IOV Labs announced the launch of its Light Client for the Lumino Payments Network, a third-layer Bitcoin scaling solution to bring Bitcoin-based mobile DeFi.
Lumino Payments Network enables off-chain payment capabilities for any current or future ERC20-compliant token deployed on the RSK and RIF blockchain networks.
Today RIF shared some big news: Lumino Light Client is live! This new scaling solution allows cheap, fast RIF Dollar stablecoin micropayments for online portable devices. A big step for #DeFi, opening up even bigger possibilities for the underbankedhttps://t.co/HOW7mif9gZ — rif (@rif_os) May 14, 2020
Usually, Ethereum is known as the smart contract-enabled network primed for project building. A sidechain solution called Rootstock (RSK), however, projects can work with smart contracts on Bitcoin’s network. RSK also touts a second layer element called RIF.
IOV Labs oversees RSK and RIV.
The financial system has left millions underserved and the internet has often failed to protect users' privacy. With @RSKsmart built on the Bitcoin blockchain, RIF strives to create the building blocks for a fully decentralized internet. Welcome to RIF!https://t.co/yPY7fTaqhz — rif (@rif_os) May 13, 2020
The statement explains that as of the recent launch, programmers using the Lumino Light Client do not need to operate a complete blockchain node when building blockchain-based solutions.
Constructing DApps, based on the light client only requires mobile hardware and online web access.
The statement detailed:
The Light Client enables mobile payments integration with all ERC20-compliant tokens and stablecoins available in the RIF, RSK, and Money on Chain DeFi ecosystems.”
Bitcoin itself only runs approximately seven transactions per second, or TPS while Visa’s network can reportedly host 24,000 transactions per second.
The new Lumino Light solution with its two-way transaction avenues is able to process 100 TPS, with 20,000 TPS scaling potential.
RIF Payments head Ale Narancio said in the statement:
We are already working with several wallets to integrate the Lumino Light client. Our goal is to make Lumino compatible with the Lightning Network and other off chain networks to enhance interoperability and user experience”.