• Latest
RIF Launches ‘Layer 3’ Network to Scale Bitcoin-Based Smart Contracts, Tokens

RIF Launches ‘Layer 3’ Network to Scale Bitcoin-Based Smart Contracts, Tokens

May 14, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

RIF Launches ‘Layer 3’ Network to Scale Bitcoin-Based Smart Contracts, Tokens

coinnewsdaily by coinnewsdaily
May 14, 2019
in Tech
0
RIF Launches ‘Layer 3’ Network to Scale Bitcoin-Based Smart Contracts, Tokens
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

RIF Labs, which developed the RSK Network for ethereum-like tokens and smart contracts on top of bitcoin’s blockchain, has launched a “third-layer solution” to help scale this technology.

After more than a year in the works, the Lumino project is now officially live, RIF said Tuesday. The Gibraltar-based firm, parent of the startup RSK Labs, claims Lumino can handle up to 5,000 transactions per second (tps).

While that may pale in comparison to the 65,000 tps the Visa network is capable of processing (according to the payments giant’s latest annual report), it’s still an improvement over bitcoin’s transaction throughput, which rarely cracks two digits.

Conceptually, Lumino is similar to bitcoin’s lightning network, in that it allows parties to transact off-chain, in so-called state channels, until one party decides to record their balance on the blockchain for final settlement.

However, in addition to bitcoin, Lumino can also scale transaction volume for the tokens running on the RSK Network, RIF said. There are about a dozen such tokens currently, according to the RSK block explorer.

That network, launched in early 2018, is itself a so-called sidechain, or ledger that runs in parallel to the main bitcoin blockchain. An asset can be locked up on the main chain and then traded on the sidechain, and vice versa. This allows for complex things like smart-contract creation and token issuance to occur on the sidechain without burdening the bitcoin network.

Off-chain scaling

RSK Labs said in May 2018 that the sidechain, also known as Rootstock, could process 100 transactions per second, but even then recognized that this was not sufficient for mass adoption. Hence its work, already underway at the time, on Lumino.

“While the RSK Network added smart contract capabilities and on-chain scaling improvements on top of the bitcoin network, it is not enough to achieve transaction processing levels on par with those offered by major payment processors around the world,” RIF said in a press release Tuesday.

Trying to scale purely on-chain will create problems down the line, the company added, “as every record saved on the blockchain needs to be saved forever. It is going to become increasingly difficult to maintain and validate multi-terabyte blockchains in the coming years.” (As of this writing, the bitcoin blockchain is over 216,000 megabytes big, or 0.216 terabytes, according to Blockchain.com data.)

By contrast, Lumino offers “near-instant processing capabilities and network transaction costs at a fraction of a cent,” RIF claimed.

Still, Sergio Lerner, head of research and innovation at RIF Labs, was careful to describe the new network as only “the first step towards a scalable network infrastructure.”

Lumino also integrates with the previously launched RIF Name Service, allowing participants to create aliases when opening state channels and sending payments, instead of the usual cat-walked-on-the-keyboard alphanumeric strings that can bewilder non-technical users.

Sergio Lerner image via CoinDesk archives

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

Floyd Mayweather, DJ Khaled Escape Lawsuit Brought By ICO Investors

Next Post

BitGo Offers Institutional Clients New Off-Chain Settlement System

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Crypto Custodian BitGo Exaggerated Insurance Coverage, Underwriter Claims

BitGo Offers Institutional Clients New Off-Chain Settlement System

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$27,792.00-1.99%
  • ethereumEthereum(ETH)$1,759.10-2.27%
  • tetherTether(USDT)$1.01-0.26%
  • binancecoinBNB(BNB)$325.43-4.18%
  • rippleXRP(XRP)$0.434156-5.01%
  • cardanoCardano(ADA)$0.3674112.05%
  • dogecoinDogecoin(DOGE)$0.074765-0.60%
  • matic-networkPolygon(MATIC)$1.12-1.65%
  • solanaSolana(SOL)$22.12-1.31%
  • polkadotPolkadot(DOT)$6.20-0.36%
  • shiba-inuShiba Inu(SHIB)$0.000011-1.17%
  • tronTRON(TRX)$0.066177-1.53%
  • litecoinLitecoin(LTC)$81.190.01%
  • daiDai(DAI)$1.00-0.28%
  • chainlinkChainlink(LINK)$7.361.45%
  • cosmosCosmos Hub(ATOM)$11.39-4.13%
  • leo-tokenLEO Token(LEO)$3.37-3.06%
  • ethereum-classicEthereum Classic(ETC)$20.38-0.06%
  • moneroMonero(XMR)$150.81-2.19%
  • okbOKB(OKB)$44.74-1.92%
  • bitcoin-cashBitcoin Cash(BCH)$129.06-2.93%
  • stellarStellar(XLM)$0.091638-2.80%
  • filecoinFilecoin(FIL)$5.75-2.07%
  • crypto-com-chainCronos(CRO)$0.069285-2.74%
  • vechainVeChain(VET)$0.023001-3.11%
  • algorandAlgorand(ALGO)$0.2217582.65%
  • internet-computerInternet Computer(ICP)$5.13-0.75%
  • eosEOS(EOS)$1.12-3.89%
  • aaveAave(AAVE)$76.29-1.53%
  • elrond-erd-2MultiversX(EGLD)$42.70-3.65%
  • tezosTezos(XTZ)$1.14-1.86%
  • theta-tokenTheta Network(THETA)$1.02-2.10%
  • havvenSynthetix Network(SNX)$2.81-2.09%
  • neoNEO(NEO)$11.97-3.02%
  • paxos-standardPax Dollar(USDP)$1.00-0.78%
  • bitcoin-cash-svBitcoin SV(BSV)$37.06-0.37%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.77-2.59%
  • dashDash(DASH)$57.02-1.14%
  • huobi-tokenHuobi(HT)$3.94-3.57%
  • makerMaker(MKR)$676.31-0.68%
  • iotaIOTA(MIOTA)$0.211985-3.36%
  • zilliqaZilliqa(ZIL)$0.027723-2.83%
  • zcashZcash(ZEC)$35.14-1.35%
  • basic-attention-tokenBasic Attention(BAT)$0.245333-1.17%
  • nemNEM(XEM)$0.0398420.70%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.14-1.39%
  • kusamaKusama(KSM)$33.69-3.39%
  • compound-governance-tokenCompound(COMP)$43.63-1.64%
  • bitcoin-goldBitcoin Gold(BTG)$16.971.64%
  • yearn-financeyearn.finance(YFI)$8,633.74-1.63%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.76-4.67%
  • golemGolem(GLM)$0.243843-1.52%
  • wavesWaves(WAVES)$2.23-0.43%
  • sushiSushi(SUSHI)$1.14-0.35%
  • ontologyOntology(ONT)$0.228887-1.02%
  • digibyteDigiByte(DGB)$0.009688-1.75%
  • umaUMA(UMA)$2.08-0.66%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%