IOV Labs has recently announced the launch of RWallet, a secure, open-source, easy to use blockchain wallet that allows users to send, receive and trade multiple cryptocurrencies within the RSK blockchain ecosystem — including Bitcoin (BTC), smartBitcoin (R-BTC), RIF Token (RIF), RIF on Chain (ROC), RIF Pro (RPRO) and Dollar on Chain (DOC).
In this article, we take a closer look at the unparalleled potential of rsk3 libraries by exploring the cutting-edge features of the newly unveiled RWallet.
Introduction to RSK3.js Suite
To understand what the RSK.js suite is, we must first establish the definition of a developer suite. In layman terms, a developer suite is essentially a bundle of tools for developers to build upon.
To draw an analogy, consider Ethereum blockchain’s web3.js libraries that allow developers to interact with a local or remote Ethereum node using HTTP, IPC, or WebSocket.
In the same way, the rsk3 libraries enable developers to interact with a local or remote RSK blockchain node, thereby making common function calls easier to perform and providing a conducive environment for dApp developers. The open-source nature of RSK3.js libraries is aimed towards offering robust development tools to developers who seek to build applications on the RSK blockchain network.
Focus Areas of RSK3.js Libraries
A strong and resourceful development tool suite can be identified with the level of security, and ease of use offered by it. Staying true to this, the rsk3 libraries have four key focus areas that seek to spur the pace of application development on the RSK blockchain. The four focal points are as follows:
Blockchain technology is synonymous with security and, therefore, it is not surprising for a development suite that leverages this emerging technology to have a similar security quotient. The rsk3 libraries offer robust security mechanisms to developers so they can start developing dApps on the RSK blockchain without having to worry about any potential security breach.
Notably, before their public release, the rsk3 libraries successfully underwent a strenuous independent security audit conducted by smart contracts security protocol Quantstamp.
Compatibility with the RSK Blockchain
A major chink in the armor for the vast majority of blockchain development tools is their lack of compatibility with the underlying network. Being a native development suite built on top of the RSK blockchain, the rsk3 libraries solve the compatibility issue. This is evident from the numerous ways the RWallet interacts with dApps and other services built on top of the RSK blockchain network.
Relatively Less Verbose
Blockchain, being a novel and a somewhat complex technology to work with, involves enormous coding which can, subsequently, compromise its performance. A verbose programming language can greatly stunt the efficiency of the code, leading to subpar performance during program compilation. However, rsk3 takes care of this by having less “noise” in its code compared to Ethereum’s web3 libraries. Having a short, clear, and succinct code ensures better performance including shorter function calls, among other benefits.
Lightweight and Powerful Codebase
Apart from being light on verbosity, rsk3 libraries offer a powerful codebase that can be used to develop applications for a plethora of blockchain use-cases. The newly launched RWallet, which we will explore next, is just one example of the promising potential of rsk3 libraries.
The Multi-Utility RWallet
RWallet is IOV Labs’ official blockchain wallet for the RSK ecosystem available on the iOS and Android platforms.
Close followers of the RSK ecosystem would remember the May 2020 launch of the RWallet code base for developers to help developers create their mobile phone wallet on top of the most secure blockchain network. Now, with the official public launch, end-users can download and use the RWallet built using the rsk3 libraries.
Built using the aforementioned rsk3 libraries, RWallet promises its users all the attributes of the development suite and more. We will now briefly study the unique features of the RWallet that set it apart from its competition.
Giving Users Control Over their Assets
Staying true to the ethos of decentralized finance (DeFi), RWallet offers users full custody over their crypto assets. IOV Labs believes that the path to a truly decentralized financial infrastructure begins from users having complete control over their funds without the involvement of any intermediary in between. RWallet’s crypto custody feature is a step in that direction.
RWallet offers 100% impenetrable security which means that neither RSK nor any other 3rd party can access the user’s funds or personal data. RWallet uses a secure seed to generate the private key and provide the users with an easy to follow the backup and recovery process. Interested users can learn more about the security measures of RWallet in the technical documentation here.
Support for Multiple Cryptocurrencies
As highlighted earlier, at present, RWallet supports Bitcoin (BTC), smartBitcoin (RBTC), RIF Token (RIF), Dollar on Chain (DOC), RIF on Chain (ROC), and RIF Pro (RPRO) with plans for adding more cryptocurrencies to the catalog soon.
Notably, in addition to the purchase and selling of crypto assets, RWallet offers swap functionality that lets users instantly swap certain digital assets within the wallet using third-party services. For instance, the swap functionality can be used by users looking to swap between BTC and RBTC.
Integration with the RIF Name Service (RNS)
RWallet is integrated with the RIF Name Service (RNS) which allows users to use their RNS human-readable blockchain domain with their wallet address to easily transact crypto assets.
For those not in the know, RNS is a decentralized service that enables individuals to have an easy to read domain in any blockchain network. In simpler terms, RNS can be thought of as a service that allows users to change the complex, hard to remember alphanumeric blockchain wallet addresses into readable addresses.
RWallet’s integration with RNS not only mitigates the possibility of mistyping the complex blockchain wallet addresses but also enables users to show ownership of an asset without necessarily having to share details about their identity, thereby preserving their privacy.
Interested users can register their RNS domain here.
In-App Decentralized App Browser
RWallet also features an in-app dApp browser that lets users navigate through and operate their favourite RSK blockchain-powered dApps. The RWallet dApp browser brings users closer to the numerous RSK smart contracts-based DeFi protocols, including Money on Chain (MOC) and RIF on Chain (ROC) as well as stablecoins.
Support for Several Languages
Keeping in mind its global user base, RWallet supports a total of seven languages, namely – Chinese, English, Spanish, Portuguese, Japanese, Russian, and Korean.
Always willing to push the envelope, IOV Labs have already announced the features they would be including in the future release of RWallet. Future release plans for Rwallet include introducing support for custom tokens created on the RSK blockchain (eg, ERC-20), multi-sig wallets, and other RIF and third-party services via an integrated dApp browser.
The launch of RWallet marks a significant milestone for both IOV Labs and the RSK blockchain ecosystem.
RSK blockchain has always strived for decentralization, be it in the form of its use-cases across myriad industries or the latest stint in the DeFi space. The RWallet is the latest feather in the cap for the RSK ecosystem which promises to offer users a safe and simple way to store, trade, and do so much more with their crypto assets. RSK blockchain will continually improve the RWallet to support the most disruptive and significant capabilities of the broader RSK blockchain and RIF ecosystem.