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IOV Labs explains the new Bitcoin-based payment channel outside the chain

May 15, 2020

The startup of the Bitcoin blockchain solution IOV Labs recently launched the RIF Lumino Light Client.

The new offer “enables any DApp or mobile application to take advantage of the Lumino RIF network”A representative from IOV Labs informed Cointelegraph in an email.

But what is the Lumino RIF network?

A secondary payment network in the Bitcoin blockchain

IOV Labs explains the new Bitcoin-based payment channel outside the chainIOV Labs explains the new Bitcoin-based payment channel outside the chain

IOV Labs manages Rootstock or RSK, a side chain in the Bitcoin blockchain Activates intelligent contract functions in the network. IOV Labs calls RSK a second tier solution in addition to the Bitcoin blockchain, which is Tier 1, the representative clarified.

IOV Labs’ May 13 announcement revealed the RIF Lumino Light Client, the enabled integrators to create blockchain-based solutions without full blockchain node operationsIOV Labs detailed in a statement to Cointelegraph.

“Alongside RSK, RIF Lumino Network is the first off-chain payment solution,” said the representative. “You can create an off-chain payment channel for any ERC20-compatible token that is provided through RSK.”

IOV Labs also manages a third-tier solution on the Bitcoin network called RIF.

The Lumino network improves scaling

IOV Labs’ RIF Lumino network points to several improvement goals compared to Bitcoin’s main chain. The new solution is designed to reduce fees while enabling thousands of transactions per second.or TPS, the representative noted.

The RIF Lumino network is also looking for “near real-time confirmation times,” while “Lumino will become interoperable with other networks, including Lightning, in the near future without losing security,” added the representative.

Scaling has been a hot topic in recent years, while Lightning Network, another second-level Bitcoin solution, aims to improve the slow Bitcoin network’s TPS numbers.

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