In recent issues, we have been talking about the DEFI special of Bitcoin and several projects on the RSK chain. This issue, we will talk about RSK’s basic services, which is the RSK Infrastructure Framework, which is also developed by RSK labs. The token RIF was launched in 2018. The overall performance of the price comparison is relatively general. The maximum increase in the last bull market was only 10 times. It has hardly moved this year. The current market value is only 80 million US dollars, ranking 400+.
Introduction
RSK Infrastructure Framework (RIF)
RIF provides a range of infrastructure services on the RSK platform to support the development of DeFi applications. RIF's services include domain name services, storage, payment and lending protocols.
RIF OS is the first all-in-one, easy-to-use, open blockchain infrastructure framework.
Project implementation mechanism
The unified protocols, rules and interfaces in RIF OS, including data storage, secure authenticated communications, data feeds (i.e. Oracles), name resolution and payment processing, will have the following forms:
The protocol design of RIF OS has the following common features: 1) The protocol is designed to use RIF tokens for interaction, staking and consumption; 2) Everyone can become a service provider of the RIF protocol by advertising their own services; 3) The protocol is designed so that when smart contract layer related functions are required, the service can be smoothly deployed on the RSK smart contract protocol.
By using the existing RIF OS infrastructure protocol, third-party service providers can provide storage, communication, payment and other related services and obtain corresponding RIF returns. In the above RIF OS architecture diagram, D1 represents the RIF naming service that has been deployed to the RSK blockchain. In the plan, this will be one of the naming services provided by many service providers.
Main Agreements
• RIF Directory (RNS): A name service (alias system) protocol that supports name operations and secondary markets. The protocol enables users to easily buy, sell and auction names through RIF tokens; service providers can also advertise their services through the protocol. RIF Name Service has been released.
• RIF Storage: A decentralized, redundant data storage access protocol. RIF Data Storage Layer (RDSL) is a protocol that acts as a connectivity layer for third-party storage providers. The protocol enables price data and negotiations between storage providers and clients over the RSK blockchain. The ultimate goal of RIF Data Storage Layer is to enable a competitive environment to provide scalable storage solutions with low fees and latency, while allowing users to securely and privately store their digital identities, resources, and sensitive information in globally distributed servers.
• RIF Payments (WALLET): A protocol for accessing any off-chain payment network, especially payment channel networks. The protocol enables scalable, low-cost and high-speed off-chain payments; it enables different off-chain payment networks to be deployed on RSK to support payments in RBTC and standard interchangeable tokens. By using the RIF API, services such as point-of-sale (POS) gateways can be built, and these POS services can make all payments across existing and future payment networks integrated into RIF. The RIF Payment Protocol will provide a unified user interface to integrate different blockchain off-chain payment networks in the future. It consists of three parts: RIF Payments Full, which creates an abstraction layer to access different payment networks, allowing cross-token and cross-network payments; RIF Payments Light, which allows light clients to access RIF Payments Full without compromising security and decentralized protocols; RIF Payments Exchange, which will be used to discover the exchange rate of tokens to select nodes to route payments based on scores, exchange rates and fees, as well as other criteria, which can greatly optimize payment routing.
• RIF Secure Communication: Node discovery protocol for authenticated and encrypted communication. RIF Secure Communication Infrastructure (RSCI) is a protocol that enables parties that need to communicate to register their communication methods, using their preferred communication methods and public keys as a discovery mechanism, enabling parties to communicate with each other. Using this protocol, users publish their pseudonyms in the RIF directory along with their public keys for communication. Whenever a user's pseudonym establishes a connection, the other party can look up his public key for communication and use it to create a secure connection, enabling pseudonymous communication between participants.
• RIF Data Gateway: An oracle protocol for accessing external data feeds. All blockchain protocols with on-chain smart contracts must communicate with external systems through oracles. RIF Data Gateway is a data consumption protocol that provides external data through data service providers. It can be used to provide smart contracts with external data such as price feeds and other blockchain states required for execution.
• RIF Browser: Browse services registered on each RIF OS protocol. The RIFOS platform provides a set of abstraction layers and APIs to support RIF OS service providers in providing third-party services.
Technical features
RSK and RIF OS can be viewed in layers, where Bitcoin is the first layer, which is the value storage layer; RSK is the second layer, which can execute business logic through smart contracts; and RIF OS is the third layer, which provides infrastructure services.
RSK is a Bitcoin sidechain that recognizes and utilizes the computing power of Bitcoin mining without consuming additional computing power for block generation, which is called joint mining. In this way, RSK can obtain the guarantee of Bitcoin computing power. At the same time, RSK inherits several key concepts of Ethereum, such as its account format, VM and web3 interface, so it is highly compatible with Ethereum compilers, tools and dApps.
In the RSK network, RBTC is used to pay transaction fees and contract processing fees. All RBTC comes from the Bitcoin network through a two-way peg: when Bitcoin is transferred to the RSK blockchain, it becomes RBTC, and RBTC is equivalent to Bitcoin existing in the RSK blockchain. They can be converted back to Bitcoin at any time without additional fees.
RIF OS is a set of protocols, rules and interfaces built on RSK. It is an off-chain development stack whose goal is to solve the threshold issues that hinder developers from adopting blockchain technology and promote the development of a fair market for decentralized infrastructure services.
Token Economy
The project was launched on November 10, 2018, with a total of 1,000,000,000 tokens, all of which are now in circulation. The current exchange rate is $0.08, and the peak price was $0.457 (2021-04-13). The token distribution is 40% for RIF Labs, 37.9% for private placement, 20% for founders and team, and 2.1% for early contributors.
At present, looking at the infrastructure platform of the RSK network, it is precisely because of these infrastructures that we have seen many applications in the RSK network, otherwise RSK may not be very good, and then the RIF token is useless and has nothing to do with the infrastructure you provide. This is the biggest problem. The advantage is that all are unlocked, and the current market value is still very low, only 80 million US dollars. Compared with other infrastructure platforms such as ankr, which has 300 million, there is also a gap of 3-4 times, and you are also a side chain of Bitcoin. Is this valuation underestimated?
