LABS to use RioChain’s Generic Asset Bridge to access Ethereum-based scalability layers.
In December last year, RioDeFi and LABS announced a joint initiative dedicated to the tokenization of Real Estate. One of the most talked about IDO of the year, LABS is set to bring the world’s single largest asset class onto the blockchain.
Traditional Capital Markets meet DeFi
The tokenization of property assets is a cornerstone to bridge traditional capital markets with decentralized finance or DeFi. Over the past six months RioDeFi and LABS teams have spared no effort to procure the business, technical and legal infrastructures to enable this type of integrations.
Key to providing LABS users with the best experience and investment opportunities is the ability to provide them access to Ethereum vibrant ecosystem of DeFi services. Interacting with the Ethereum network presents a number of issues due mostly to its low transaction throughput and increasingly high gas fees. In the case of LABS especially which value proposition is to democratize access to Real Estate investment, Ethereum costliness poses a hindrance to making their service mainstream.
For this reason, one key focus of RioDeFi and LABS collaboration has aimed at addressing Ethereum’s costliness and lack of connectivity. The solution to this issue is RioChain Generic Asset Bridge.
What is RioChain Generic Asset Bridge?
One key component of RioChain technology stack is its Generic Asset Bridge (GAB), a digital infrastructure that enables communication between various Blockchain networks. RioChain’s GAB which already supports cross chain transactions with the Ethereum network will now support asset transfers with Ethereum-based scalability layers, thus establishing a bridge between the Ethereum and Polkadot ecosystems.
According to James Anderson CEO at RioDeFi: “Ethereum is by far the most popular dapp platform out there but it is also a victim of its success. Recurrent network congestions and high transaction fees are a hindrance to scaling up adoption. I am confident its upcoming upgrades will help Ethereum address some of these shortcomings but I also believe in the long-term value of scalability layers built on top of it. Connecting the Polkadot ecosystem and Ethereum based networks is paramount to the success of interoperable blockchain”
In the words of LABS CEO Yuen Wong: “Building LABS on RioChain allows us to be flexible with the architecture of our platform. Their interoperable technology enables us to integrate our system with multiple blockchain infrastructures and to leverage their respective strengths for the benefits of our users. It also puts us in an ideal position to benefit from a network effect and introduce our project to fast growing communities.”
LABS is a digital investment platform that provides access to fractionalized property ownership and enables the continuous trading of real estate assets-backed tokenized shares on a regulated security exchange.
LABS uses blockchain technology and smart contracts to ensure complete transparency over a borderless ecosystem where property developers and investors can interact seamlessly and with unprecedented efficiency.
Real estate and blockchain professionals have brought together their expertise to devise an ecosystem of services that make property investment more accessible, more secure and more liquid.
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services.
We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.
To learn more about the latest developments regarding RioChain, visit: Riodefi.com