Blockchain Firm RIF Labs Acquires Bitcoin Smart Contract Protocol RSK Labs

Blockchain, News | November 19, 2018 By:

Smart contracts platform RSK Labs has been acquired by RIF Labs, a spin-off project established by RSK founders, to allow the RSK protocol to interoperate with other smart contract platforms.

RSK Labs is the company behind the RootStock project, the first open-source smart contract platform with a 2-way peg to bitcoin that also rewards bitcoin miners via merge-mining, allowing them to actively participate in the smart contract revolution. The company claims that the RSK blockchain scales to 100 transaction per second without sacrificing decentralization and reducing storage and bandwidth usage using probabilistic verification and fraud proofs, as well as blockchain sharding techniques.

RIF Labs, a development lab that was established by a handful of RSK’s own founders, 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. The company is developing the Root Infrastructure Framework Open Standard (RIF OS), a full-stack solution that will make deploying distributed, cross-network blockchain applications much easier, faster, and more scalable.

RIF Labs has agreed to acquire the entire share capital of RSK Labs. This acquisition will see RIF Labs take the lead on the development and community support of both the RSK Smart Contract Network and the RIF OS Protocols. The two teams will work together to transcend the bitcoin and ethereum blockchains, which RSK’s smart contracts currently support, to other blockchain platforms.

“This is a huge milestone, and will help us accelerate the adoption of open source blockchain technology worldwide,” RSK said. “Through this acquisition, we’ll be able to work together to bring new levels of interoperability, scalability and simplify access to this complex technologies in a moment where the industry and our societies long for this tools of transformation. We look hopeful to a future that will bring to life our shared vision of enabling prosperity and equality around the world.”

Diego Gutierrez Zaldivar, CEO of RIF Labs, said that RIF OS’s integration into RSK will help to build a technical bridge between the sidechain and other blockchains.

“There’s a gap between blockchain and decentralized technology and developers. And also there’s a problem in terms of scalability and transaction costs in general,” Zaldivar said. “Basically, this new project bridges these gaps.”