to empower people and effectively improve their quality of life. It is short for Rootstock and is the first smart contract platform to be secured by the Bitcoin network.
This short guide will discuss what RIF Token is designed for, the team behind it, the way it works, and various uses and applications.
What Is RIF Token Designed For?
Blockchain technology since the birth of Bitcoin in 2009 has been growing at an increasing rate to become a global force of distribution. The team behind RIF Token intends to move this vision further with the hope that by creating a new internet value they will be able to foster equality and prosperity around the world.
Blockchain is already of use in the technology space and in several key industries, such as Logistics, Financial Services, and Government to name just a few. The RIF Token is intended to allow any holder to consume services that are compatible with RIF OS Protocols (Root Infrastructure Framework Open Standard) and RSK Smart Contracts Network.
RIF OS is a suite of open and decentralized architectural protocols that allows for faster, easier and scalable development of Dapps within a unified environment.
Who Is the Team Behind RIF Token?
RIF Token is developed by RIF Labs as a pure utility token that lies at the center of the RIFOS ecosystem. RIF Labs that acquired RSK Labs was rebranded to IOV Labs in May 2019. This Gibraltar registered company is headed by Executive Chairman Malcolm Palle alongside Wayne Almeida and Alejandro Aberg Cobo (Chairman).
RIF Labs has certain notable partnerships that have allowed the RIF token to attain new heights. For instance, their partnership with OAK Node, allows setting up of a node on the network in less than 15 seconds. The team has also partnered up with BitGive, the first U.S. government recognized Bitcoin nonprofit.
Other ecosystem partnerships to accelerate the growth of the RIFOS include Swarm (a distributed storage and content distribution platform) and Spanish social media network Taringa.
How Does RIF Token Work?
RSK is the first working and active sidechain on Bitcoin and RIFOS is an entire new infrastructure network built on top of RSK. The RIF token has a number of utilitarian uses, including being used towards grants, prizes, and bounties for the development of specific use cases which RIF Labs may want to promote in collaboration with accelerators, incubators, and universities.
There is a lot of confusion where RIF Tokens are considered because people assume it to be the rebranding of RBTC. However, RBTC is the native RSK token used primarily as gas and incentive for miners for Bitcoin smart contract processing whereas RIF Tokens are used for incentivizing development of Dapps on Bitcoin and by third-party developers to pay for the consumption of RIFOS services.
What are Current and Future Applications of RIF Token?
RIF Tokens are primarily used for consuming services in the RIF OS ecosystem. These services can include anything from the Dapps deployed on their framework to third party-developed infrastructure services. By holding and using RIF Tokens users have the necessary means of accessing / consuming the app or service.
RIF Tokens are also required to use infrastructure services in the RIF OS Marketplace. Participants shall be required to deposit a certain value of RIF tokens as stake or guarantee. These will remain locked with RIF OS and used in case the agreed upon service level agreement is not fulfilled by the participants.
RSK Network has an open nature which allows RIF tokens to be freely integrated on any exchange or wallet without asking for permission. This holds true for every other token living on the RSK Live Mainnet as well.
Some of the more popular exchanges include Bitfinex, CoinBene, Cashierest, KuCoin, Bitbulls, Coinall, and CoinBig. RIF Tokens are supported by numerous wallets including Mew, MyCrypto, Trezor, Ledger, D’Cent, and Metamask among others.
RSK can be used in several potential smart contracts cases, including:
Retail Payment Systems for everyday transactions over Bitcoin network, but a lot faster than BTC
Creation of new crypto-assets or altcoins secured by Bitcoin
P2p distributed exchange (DEX)
IP Protection / Registry, involving proofing existence of certain documents and property rights
Supply Chain Traceability to track and trace the physical location of any product in retail, food, and healthcare industries among others
Micro-lending to provide access to credit to the unbanked, which will further economic growth
RIF Labs is all set to tackle Bitcoin’s scalability problem by exploring several solutions to ensure true adoption of the RIF Token. One of these solutions involves data compression technique called Shrinking Chain Scaling. However, until the development team achieves its goal, RIF Token is expected to remain strictly utility bound.