RSK Infrastructure Framework has provided a new ‘enveloping’ solution which aims to give a user payment experience not dissimilar to that found in traditional payment systems. Beexo is the first wallet to integrate this solution.
IOVlabs and the RIF community have announced a new service to simplify the onboarding of novice DeFi users at the Bitcoin Smart Contract Network RSK.
The new RIF enveloping solution supports meta-transactions that enable third parties to subsidise transaction fees, which obviates the need to use native currencies for this purpose, thereby leading to a far more “intuitive” process.
The RSK community, in collaboration with IOVlabs and Beexo technologies have designed the enveloping solution in order to simplify the first transactions of new users and provide a familiarisation of Decentralised Finance tools and services.
Blockchains require users to transact by paying a fee in the native currency, such as ETH on Ethereum and RBTC on RSK. This entails the new user having to buy the native tokens and then sending them to their wallets before they can even start to interact.
RIF enveloping means Smart Wallets such as Beexo can pay the fee on behalf of the user or optionally, charge for the service in tokens.
Diego Gutiérrez Zaldívar, CEO of IOVlabs & RSK co-founder, said:
“Bitcoin and RSK are about enabling a new financial system open to everyone. Making our technology easy to use for non-technical users is key to drive positive change with real impact. RIF Enveloping is a key tool to provide a user experience on decentralized blockchain networks on par with that offered by neobanks while also creating a path to sustainability for wallets and token issuers.”
Ezequiel I. Cuesta, CEO and founder of Beexo, added his own comment when he remarked:
“We are happy to always be in the forefront of the industry, and to integrate new technologies. We constantly seek to improve and to continue to provide our users with privacy-oriented, secure communications and transactions, and integrating RIF Enveloping is a step in the right direction.”
Compared to the competition, RIF enveloping has managed to reduce the cost of sponsored payments by half, which has taken away yet another impediment to adoption. More wallet providers are expected to follow suit, helping to open the flood-gates to new-user participation in Decentralised Finance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.