RIF is an ERC-20 compatible utility token that is designed to be used primarily within the RSK Network. The blockchain-based project itself is called RIF OS which stands for Root Infrastructure Framework Open Standard. It represents a set of open and decentralized infrastructure protocols aiming to help developers create scalable applications within a single environment in a faster and easier way. Eventually, RIF aims to create a fully decentralized internet and significantly contribute to the blockchain mass adoption.
The founding company standing behind RIF is named Rootstock (shortly RSK). This company has been around for a while already as it has been working on developing smart contracts that can be executed on top of Bitcoin since 2015. The company itself is headquartered in Buenos Aires, Argentina.
Similar to Ethereum, Rootstock develops a Turing-complete smart contract platform that is linked to the Bitcoin blockchain via sidechain technology. However, the smart contracts are only the tip of the iceberg as the team builds a whole infrastructure framework and allows developers to build AWS-like services powered by a single token RIF (an abbreviation for Rootstock Infrastructure Framework).
Just like Amazon, RIF OS provides a pre-set infrastructure taking the headaches of configuring, deploying and maintaining the environment for dApps’ development. This helps developers focus on the product rather than on all the issues associated with its maintenance. RIF offers such services as oracles, data storage, payments, and name resolution. To resolve Bitcoin’s scalability issue and help users conduct really fast transactions, RIF utilizes its own version of the Lightning Networks called the Lumino Payments Protocol.
With the help of RIF OS, developers can build decentralized apps out of the pre-defined blocks which reduces time, efforts and costs needed for creating them from scratch. The RIF smart contract engine is also fully compatible with Ethereum, i.e. developers can smoothly migrate their ETH-based dapps to RIF OS. At the same time, the RSK Smart Protocol utilizes the security features of Bitcoin which makes it much more protected from the outsiders’ attacks.
On January 4th, 2018, RSK Labs has finally mined its genesis block having launched a workable platform.
The RIF token
The RIF token fueling the platform is used to pay for all the services on RIF OS. This significantly facilitates the process as in the past, in order to build a dApp out of different blocks, developers had to hold a bunch of different tokens to pay for each service separately. Now since all of them are available on a single platform, they can be paid for with a unified token. In addition to RIF, another token RBTC is implemented to be used as gas to process smart contracts.
Also, the RIF token is used for bounties, grants, and prizes for the development of specific applications promoted by RIF Labs along with business incubators and other accelerators. The initial circulating supply of RIF was created at the “Token Generation Event” on November 9, 2018.
As the total supply equals to 1 billion rifs, the tokens are allocated in the following way. 35-30% rifs are distributed via the private token sale. 40% rifs are kept by the RIF Labs with 1/60th of this amount being unlocked every month for 5 years after the token sale ends to promote and increase the adoption of RIF OS. The remaining 20% are distributed among shareholders, founders, and managers with 1/48th being unlocked every month for 4 years. RIF OS hasn’t conducted any public sale and only relies on the funds from private investors.
Since the RIF token is based upon the Ethereum platform, it can be stored on all ETH-compatible wallets such as MyEtherWallet and Metamask. For increased security, one may consider hardware wallets such as Trezor and Ledger Nano S to store RIF. It is available for trading on a few exchanges including Coinbene, Bitfinex, and Hotbit.
The RIF team and partners
According to the project’s white paper, RIF Lab’s founding team consists of 5 key members.
Apart from RIF Labs, Sergio Demian Lerner, co-founder and Chief Scientist Officer, stands behind 6 more technology companies: Coinspect, Coinfabrik, WayniLoans, ASICBoost, Identiva Security and Pentatek. He joined the Bitcoin community in 2011 and has been working in the blockchain industry ever since.
His colleague and CEO of the project, Diego Gutierrez Zaldivar, is a pioneer of web development in Argentina and Latin America as he joined this industry in 1995. He also participates in such projects as Koinbanx, Latam Bitcoin NGOs and the first Bitcoin Centre in Latam.
The rest of the chief board includes Ruben Altman, Adrian Eidelman, and Gabriel Kurman.
RIF Labs has managed to take some notable partners onboard such as OAK Node, a cross-platform solution for hosting nodes, and BitGive, the first Bitcoin nonprofit recognized by the U.S. government.