What is Rootstock Infrastructure Framework (RIF)?
The RSK Infrastructure Framework, or RIF for short, is a protocol seeking to offer infrastructure services that decentralized applications (dApps) within the RSK platform can utilize. Moreover, RSK is also a smart contract network created on top of Bitcoin, and RIF seeks to simplify the process for developers to create and deploy decentralized applications onto the RSK network.
The Birth of RIF: A Historical Background
The RIF was released by RSK Labs, which is based in Argentina, in Buenos Aires. The formation of the firm was due to a group filled with experienced cryptocurrency and blockchain experts, namely Sergio Lerner, Diego Gutierrez Zaldivar, and Gabriel Kurman.
RSK Labs then underwent a name change to RIF Labs while also being an IOV Labs’ subsidiary, which was released in 2018 via the merger that took place between Taringa and RSK Labs. RIF is the native token of the RSK project and was initially released in 2019. Two years later, in April 2021, its price peaked and reached $0.4591, an all-time high that it hasn’t managed to break.
The Core Objectives of RIF
The core objectives of RIF have always been to simplify the process of releasing decentralized applications, namely the building and deployment aspects, which we covered earlier, mainly on the RSK network, which, in turn, seeks to bring smart contracts to Bitcoin and increase its scalability and functionality.
Through this, it hopes to facilitate the integration of fintech and bring DeFi (decentralized finance) to the masses, making it more practical or even accessible for everyday usage.
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The Technical Backbone of RIF
The technical backbone would definitely be what it is built on top of, i.e., the RootStock Blockchain, which is essentially this smart contract platform that is itself built upon Bitcoin, and its engine is also a forked iteration of the Ethereum Virtual Machine (EVM). The RSK Virtual Machine (RVM) is therefore compatible with the smart contracts of Ethereum and the tools utilized in interacting with and deploying them.
Core Components
Here, we will now be looking at the primary components or features that get RIF working the way it does.
RIF Wallet
RIF Wallet provides a simple way to launch cryptocurrency wallets within a few minutes.
It comes with a library stacked with functionalities that enable one to easily incorporate cryptocurrency lending, paying, and saving services within their existing products or simply launch their own smart wallets.
RIF DeFi Gateways
DeFi Gateway is essentially a decentralized marketplace where borrowing and lending solutions can be found. Here, projects could give their users much-needed access to reliable DeFi protocols that can be found throughout Rootstock’s ecosystem without having to individually incorporate every protocol.
With it, users can utilize their current virtual assets to engage with the various financial products already found within Rootstock’s ecosystem without having to transfer their funds to other applications or wallets.
RIF Rollup
With RIF Rollup, one could offer quick, on-the-spot payments coupled with substantially lower transactional costs by utilizing the scaling ability of ZK (zero-knowledge) proofs.
In other words, cryptocurrency payments can be made fast, simple, and scalable, akin to paying from a debit card, but with the benefit of transparency and efficiency found within decentralized technology.
RIF Relay
With RIF Relay, mass adoption can be accelerated, as it is essentially a solution for secure gas fee abstractions within Rootstock’s ecosystem.
The gas fee payments can then be simplified by enabling users to pay transactional fees with any of the numerous ERC20 tokens out there. Through this, end users can transact entirely by utilizing only a single asset, eliminating complexity and enhancing onboarding.
RIF Flyover
Flyover’s a quick and safe method for users who are looking to send BTC out of or in the Rootstock Ecosystem. Over there, it may be utilized in interactions with a wide range of applications, all so that money can be sent, saved, and spent in distinct ways.
RIF Name Service (RNS)
With RNS, complex cryptocurrency addresses can be replaced with easily rememberable nicknames or even actual names, which can simplify digital asset transactions.
Comparing RIF to Other Blockchain Frameworks
Within this section, we will be looking at how RIF fares against some of the other blockchains within the space, including the likes of Ethereum, Cosmos, and Polkadot.
RIF Vs. Ethereum
The whole point of RSK, or rather, RIF, was to bring the smart contract functionality of Ethereum over to Bitcoin, but with the added benefit of Bitcoin’s security and also more scalability, along with a few other things. In comparison, while Ethereum hasn’t managed to fully scale yet, the fact that it will eventually scale and that it’s the go-to place for launching decentralized applications means that the variety and potential scalability on offer here may be more than sufficient to tip the ball in its favor.
RIF Vs. Polkadot
In terms of sheer market dominance and even variety, Polkadot is ahead, especially when concerning the former. RIF, while having a lot of functionality and giving more utility to the Bitcoin blockchain, has a while to go in terms of adoption. However, it is worthwhile to note that Polkadot isn’t that far in that regard either.
RIF Vs. Cosmos
Here, the comparison will be a bit similar to the one before, as Cosmos’s market dominance is definitely ahead when RSK is concerned. Cosmos resulted as a result of a general lack of interoperability within the space, and the project felt as if it could bridge that gap. While RSK does come with its own take on interoperability, it might be a bit limited in terms of the types of networks that have been bridged, as Cosmos has significantly more reach, and that certainly plays to its benefit.
The RIF Tokens
Here, we will be directing our focus towards the native token here, RIF, and go through some of the roles it plays.
Role and Utility of RIF
Accessing and paying for RIF services is something that the RIF token is responsible for. By owning it, developers have access to the entire suite of services that are created on top of the RIF protocols, like payments, directories, storage, data feeds, and more, including those provided by third parties or any other applications that accept RIF tokens as payment.
Tokenomics
Moving on to tokenomics, the price of the RIF token is currently at $0.118. It has a market capitalization and a fully diluted valuation of over $125 million. Its daily trading volume, on the other hand, is more than $44.6 million. As for supply, both its circulating and total supply sit at exactly 1 billion tokens.
How to Buy RIF Tokens on Binance
If you’re interested in this platform’s services and therefore are looking to buy its native token so that you can access those services, then we’ll see how that may be done on Binance, the world’s largest cryptocurrency exchange.
Setting up Your Binance Account
You can create a Binance account on either its mobile application or its website. Click on the link below to be taken to the registration page using a special Coin-Labs referral code, and fill in all of the relevant fields, like email address, password, etc., and get done with registration.
Verification Requirements
The KYC process here can be accessed through the verification page. Over there, you will be required to enter some personal information and offer up some documentation evidence to prove that.
Securing Your Binance Account
The security measures that you can undertake here are primarily 2FA and biometric scanning, which you can access on Binance’s security page after logging in. Once accessed, Binance will outline instructions that you can follow to complete setting up these measures.
Funding Your Binance Account
Your account can be funded through Binance’s deposit page. So, head over there and select a token and a network that supports it. Paste the deposit address that will be generated into an external platform to initiate the transfer from there.
The Buying Process of RIF Tokens
There are various ways to buy tokens here after funding your account. These include spot, futures, and more. The easiest is probably simply swapping your deposits for some RIF tokens.
Transferring RIF Tokens to a Wallet
After acquiring some RIF tokens, you can transfer them to your wallet by heading over to the withdrawal page on Binance. Over there, select the RIF token and the network for it, and simply paste your wallet’s address within the withdrawal field. Confirm your withdrawal, then, and wait for the transaction to be processed.
The Road Ahead for RIF
What may the future hold for this platform as a whole, in terms of upcoming features and more? Below, we’ll take a brief look at such prospects.
Upcoming Developments
So far, RIF has managed to release most, if not all, of its major updates that it had planned for this year, and from what we have gathered, it hasn’t released any announcements recently of any substantial updates releasing in the future. Regardless, due to its nature, one can still expect to find new dApps and bridges being added later on.
Community and Ecosystem Growth
As demand for cryptocurrency rises, we know that the community and ecosystem of RIF will expand. However, to what extent that will be the case remains fairly speculative and hard to discern.
Conclusion
To conclude, the RIF provides vital infrastructure services for the RSK platform’s dApps. Its decentralized payment, storage, and naming systems can simplify the experience for developers to deploy and build applications, all while a seamless experience can be granted to the users using such applications.
We Coin-Labs.com provides only objective information about Rootstock Infrastructure Framework.
Therefore, we are not responsible for the investment decision in Rootstock Infrastructure Framework and the resulting loss.
Rootstock Infrastructure Framework Basics
Here are some factors that investors should consider before investing in Rootstock Infrastructure Framework.
| Cryptocurrency Features | Rootstock Infrastructure Framework (RIF) |
|---|---|
| Publisher or Developers | Sergio Lerner, Diego Gutierrez Zaldivar, Gabriel Kurman |
| Headquarters (Registration Number) | Buenos Aires, Argentina |
| Symbol | RIF |
| Platform | Rootstock |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Rootstock Infrastructure Framework in 2024
These are indexes mesuring the investment reliability of Rootstock Infrastructure Framework conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 3 Exchanges |
| Number of Available Pairs Worldwide | 76 Pairs |
| Market Cap of the Cryptocurrency | 124,493,223 USD (Rank #306) |
The table above shows the result of investment suitability evaluation for Rootstock Infrastructure Framework.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Rootstock Infrastructure Framework Price
Here are the price and recent trading volume of Rootstock Infrastructure Framework. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Rootstock Infrastructure Framework |
|---|---|
| Rootstock Infrastructure Framework Price | 0.092 USD |
| Price Change 24h | -2.52% |
| Price Change 7d | -5.85% |
| Trading Volume 24h | 1,818,832 USD |
| Trading Volume Change 24h | 19.41% |
Cryptocurrency Metadata
You can check the development status and social media information of Rootstock Infrastructure Framework through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | |
| π White Paper | |
| π°οΈ Source Code (GitHub) | |
| π¦ Twitter | |
| π€ Reddit | |
| πΊ Message Board |
Where to Buy Rootstock Infrastructure Framework
Here are the top ten world crypto exchanges where traders can buy Rootstock Infrastructure Framework in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/RIF_BTC |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Not listed | |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/trade/usdt/RIFUSDT |
| Gate.io | Listed | https://www.gate.io/trade/RIF_ETH |
Frequently Asked Questions
What is the current price of Rootstock Infrastructure Framework?
Rootstock Infrastructure Framework price today is 0.092 USD. Furthermore, the price of Rootstock Infrastructure Framework has fluctuated by -2.52% from 24 hours ago, and by -5.85% from a week ago.
Where is Rootstock Infrastructure Framework listed?
Currently, it is listed on a total of 3 among the world top 10 exchanges.
What is the market cap of Rootstock Infrastructure Framework now?
Currently, Rootstock Infrastructure Framework has a market cap of 124,493,223 USD, which is ranking 306 among cryptocurrencies worldwide.
How much is the trade volume of Rootstock Infrastructure Framework?
Currently, 1,000,000,000 RIF coins are circulating through 76 market pairs. As a result, in the last 24 hours, 1,818,832 USD of RIF coins were traded in the market.
