RIF Lab announced the launch of “third-layer solution” aimed at scaling Bitcoin’s Blockchain. After more than a year of hard work the project was officially set on May 14.
RIF Labs announced their new project called Lumino went live. The project is designed to decrease the problem with scaling Bitcoin networks and considered to be “the first step towards a scalable network infrastructure.” The CEO of Diego Guitierz Zaldivar said:
“The launch of the RIF Lumino Network is a major milestone in our path to enable a global and inclusive financial system. Blockchain scaling solution are a priority for both RSK and RIF because they are key to serving billions of individuals around the world that are excluded from the traditional financial system.”
Lumino Main Features
The Gibraltar-based company explained that Lumino technology is similar to the Lightning technology of Bitcoin. The significant advantage of RIF Lab’s project is the ability to scale transaction volume, as per the company, Lumino is able to process 5000 transactions per second (tps). However, to see the difference, Visa network can manage as much as 65000 tps – so there’s still some place for improvements here.
Lumino is going to run with all the tokens used on RSK Network (by the way, there are more than a dozen of them until now). Lumino allows users to transact off-chain in state channels. Gabriel Kurma, a Strategist at RIF Labs said:
“We are very excited because the RIF Lumino Network will enable solutions built on RSK to benefit from off-chain state channels. Fast, secure and low-cost transaction will be key to the development of use cases for cryptocurrency technologies.”
Lumino as a Step Forward after RSK
Let us remind that RSK Network, launched in 2018 by RIF, is a sidechain. It means that it works parallel to the main blockchain, which, if dig a bit deeper, gives a great advantage, as this way it can use rather complex things as smart contacts without increasing the load of the system.
RSK Network could process 100 transaction that is not enough for effective work. RIF explained it in the following way:
“While the RSK Network added smart contract capabilities and on-chain scaling improvements on top of the bitcoin network, it is not enough to achieve transaction processing levels on par with those offered by major payment processors around the world.”
On the other hand, they declared that Lumino is going to solve this problem at a low price, because of its “near-instant processing capabilities and network transaction costs at a fraction of a cent”.
To conclude, the main buzz that is continually made around Bitcoins is connected with scalability. Blockchain grows all the time and needs more and more terabytes. The RIF team is doing a lot of research about scaling, and, by creating Lumino, they believe thay’ve made the first great step towards scalable network infrastructure.
next