The RSK x Bihu AMA took place on April 22nd with the Chinese blockchain community. Below is the transcript of the event which focused on RIF’s Bitcoin DeFi platform RIF on Chain, deployed by Money on Chain, as well as RIF’s human readable blockchain domain service RNS.
Participants:
Gabriel Kurman, RSK & RIF Co-Founder
Manuel Ferrari, Money on Chain CO-Founder
Part 1: RIF on Chain (RoC)
Q0: Can you explain how RIF on Chain is connected with Money On Chain Project?
Manuel: I think it is important to highlight that there is a Money On Chain project that includes:
- A. Two Stablecoin protocols:
- Moneyonchain protocol
- Rifonchain protocol.
- B. The TEX: which is a Decentralized Token Exchange.
- C. Oracles: provides BTC and RIF prices to the Stablecoin Protocol and to the TEX.
- D. A governance token for everything (the MoC, which has a planned issuance date of April 26)
As I mentioned, within the Stablecoin protocols there are two implemented now. These two Stablecoin protocols work independently (1), but they do connect at some points (2):
- Independent operation (examples):
- A. The Money on Chain Stablecoin protocol allows it to generate (using rBTC) the DOC, BPro and the BTCX.
- B. The RIF On Chain Stablecoin protocol allows generating (using RIF) the RDOC, RIFP and RIFX tokens.
- Where do they connect?
- A. Both protocols were developed by the Money On Chain team.
- B. Both protocols will be governed by the holders of the MoC token. The holders of the MoC tokens will receive if they stake the token the majority of the fees charged by protocols.
- C. All tokens can be exchanged on the TEX
Q1: Why were the RIF on Chain tokens created when there is already the RIF token?
Manuel: The RIF on Chain Stablecoin protocol includes several tokens (RIFP, RDOC, and RIFX). All 3 tokens are backed by RIF and each token addresses other use cases than RIF token.
RDOC is a stable asset that follows the dollar price and is over collateralized by RIF. So it is worth 1 dollar of RIF regardless of the RIF price fluctuations.
There’s currently a very large demand for decentralized stablecoins in LATAM and other regions in the world, and RDOC could play a key role providing those users the possibility of protecting themselves from the inflation of their local currencies.
RIFP is the asset that RIF holders get when they provide the collateral for the issuance of RDOC and it gets revenue sharing from the operation of the RIFonChain stablecoin protocol and a slight leverage on the RIF volatility, so it’s a good option for long term RIF holders.
RIFX is a RIF leverage decentralized long position, with 2X leverage at the beginning of its lifespan. The current lifespan is 30 days.
Q2: What additional value does RIF on Chain bring to users?
Gabriel: RIF on Chain plays a key role at enabling the issuance of RIF Dollar on chain ($RDOC). This stablecoin is currently being used in multiple latinamerican countries and also around the globe for users trying to protect themselves from inflation of their local currencies.
At the same time, RIFP holders are able to earn passive income on their RIF tokens by providing collateral and liquidity to RDOC. On the other hand, RIF and the RIFonChain tokens also give RIF holders an easy way to join in the RIF Marketplace to procure services from service providers, using or staking with a token they are already familiar with.
For service providers, all services in the RIF Economy are structured around a sharing economy engine (RIF Marketplace). The Service providers need to stake RIF or RIF denominated assets as insurance if they don’t deliver their services. So for Service Providers having RDOC ensures they can preserve their working capital.
RDOC also benefits from RIF Enveloping. This is a new technology launched by the RIF community which enables users to pay RSK gas fees directly in the desired token, RDOC in this case. This significantly simplifies the user experience facilitating mass adoption of DEFI4Bitcoin.
Users can also use RDOC on the RIF Lumino network which enables off chain payment channels with thousands of transactions at almost zero cost. There are several wallets currently integrating RIF Enveloping and RIF Lumino which will be available to the users in the next months.
Q3: What are the advantages of RIF on Chain in the DeFi world?
Gabriel: RSK is one of the most secure smart contract platforms because it has been built on top of the Bitcoin network. RIF token has been issued on top of RSK and it could be considered a Bitcoin 3rd layer technology. It allows Bitcoin users to put their Bitcoins to work on a secure and decentralized technology.
RSK has reached a maximum of 71% of the btc hashing power ) merged mining the network, so anyone who is willing to put their BTC or RIF to work through Money on Chain (for BTC) or RIF on Chain (for RIF) can do it in a very safe environment.
Also RSK has transaction fees which are up to 100x lower than Ethereum. This is extremely important now that more and more users are being left out from DEFI by its unaffordable fees.
Regarding Money on Chain, the platform has proven to be very robust during the week of March 13, where very well known DeFi platforms had to stop their operations. During that time, Money on Chain worked perfectly well and didn’t have to stop at all.
The combination of RIF on Chain and the RIF services such as RIF Lumino payments, RIF Enveloping, RIF name service and RIF marketplace create a unique and comprehensive suite of solutions very hard to find in the ecosystem. If you add Bitcoin/RSK security it is even better!
Q4: How do these new tokens affect the RSK ecosystem?
Manuel: The RIF on Chain tokens affect the ecosystem in a very positive way, because it gives the community the chance to interact with 3 different tokens collateralized by RIF and with an infinite capacity of generating value not only on the trading aspect, but also on the real economy.
Q5: Where can I get more information about RIF On Chain and it’s tokens?
Manuel: There is a landing page with information about the protocol and each 3 tokens: https://rifonchain.com/. If you click on any token you will get more detailed information about each token.
There is also a long blog about the RIFP and why it could be of interest for RIF token Holders: https://moneyonchain.com/blog/rif-hodlers-why-rifp-should-be-of-your-interest/
Additionally, there is a Stats page https://moneyonchain.com/roc-stats/ where you can inform yourself about Total Value Locked (TVL) in the protocol, the current price of each token and past 6 months performance of RIFP vs RIF token. Finally, there is a Telegram Group in english for the Money On Chain project community that you are all welcome to join: https://t.me/MoneyOnChainCommunity
Part 2: RIF Name Service (RNS)
Q1: What is RIF Name Service?
Gabriel: We have always been committed to making the financial world easily accessible to all, with a special focus on underserved communities. In line with that vision and as part of the RIF Marketplace, we created RIF Name Service, which lets users create domain names that are human readable!
Ease of use is key for reaching the unbanked and non-technical users. It’s difficult to expect a broad adoption if users must copy and paste long, complex addresses to transfer or receive digital assets. By adding a name resolution service, complexity of the system is much reduced.
Q2: What other features does RNS have?
Gabriel: We have always believed that blockchain projects should not be silos. Interoperability and working together, not against each other, is key. RNS provides the first cross platform naming service available for all major blockchains such as Bitcoin, Litecoin amongst others.
In addition, since RNS is built on top of RSK, it automatically inherits the security and decentralization of Bitcoin.
RNS is also very cost effective. Acquiring a domain name costs less than a dollar! It makes being part of the blockchain ecosystem that much easier.
Q3: How to use RNS?
Gabriel: You can go to the RNS Manager and purchase your RNS domain (you need to get RIF and RBTC to do so). After that, you would get your domain that would be of this type: yourdomain.rsk
Then you can share it to your friends whenever you want them to send you money in an easy way. No need for the complex blockchain account 0x1fc23… , they would just need to write (in their RNS compatible wallet such as Defiant) yourdomain.rsk and you will receive the money in your account.
Q4: RNS claims to be able to manage name services on any blockchain’s mainnet. Can you tell us how this is achieved?
Gabriel: Your RNS domain is able to resolve many addresses. Not just RSK addresses but also Ethereum, Binance Coin, Bitcoin, Dogecoin, etc.
Whenever you get your RNS domain, you can add different address resolutions for the most well-known blockchains. Any dapp or wallet that resolves RNS for the RSK network could also add, in a simple manner, resolution for all those blockchains.
But that doesn’t stop there. Another interesting feature is that you can also set a “contenthash” record. That means that you can set an IPFS or Swarm hash pointing to files uploaded to those services. So, this way, you can have an easy way to publish your decentralized website. You upload it to, let’s say, IPFS, and you can assign the IPFS hash to your RNS domain.
In the end, you could write yourdomain.rsk in any compatible browser and it would redirect to your decentralized website (uploaded to IPFS). Note: nowadays, this is only achievable by installing specific browser extensions, but could be simplified in the future.
Q5: Can you tell us about the RNS activities that were announced today?
Gabriel: Yes, of course! We are launching a series of RNS registration events soon to help our community learn more about and use RNS. Please follow our RSK Bihu account or Weibo account to get the latest updates.
Part 3: Community Questions
Q6: Can you tell us more about RSK merge mining? How do miners profit?
Gabriel: RSK is built on top of Bitcoin. Merge mining means that miners who mine Bitcoin can also mine on RSK. BTC miners will get even more profit. RSK will also return 80% of mining profits to miners. Currently, over 70% BTC miners have started merge mining on RSK. With the support of these miners, the hash rate can ensure the stability and security of RSK and help us provide the best profit shring with the community.
Q7: What is the difference between RNS and ENS?
Gabriel: From a technical perspective, RNS and ENS are relatively similar. However, RNS supports multi-chain development. Many people are unable to use ENS due to excessively high gas fees. By contrast, RNS prices are very low and affordable. In addition, many systems in the RNS and RSK ecosystems can interact easily. These are the big differences between RNS and ENS.
Q8: What is the difference between RIF and RIFP?
Manuel: RIFP provides passive income and profits from hodling long-term. 40% of profits will go back to RIFP holders who use the RIF on Chain protocol. This is also closely tied to the rise and fall of RIF prices. We can see that in the past six months, RIFP holders have gotten quite a lot of profit.