IOV Labs, a startup that constructs financial solutions based on Bitcoin’s blockchain, has introduced another layer of scaling.
“IOV Labs announced the launch of its Light Client for the Lumino Payments Network, a third-layer Bitcoin scaling solution,” said a statement provided to CryptoNewspeople, which added:
Lumino Payments Network enables off-chain payment capabilities for any current or future ERC20-compliant token deployed on the RSK and RIF blockchain networks.”
Bitcoin-based decentralized finance
Ethereum made a name for itself as a smart contract-enabled network primed for project building. Thanks to 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.
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, the statement explained. Constructing decentralized applications, or 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.”
The new development boast scalability
As Bitcoin itself only runs approximately seven transactions per second, or TPS, scalability has been part of the crypto adoption discussion for years. By comparison, Visa’s network can reportedly host 24,000 transactions per second.
Although not quite Visa status, the new Lumino Light solution is a step in the right direction with its two-way transaction avenues, able to process 100 TPS, with 20,000 TPS scaling potential, the statement said.
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”.
Just last month, an RSK and RIF-based stablecoin hit the market pegged to the value of the U.S. dollar, growing the ecosystem built on Bitcoin’s network.
CryptoNewspeople reached out to IOV Labs for additional details, but received no response as of press time. This article will be updated accordingly should a response come in.