Open Source Rif Wallet Launched With The Aim To Bring The Next Billion To Bitcoin

January 10, 2024

London, United Kingdom, January 10th, 2024, Chainwire

RIF Wallet, a free open-source framework for building bitcoin first crypto wallets, has launched on Rootstock, the EVM-compatible Bitcoin sidechain. The self-custody solution is ideal for businesses and developers who want to quickly and easily offer users a Bitcoin-first crypto wallet.

Launched today, RIF Wallet is an open-source Bitcoin wallet that allows users to send, receive and store BTC alongside other tokens on Rootstock, Bitcoin’s largest and longest-running sidechain. Users can also use the wallet to interact with the various DeFi applications built on Rootstock.

Designed to make it easy for businesses and developers to effortlessly deploy a self-custodial Bitcoin DeFi wallet using the open source code, RIF Wallet features customisable branding, UX and a range of exciting and easy-to-implement features.

Built on Rootstock, the EVM-compatible sidechain secured by over 60% of Bitcoin’s hashing power, RIF Wallet is part of the Rootstock Infrastructure Framework (RIF) a toolkit of protocols, interfaces and SDKs designed to speed up the development of new products and services built on Bitcoin. RIF Wallet provides the open source framework to build an intuitive and secure mobile-first Bitcoin wallet that can be white labelled and adapted however the user see fit.

The innovative system is available to be incorporated as a white-label solution for businesses across different sectors, including fintech and neobanks. By leveraging the power of RIF Wallet, businesses within these fields can benefit from new areas of functionality, such as the ability to enable users to send and receive payments, including remittances. In doing so, solutions like RIF Wallet are helping businesses to realize the benefits of everyday decentralized finance (DeFi) and furthering access to Bitcoin-first crypto applications.

Developers can freely use the open-source RIF Wallet code to quickly build a Bitcoin wallet in-house while businesses lacking the technical know-how internally can access support from the core development team to create something truly tailored to their needs.

Given its open-source nature, RIF Wallet is entirely free for businesses to access and implement. Thanks to its huge potential and boundless possibilities, the solution will receive full support from Everyday DeFi innovators, IOV Labs.

Moving forward, and as of January 2024, businesses that are interested in including RIF Wallet infrastructure in their product suite can get access to hands-on support from IOV Labs product and technical and product experts to successfully launch their own wallet solution in weeks instead of months.

Speaking on the launch, Toby Box, Head of Financial Services at IOV Labs said: “For developers what we have tried to achieve with RIF Wallet is two things. Number one is addressing the trust issue by focusing on a self-custody wallet infrastructure. We believe that it is really important going forward to build on Bitcoin.

“Number two is about providing programmability to reduce the friction around user onboarding. This programmability allows for functionality like account abstraction, which allows users to pay gas fees with any token”

On top of this, RIF Wallet includes built-in username generation to connect users from the real world with their on-chain wallet addresses. Thanks to RNS, (RIF Name Service), a domain name service built on top of Rootstock, users can mint human-readable names to blockchain addresses, making it easier to manage and interact with multiple resources such as wallet addresses, digital IDs, and Non-Fungible Tokens (NFTs).

RNS streamlines onboarding and usage of RIF Wallet and minimizes errors with easy-to-remember aliases. It is a crucial component to increasing mainstream crypto adoption and making decentralized technologies accessible to all.

Businesses can learn more about RIF Wallet at https://rif.technology/rif-wallet while developers can view the full code on GitHub https://github.com/rsksmart/rif-wallet

About IOV Labs

IOV Labs develops the blockchain technologies needed for a new global financial ecosystem that fosters opportunity, transparency, and trust.

The organization currently contributes to the development of the Rootstock blockchain and Rootstock Infrastructure Framework (RIF).

The Rootstock network is one of the more secure smart contract platforms in the world, designed to leverage Bitcoin’s unparalleled hash power while extending its capabilities.

Rootstock Infrastructure Framework (RIF) is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment.

For more information, visit the IOV Labs website.