RIF Labs operates as a purpose driven organization focused on promoting and developing the next generation of open blockchain-based infrastructure that will enable worldwide financial inclusion and bridge the gap between this nascent technology and mass adoption..
RIF Labs has signed an agreement to acquire RSK Labs, the company behind the creation of the open source RSK Smart Contract Network. With this acquisition, RIF Labs will take the lead on the development of both RSK Smart technology and RIF OS decentralized protocols, while fostering community grows and collaboration.
RSK Labs, the company behind the open source RSK Smart Contract Network, did not held an ICO and was funded by private investment rounds. On top of that, the open source RSK Smart Contract Network created by RSK Labs will continue to run on its native currency smartBitcoin (RBTC) which can and will always be convertible 1 to 1 with bitcoin.
On the other hand RIF Labs, the purpose driven organization that has acquired RSK Labs and shares the same principles and ideas, conducted a private token sale to partly help finance the development of implementations of the RIF OS Protocols that together with the RSK Smart Contract Network will bring the Internet of Value one step closer to realization.
The proceeds will be used to support further development of the RSK Smart Contract Network and development of the RIF Open Standard (RIF OS) Protocols, and to foster global adoption of the whole ecosystem.
We choose to conduct the RIF token sale in a way we felt would minimize distraction, speculation and would also protect the long term sustainability of our organization and therefore of the vision. Providing opportunities for the community to participate is still one of our major goals so in the future we will find ways to enable long time contributors of the open blockchain and decentralized network to participate.
Root Infrastructure Framework Open Standard (RIF OS) is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment.
RIF OS is an all in one, easy to use, blockchain infrastructure service framework. It provides developers and organizations with access to a variety of services across multiple crypto-economies. From payments to storage, multiple services, one token.
RIF OS Protocols enable broad interoperability and faster time-to-deployment, and aims to bridge the gap between blockchain technologies and their mass-market adoption. RIF OS Protocols complete the RSK Smart Contract Network vision of bringing the Internet of Value to life.
RIF services are implementations of the RIF OS Protocols that anybody following the protocols can build. RIF Labs in particular choose to build its implementation of RIF OS Protocols on top of the RSK Smart Contract Network because of its unique position as the first open-source smart contract platform secured by the Bitcoin Network. All RIF OS Protocols implementations share in common a set of interfaces and the acceptance of RIF token as payment means.
RIF Labs acquired RSK Labs the company behind the construction of the open source RSK Smart Contract Network. Also given RSK Smart unique position as the first open source Smart Contract platform secured by the Bitcoin Network it also choose to implement its RIF OS Protocols on top of it. For clear strategic reasons RIF Labs will take the lead on technology development and community growth for the the ecosystem as a whole.
Both the RIF OS Protocols and RSK Smart Contract Network share the same principles and mission, and now they will be supported by the combined teams of RIF Labs and RSK Labs. Together, we will continue our focus of improving the lives of millions excluded around the world by building this next generation blockchain-based infrastructure that will bring to life the Internet of Value.
We chose to continue building on top of RSK Smart because of its unique position as the first open-source smart contract platform secured by the Bitcoin network. The goal of the RSK Smart Contract Network and RIF OS Protocols is to add value and extend the functionality of the Bitcoin ecosystem by integrating smart-contracts, near-instant payments, and greater stability. This will also allow projects to access a variety of decentralized infrastructure services, from payments to storage, and speed up time-to-market.
RSK is the first open-source smart contract platform secured by the Bitcoin Network that is:
RIF Labs implemented RIF OS Protocols on top of the solid ground that RSK Smart Contract Network has built.
Our vision over the next couple of years is that the RIF OS Protocols serve as the industry standard framework for the development of decentralized applications. Utilizing the RIF Token as the commonly accepted token among the multiple service providers that decentralized applications (dApps) will be able to rely on, our technology aims to make dApps development easier, faster, and scalable while offering developers a one-stop-shop for deploying their solution. Simplifying access for developers, innovators organizations to these complex technologies is key to enable mass adoption and bring the Internet of Value closer to realization.
The RIF Token Smart Contract was deployed on the RSK Network on November 9, 2018, at around 8:12 pm UTC. A total of 1 billion RIF Tokens were created and allocated as described in the Token Sale section of the RIF Labs Whitepaper
As stated in the White Paper, funds collected in the private sale were approximately 22000 BTC (a little less because 4.5% was received in ETH and lost a lot of value versus BTC). 100% of the money raised goes to development of the technology and fostering adoption and not a cent was distributed among RIF Labs team members which receive standard market salaries.
From the beginning to the end of the presale all prices were equally set at 14000 RIF per BTC
RIF Tokens that were made available for purchase during the private sale were exclusively sold by RIF Labs directly to private contributors. Contributors who participated in the private sale were approved by RIF Labs and were required to go through an comprehensive KYC process, which included submitting information to a third party specialized in conducting KYC/AML processes, retained by RIF Labs. There were several references in the WP and ECA regarding the Contributors’ objectives and goals when acquiring the Token and the usability thereof.
All RIF Tokens purchased during the private sale were made available to contributors by RIF Labs on the TGE Date. These RIF Tokens will remain available for private sale contributors to redeem from the smart contract deployed by RIF Labs for a period of 1 year from the TGE Date (Redemption Period). In order to receive their RIF Tokens, private sale contributors need to interact with the relevant smart contract by following the redemption instructions that were sent to them by RIF Labs. This is the only way for private sale contributors to receive their tokens during the Redemption Period. On expiry of the Redemption Period, any RIF Tokens which have not been redeemed by a contributor will be automatically returned to RIF Labs by the smart contract.
RIF Tokens purchased during the private sale are not subject to any lock-up arrangements. RIF Labs has however offered private sale contributors bonus token incentives if they continue to store and hold their initial RIF token allocation in their original wallet for 3, 6 and 9 months respectively.
The RIF Token Smart Contract was deployed on the RSK Network on November 9, 2018, at around 8:12 pm UTC. The contract address and details can be explored via the RSK Blockchain Explorer here: 0x2acc95758f8b5f583470ba265eb685a8f45fc9d5
The contract code can be found in the RIF Labs github repo: https://github.com/riflabs/RIF-Token
And the deployed contract in the RSK Explorer: https://explorer.rsk.co/address/0x2acc95758f8b5f583470ba265eb685a8f45fc9d5
RIF token can be integrated by any wallet supporting RRC20 Tokens (ERC20 standard deployed on the RSK Live Mainnet) and that has is connected to the RSK Live Mainnet.
Currently RIF Token has been integrated into MyCrypto, iBitcome and Metamask. RIF tokens can also be stored in the following hardware wallets: Trezor, Ledger and D’cent. For up to date information about wallet integrations and how to documentation please visit: https://rifos.org/rif-token
For a list of exchanges listing RIF please visit: https://rifos.org/rif-token
Given the open nature of the RSK Network any exchange or wallet can freely integrate RIF Token or any other token living on the RSK Live Mainnet without requesting permission. Therefore we don’t have an extensive list of Exchanges supporting RIF Token but we list those that have reached out for technical assistance on the integration with the RSK Live Network and the RIF Token.
1 billion RIF Tokens have been issued by the RIF Token Smart Contract at the moment of its deployment but initially only 320 million have been made available to be redeemed by the early contributors of the project. The reminder tokens have been locked into the RIF Token Smart Contract and are being unlocked at fixed intervals over a period of 5 years.
RIF Token is actually an RRC677 Token. We called it RRC677 in order to avoid confusion with the ERC677 standard. All the ERC programming interface standards deployed on the RSK Live Mainnet are renamed to RRC for the sake of clarity. In turn RRC677 is an improved version of the RRC20 standard which is fully compatible with the widely used ERC20 standard so all ERC20 tokens on the Ethereum Network can be ported to the RSK Network seamlessly.
Your RIF Tokens will be safe but as they exist on the RSK Live Mainnet you will only see them if you choose RSK Mainnet as your wallet Network.
No, you can’t. RIF Tokens only exists on the RSK Live Mainnet. Ethereum and RSK addresses look the same when they don’t have the checksum activated. When checksum is activated RSK and Ethereum will turn different letters to uppercase. To check to which Network does your address belong to https://address-validator.rsk.co
Both Networks are the same so you can choose either one.
Yes, any transaction in the RSK Live Mainnet requires the payment of Network fees in RBTC. In the future RSK protocol will support enveloping and Network fees will also be payable in RIF Token or other tokens which in turn will be converted under the hood in RBTC creating a more seamless experience for the end user.
RIF token is only deployed on the RSK Live Mainnet. You can see it in the RSK Explorer.
If you find the RIF Token on a different blockchain, report it to us on the contact us section.
Yes, you can use RSK addresses to receive RIF tokens.
For instructions on how to use MyCrypto visit https://github.com/rsksmart/rskj/wiki/RSK-with-MyCrypto