RSK Looks to Simplify DeFi User Experience with RIF Enveloping Service

Key highlights:

• The RIF Enveloping service allows developers on the RSK platform to subsidize fees on behalf of users or allow them to pay fees with tokens other than RBTC
• RSK is a smart contracts platform connected to the Bitcoin blockchain
• IOVlabs, the creators of RSK, are aiming to simplify the onboarding process for new users

IOVlabs introduces new service to simplify onboarding to DeFi apps on RSK

IOVlabs is looking to simplify the onboarding process for DeFi apps built on RSK, a smart contracts platform that leverages the security of the Bitcoin network. The project has unveiled a new service called RIF Enveloping, which allows developers to pay fees on behalf of their customers, making RSK-based DeFi apps a much more attractive proposition for new users. 

Public blockchain platforms, whether we’re talking about Bitcoin, Ethereum or RSK, require users to pay fees in the form of native tokens in order to make transactions. This is to compensate those who are dedicating their resources towards ensuring that the networks are safe and decentralized. In order to make transactions and interact with RSK, users have to pay fees denominated in RBTC. Users can obtain RBTC by »pegging-in« BTC on the Bitcoin blockchain. Alternatively, they can purchase RBTC directly on a cryptocurrency exchange.

For some users, obtaining RBTC in order to pay fees on RSK might represent too much of an inconvenience – for example, they might not have any BTC on hand to convert to RBTC or don’t have an account on an exchange that lists RBTC. This is where RIF Enveloping comes in, leveraging meta-transactions and allowing developers to subsidize transaction fees or give users the option to pay fees with other tokens.

The first wallet to support the RIF Enveloping feature is Beexo, a multi-currency wallet focused on simplifying the cryptocurrency user experience. 

IOVlabs CEO Diego Gutiérrez Zaldívar said RIF Enveloping will help bring the user experience on decentralized apps closer to the slick UX users have come to expect from modern financial apps:

"Bitcoin and RSK are about enabling a new financial system open to everyone. Making our technology easy to use for non-technical users is key to drive positive change with real impact. RIF Enveloping is a key tool to provide a user experience on decentralized blockchain networks on par with that offered by neobanks while also creating a path to sustainability for wallets and token issuers."

To learn more about RIF Enveloping, you can check out the RSK developer portal for an in-depth explanation on how it works.