The RSK series of Bitcoin smart contracts introduces the concept of descriptive transactions, which allows third parties to pay user transaction fees.
On Thursday, the RIF Enveloping solution was announced that allows wallet providers to pay for user transactions. Payment of transaction fees is currently a major obstacle to approving the implementation of smart contract platforms. Users who want to trade tokens should always have some units of the main blockchain currency such as Ether (ETH) for Ethereum and SmartBitcoin (RBTC) for RSK.
RIF Enveloping introduces descriptive transactions to provide more flexibility for DApp developers. Smart contracts using the technology can choose to fully subsidize gas charges for the user, or request payment in tokens. The technology will be integrated with Beexo Wallet, one of RSK’s largest wallet providers.
Similar solutions are also available on Ethereum using the OpenZeppelin gas station network. Among the wallets they use is Argent, which uses smart contracts to store usernames. While the company used to fully subsidize gas costs, the price increases for the Ethereum program have stopped. However, despite the obvious advantages, descriptive transactions have not achieved much dependence on Ethereum.
RSK co-founder Diego Gutierrez Zaldivar told Cointelegraph that RIF Enveloping could have the biggest impact on the RSK ecosystem:
One of the main reasons why RIF Enveloping can use similar solutions more widely in the Ethereum ecosystem is that the solution is developed in collaboration with wallet providers such as Beexo, Defiant, Money on Chain, RSK Swap and large users such as Taringa … to maximize measurement efficiency. ”
He also explained that RSK’s solution has a technological edge. Descriptive transactions in Ethereum require contracts to be re-published or used by agents, while RIF Enveloping can work with any existing token or contract.
RSK has a growing decentralized financial ecosystem. Sovryn’s recent launch has spawned a number of trading and lending products, while existing platforms like Money on Chain or RSK Swap have recreated DeFi’s main Ethereum investments like MakerDAO or Uniswap.