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Bitcoin Smart Contract Technology to Power the Internet of Value

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The Internet of Value moved another step closer to becoming a reality recently and with it so has the possibility of Bitcoin (BTC) becoming an international currency. Helping the fuel the latest wave of optimism across the cryptocurrency world is a new collaboration between RIF Labs and RSK Labs. Described as a “bridge” that will create an open source network for cross-blockchain applications, RIF OS combines smart contract technology with Bitcoin protocols. The aim of the collaboration is to make it easier for developers to create decentralised apps (dApps) that can link up across multiple blockchains. The wider goal is to use the network and its associated dApps to create a new internet for the transfer of value rather than just data.

Bitcoin tech being used to create a global payment system.
Bitcoin tech being used to create a global payment system.

RIF OS to Change the Way the World Pays

Assuming RIF OS (Root Infrastructure Framework Open Standard) can achieve its goals, it would change the way everyone pays for goods and services. Indeed, as referenced in RIF’s official press release, more than three billion people have little or no access to basic financial services. By bringing RIF OS into life, the creators are aiming to address this problem by using peer-to-peer technology as a means of exchanging value. From an investor’s perspective, the most interesting short-term consequence of this recent announcement could be a spike in the price of BTC.

As per the press release, RIF OS will be built on top of Rootstock (RSK). Developed by Sergio Lerner, the smart contracts platform uses similar protocols to Ethereum (ETH).

“Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch,” Albert Szmigielski wrote on Medium.com in 2016.

For those looking to buy Bitcoin online, RIF OS could lead to some positive price movements in 2019. In recent weeks, Morgan Stanley produced a report on the evolution of Bitcoin and its potential. Adopting a bullish tone, the investment bank stated that BTC has the potential to replace dying currencies crippled by factors such as hyperinflation. Up until this point, the blockchain has shown that it can function as both a remittance system and as a digital currency. However, with scalability still an issue, Bitcoin has fallen short of its goal to become a global currency.

Bitcoin is Helping to Build the Next Internet

However, with RIF OS, this could change. By using RSK as the basis for the network, it essentially means Bitcoin could be the fundamental building block for the next generation of payments. Indeed, as RIF labs have stated, the platform will create a new online ecosystem where blockchains are linked together to form a global payment network.
“It is a full-stack solution that will make deploying distributed, cross-network blockchain applications much easier, faster, and more scalable, bringing the Internet of Value a step closer to its realization,” reads the RIF press release.
As academic researchers have suggested, cryptocurrencies can only achieve their true potential when they become mainstream commodities. If Bitcoin can become the beating heart of a global payment network powered by the best peer-to-peer technology, it will be within touching distance of that goal. When that happens, it will not only become a more valuable product but an indispensable one.

Featured image source: Flickr

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