Recently, James Anderson, CEO of RioDeFi introduced the Q1 2021 Tech Roadmap in a weekly video newsletter, which you can watch here.
In this article, we have prepared an illustrated roadmap with further details for each project we will be focusing on this quarter.
Generic Asset Bridge
As you may know, RioDeFi chose to build its blockchain on Substrate. This development framework provides more flexibility than traditional blockchains such as Ethereum and offers the advantage of being fully compatible with Polkadot.
We have now officially released the Generic Asset Bridge, an implementation of RioChain that allows cross-chain communications and interoperability between different blockchains more broadly. The Generic Asset Bridge is an essential part of RioWallet that allows for cross-chain transfers. Its successful implementation signals a significant milestone in RioDeFi’s interoperability.
The Generic Asset Bridge is designed to facilitate the movement of cryptocurrencies across different blockchains. It is divided into two main parts: Deposit & Withdraw.
Deposit utilizes a BIP-32 mechanism. Through this mechanism, users will get a unique deposit address corresponding to their RioWallet address, and the deposit address generation process is open and transparent. The deposited assets are securely held in insured cold storage with Hex Trust, a licensed Hong Kong Trust company that specializes in digital asset custody.
The Generic Withdrawal Gateway will manage the withdrawal process from cold storage. The withdrawal gateway is designed to implement an on-chain review process based on permissioned control, with a gateway design similar to an exchange’s withdrawal process
For now, the Desktop version of RioWallet is available on RioDeFi’s website and everyone is welcome to create a RioWallet address for free (watch our tutorials here). With the successful launch of the Generic Asset Bridge, RioWallet holders can:
- Deposit supported crypto-currencies previously purchased on RioDeFi’s website or on external exchanges to their RioWallets;
- Withdraw supported crypto-currencies and tokens from RioChain & RioWallet back to the native blockchain network, such as Ethereum, on wallets such as Metamask or Trust Wallet, for example;
- Transfer crypto-currencies between RioWallets
RFUEL is the first token that’s supported by Generic Asset Bridge on RioChain. The Generic Asset Bridge enables RFUEL to transit from an ERC-20 version to a RST-88 (RioChain Standard Token) version of the token, or vice versa. This upgrade of the RFUEL token makes it compatible with RioChain and unlocks new potential, including fast transmission speeds (2 seconds per block) and the number of transactions processed per second (3,000 transactions/sec). This will be particularly interesting for users interested in gaming and DeFi products. With the RST-88 version of RFUEL, fees will no longer be governed by the Ethereum network, but by RioChain. Therefore, gas fees will be considerably lower, at 0.1 RFUEL per transaction.
RioChain will soon support the following digital assets on its network: USDT, BTC, ETH, BNB and OM for people to store them on their RioWallet (using the r prefix to denote the RioChain version of the token, e.g. rUSDT, rBTC, etc.).
RioWallet Desktop version update
RioWallet is going through a full revamp of its desktop version. Very soon, we will release RioWallet Desktop V.2 which consists of an improved, more user-friendly interface with extra features. In the near term, this will include the possibility to connect to all the different services and products that will be hosted on RioChain, including staking programs and DeFi pools. In Q2, it will also mean the ability to connect to partners’ Dapps such as Lepricon and MANTRA DAO. Both the Android and iOS versions of RioWallet are planned for release in March.
Another feature that will be soon available on RioWallet through both the Desktop and Mobile versions is the OAuth authentication. Through this authentication protocol, users could connect to their RioWallet via their social media or personal email address. This feature is particularly useful because one could log in on his/her RioWallet using a unique password, digital certificate, biometric identity, or 2 factor authentications from a personal email address or social media account.
RioChain integration on Rococo’s testnet
RioChain keeps evolving thanks to our dedicated tech team of 20+ engineers and developers. One of our top priorities this year is to become a Parachain of the Polkadot network. We are working diligently to connect RioChain to the Rococo v1 Parachains testnet in the near future. More precisely we will be testing cross-chain, downward, upward, and lateral transfers to ensure transactions could be accepted among all projects supported by the network. Following testing, we will move forward to participate in the Parachain Auctions in an attempt to secure a Parachain Slot to gain a stronger security layer on Polkadot via their multi billion dollar network.
This quarter is dedicated to launching RioWallet and its staking programs, as well as upgrading RioChain. By focusing our efforts on our tech development to reinforce RioChain’s security and adding new functionalities to the RioWallet, we will make great strides toward becoming the platform of choice for people to access cryptocurrencies and DeFi services.
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