RIF Token (RIF) — Extending the core functionality of bitcoin to help create a better future for decentralized services
Bitcoin is probably one of the most secure blockchain platforms on the planet, and this unmatched security comes at the cost of scalability. This is what we call a ‘Scalability Trilemma’ where any blockchain platform has to pick two of the three variables to build its infrastructure upon.
There is a huge problem of scalability in the blockchain ecosystem today, and this is because the platforms prefer to choose security and decentralization over scalability. Those blockchain platforms who prefer scalability do it at the cost of either security or decentralization. Both bitcoin and ethereum are very secure and decentralized, but platforms like EOS are very scalable and secure, but they lack on the decentralization front.
To solve this problem of scalability trilemma, a new concept emerged called sidechains and Layer-2 networks. These sidechains and Layer-2 networks run either on top of a primary blockchain (like bitcoin), or they run side by side having strong interoperability characteristic with the parent chain. Using these two methods, blockchain platforms can use scalability and decentralization in their architecture, while using the security of the underlying blockchain (e.g. bitcoin or ethereum).
This new concept was widely adopted and different companies and organizations started making sidechains and layer-2 networks that run on top of one of the most secure blockchain platform on the planet — Bitcoin. Among those platforms, Rootstock or RSK is one of the most recognized blockchain platforms which is actually a sidechain and runs alongside the bitcoin blockchain while extending its functionality.
Rootstock or RSK is a sidechain that runs alongside the bitcoin blockchain. Whats different and unique about Rootstock is that it gives users the ability to run smart contracts on top of the bitcoin blockchain.
You can think of Rootstock as a sidechain platform that brings the functionality of ethereum to bitcoin, i.e. Turing Complete smart contracts and a virtual machine. The smart contracts are run on the Rootstock platform while the settlement is done on the bitcoin platform.
At its core, RSK is a combination of the following three things:
- Virtual Machine — A Turing Complete virtual machine for the execution of smart contracts.
- Sidechain — A two-way pegged sidechain that works alongside the bitcoin protocol.
- Improved Consensus — A dynamic hybrid merge-mining/federated consensus protocol.
This Rootstock or RSK smart platform runs on top of the RIF OS (Root Infrastructure Framework Open Standard), which is a collection of different kinds of protocols for the running and execution of smart contracts and DApps on top of the RSK sidechain. The native currency of this RIF OS is called RIF Token, which is used in all of the RIF OS services, DApps and smart contracts as a primary currency, just like you use ether in ethereum as a unit of currency to pay ‘gas’.
As of September 2019, RIF token is traded for $0.094 USD and has surpassed the total market cap of $46 Million USD and a daily 24h trading volume of over $3 Million USD. The total supply for the RIF tokens is 1 Billion, while the currency circulating supply stands at just over 488 Million RIF Tokens.
According to the Coin Market Cap (CMC), RIF Token is among the top 100 largest cryptocurrencies in the world. We highly recommend RIF Token to those investors who want to stay in the bitcoin ecosystem for more stability and long term returns.