RATE Group | IOV Labs Explains New Off-Chain Bitcoin-Based Payment Channel
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IOV Labs Explains New Off-Chain Bitcoin-Based Payment Channel

14 May IOV Labs Explains New Off-Chain Bitcoin-Based Payment Channel

Posted at 21:52h in Bitcoin News by

Bitcoin blockchain solution startup, IOV Labs, recently introduced the RIF Lumino Light Client.

The new offering “will allow to any DApp or mobile application to take the great advantages of the RIF Lumino Network,” an IOV Labs representative told Cointelegraph in an email. 

But what is the RIF Lumino Network?

A second layer payment network on Bitcoin’s blockchain  

IOV Labs manages Rootstock, or RSK, a sidechain on Bitcoin’s blockchain, which allows smart contract capabilities on the network. IOV Labs calls RSK a second layer solution on top of Bitcoin’s blockchain, which is layer one, the representative clarified.

IOV Labs’ May 13 announcement saw the RIF Lumino Light Client unveiled, letting integrators build blockchain-based solutions without complete blockchain node operation, IOV Labs detailed in a statement provided to Cointelegraph.  

“RIF Lumino Network is the first off-chain payments solution on top of RSK,” the representative said. “You can create an off-chain payment…

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