The Good Tech Companies - Exploring the RIF Token: Bringing Utility to Bitcoin

Episode Date: December 4, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/exploring-the-rif-token-bringing-utility-to-bitcoin. Learn how the RIF token unlocks DeFi, governance, and improved UX on Bitcoin's leading sidechain, Rootstock. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #rootstock, #rif-token, #staking-rif, #erc677-standard, #building-on-bitcoin, #usdrif-stablecoin, #rootstockcollective-dao, #good-company, and more. This story was written by: @ashumerie. Learn more about this writer by checking @ashumerie's about page, and for more stories, please visit hackernoon.com. The RIF token powers the Rootstock ecosystem, Bitcoin’s first EVM-compatible sidechain, enabling decentralized governance, staking, and stablecoins like USDRIF. Built on the ERC677 standard, RIF enhances Bitcoin's usability while supporting developers through rewards and governance rights. It bridges the gap between Bitcoin's robust security and Ethereum's programmability.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Exploring the RIF token, bringing utility to Bitcoin, by Asher. The RIF tokenize one of the cornerstones of the rootstock ecosystem, the first and biggest EVM-compatible Bitcoin sidechain. Designed as a utility token, RIF empowers users, developers, and builders to unlock the full potential of the Bitcoin ecosystem including decentralized governance, stablecoins, and improved user experience. What is the RIF token? RIF is a utility token designed to unlock more opportunities on Bitcoin through Rootstock,

Bitcoin's leading sidechain. RIF is designed to address the value capture challenge faced by Bitcoin builders. While RIF itself is not a governance token, it enables governance functionalities in the Rootstock ecosystem. By staking RIF, users can mince RIF, the governance token of the Rootstock collective DAO used for voting, proposal creation, reward mechanism, and participation in DAO governance. The role of RIF token expands beyond governance enablement, as it is also used to be multiple protocols on rootstock to unlock use cases that increase user engagement and adoption. How RIF works. Technical foundations at its core, the RIF token is built on the ERC-677 token

standard, which enhances the widely used ERC-20 standard. This allows RIF to streamline token transfers, simplifying and reducing the steps for developers and users to interact with smart contracts. RIF is found in three different forms, RIF on Mainnet, TRIF on Testnet, and STRIF. Token Total Supply Token Address Contract Type How to get RIF 1 billion RIF 0 by 2AC ACC 95758 F8B5F 583470 BOD 265 EBEFD3BC969A1FERC677 Fossettstreff varies. Increases and decreases as RIF is staked and unstaked. 0x5 Decibels 91E24BD 32059584 BBDB 831A901F1199F3D 459ERC20 ERC677 ERC1967 Proxy Staking RIF InfoNote. Stryph is the staked version of RIF. It's a new token that it is one-to-one pegged to RIF and is used to gain voting rights, create and influence proposals,

and participate in the governance of the rootstock collective DAO. RIF token use cases. RIF's value isn't merely theoretical, the value is real and extends deep into practical uses shaping Bitcoin, such as, governance and staking the staked version of RIF, STRF, is the main governance token in the Rootstock Collective DAO, giving STRF holders voting power within this DAO. The Rootstock Collective DAO accelerates Bitcoin innovation by providing the mechanism for decentralized governance, ensuring builders are rewarded and championed for their work. Via Striff, users can actively take part in the Rootstock economy and value creation by deciding which grant applications

should receive funding and supporting projects they believe will have a positive contribution to the Rootstock and Bitcoin ecosystem. Moreover, with the launch of collective rewards, Striff holders who actively participate in the program, both builders and their backers, can earn rewards in the form of Bitcoin and RIF. Stablecoins The USDRIF stablecoin is a RIF-backed stablecoin pegged one-to-one to the USD. It offers a completely decentralized stablecoin solution to make cross-border payments faster and cheaper. For example, Andean Wide, a Chile-based payment platform, utilizes USDRIF to reduce the cost of international remittances. Improved UX The RIF token has a unique use case through enabling

the minting of an RNS name. RNS replaces long crypto addresses with human-readable names, making immediate transactions and better user experiences possible. The technology also supports digital identity solutions to help onboard new users more easily. Through these and other use cases, RIF addresses a significant challenge in the Bitcoin ecosystem, value capture. Bitcoin's design, while robust, doesn't include a native mechanism to incentivize builders. Rootstock addresses this by enabling BTC to function as gas within its sidechain, but again, the ecosystem needs something more to support developers and their

backers long-term. That's where RIF comes in to bridge the gap by incentivizing builders to create applications that enhance Bitcoin's utility. Providing rewards and governance rights to participants, ensuring sustainability. Tip learn more about Rootstock Collective and its reward program here. Now that you know what you can do with RIF, it's also important to understand how you can get it and where you can keep it. Getting and storing RIF. RIF is available across a range of centralized and decentralized exchanges, along with meta-aggregators and cross-chain liquidity protocols, including centralized exchanges, Binance, Gate, IOMEXC,

Calm, and others. Decentralized exchanges, SushiSwap, Changely, On, OffRamps, Lemon, Bit2Me, Mount Pellerin. Bridges, Symbiosis, Sovereign, Jumper. To store RIF securely, users can use rootstock-compatible wallets like Metamask, Ledger, or Trezor, ensuring peace of mind for long-term holders. Tip Explore the full list of ways to get RIF here. In short, RIF helps drive innovation on Rootstock as it aims to combine the benefits of Bitcoin's world-class security with Ethereum's programmability. The end goal is to encourage a greater number of projects to be built through this well-established sidechain, unlocking greater utility in the process.

Warning Disclaimer. Please note that this article is for informational purposes only and should not be interpreted as financial or investment advice. Always conduct your own research and seek professional guidance when making decisions related to blockchain technology or cryptocurrency. NN Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.