RIF Aggregation - the first product for the Rootstock (RSK) Ecosystem ‘Everyday DeFi’ initiative onboarding the first billion users

IOV Labs COO, Daniel Fogg, will present at the Consensus Conference in Austin Texas to detail the company's plan to accelerate the day-to-day use of decentralized financial applications through its ‘Everyday DeFi’ initiative. The presentation will be headlined by the launch of RIF Aggregation, a layer 2 scaling solution based on zkSync, that will help onboard the first billion users to everyday DeFi.

The IOV Labs' “Everyday DeFi” initiative aims to remove the barriers currently in place for the average user wishing to participate in Decentralized Finance, and those who are currently underserved by traditional finance.

“Current DeFi solutions are too complex for regular users. That’s why it has only been used by an elite of advanced users. At IOVlabs, we created and continue to contribute to decentralized technologies like the Rootstock Blockchain and the RIF platform that enable Decentralized Finance to be easy to use and affordable. We are building a DeFi ecosystem for everybody, we are enabling Everyday DeFi.” says Diego Zaldivar, IOVlabs CEO, RSK Co-founder.

The company has already contributed to the development of the Rootstock Blockchain, the first platform to enable smart contracts secured by the Bitcoin network, and RIF services, a suite of decentralized tools that enable Decentralized Sharing Economies.

However, these technologies in their current state do not yet satisfy the IOV definition of Everyday DeFi. Going forward the company will venture to build and integrate new technologies that allow fintech and Web 3.0 innovators to develop the first generation of Everyday DeFi applications on the RSK network.

RIF Aggregation, the first of such technologies, will use highly scalable rails in order to process transactions between users, aggregate a high number of transactions for various RSK assets, allow for low-fee near-instant transactions, and allow users to pay transaction fees using the token being transferred.