RNS: Reshaping DeFi and the NFT Landscape

In the midst of the DeFi and NFT boom, Bitcoin network-powered high-performance, smart contract platform RSK continues to build. More specifically, through RIF Name Service (RNS) which enables users to send and receive digital assets without any hassle through human-readable addresses, RSK is implementing cutting-edge DeFi and NFT-focused products.

In this guide, we will dive deep into the exciting DeFi and NFT world. At the same time, we will also evaluate how RNS is complementing the two budding spaces in its own way. 

Login Made Easy Using RNS

For the uninitiated, the RNS Manager can now be used from a mobile wallet, courtesy of its integration with rLogin + WalletConnect. rLogin is RSK blockchain’s digital identity solution that enables web application developers to integrate distributed ledger technologies (DLT) into their projects. rLogin is part of the wider RSK Infrastructure Framework (RIF) suite of tools. Notably, the solution is natively integrated with the Bitcoin and Ethereum networks. Furthermore, rLogin also gives the developers an opportunity to build their own digital identity without any dependence on big tech platforms or financial institutions.

The RNS Manager can also be easily integrated with WalletConnect, an open-source protocol for connecting decentralized applications (dApps) to mobile wallets with QR code scanning or deep linking. Additionally, users can also register their RNS domains from their mobile phones via D’CENT, Defiant, rWallet to mention a few.

According to a recent announcement, RSK blockchain network’s dApp browser is now available on D’CENT Wallet which essentially enables users to RSK-based dApps through the wallet. To be able to use RSK-based dApps, users are required to change the network setting of the Discovery tab to RSK. Once the network setting has been changed, users can either enter the URL of the respective RSK dApp service or use the dApp Service via the WalletConnect QR scan. 

As an alternative, users can also register their RNS domains via the Liquality wallet. For the uninitiated, the Liquality wallet offers a frictionless experience when using RSK-based dApps. The wallet also enables atomic swaps between RSK and Bitcoin’s blockchain. Among several other benefits, RNS also makes the process of acquiring blockchain-based domains seamless. Users can purchase a personalized RNS domain for their blockchain address and the domain owner can create associated subdomains without incurring on extra costs. The technical architecture of the RNS Manager makes it possible to easily login to subdomains from the main domain. 

UX and UI Improvements in RNS

The RSK ecosystem understands the significance of an easy-to-use and sleek UX and UI and with that in mind has introduced several new features and improvements in its dApp interface. For instance, the RNS Manager now boasts of simplified search without any uppercase limitations. Additionally,  there is no longer need to unlock the digital wallet until the very last step to ensure a smooth user experience interacting with the dApps.

Earlier, users were required to install a web3 wallet before they could understand the specific details of the specific domain they were just looking at which was nothing short of a major barrier for entry for non-crypto users. With the new integration, users will be able to take a look at price, years and other different options until they require their web3 wallet. Other innovative features introduced via the latest version of the RNS Manager are the ability to convert search term to lowercase, allow users to set expiration and see the price before connecting wallet, expand logout function to disconnect from domain or wallet, and add the “My URL” section for IPFS contenthash.

Multicoin Resolver

In addition to the aforementioned UI and UX improvements, RNS is working toward a default multicoin resolver for all users. Early users had to register a domain and add an additional blockchain transaction to enable multiple coins (besides RSK). With the introduction of the multicoin resolver, however, users are no longer required to add the additional transaction. Users can connect their RNS domains to their decentralized IPFS or Swarm URL.

RNS as an NFT

RNS names were the original NFTs before other NFT tokens gained prominence. By nature, all RNS names are non-fungible which means only one person can ever have the ownership of a particular RNS domain. 

Moreover, in comparison to other forms of NFTs which are usually purchased per personal preference or taste in art, an RNS domain name actually has a functional utility. Owners of RNS domains can use their RNS names to receive any cryptocurrency, token or blockchain-powered item such as NFTs. These domains can also be leveraged to redirect to a decentralized website or store profile information like an avatar, email address or Twitter handle. 

Essentially, as any information can be stored on the blockchain, in the end, any person or project can have their own RNS record. To give a slight idea about the immense significance of NFTs, the RNS domains can be traded at the RIF Marketplace. Users can view their RNS names next to other NFTs. For any project that uses NFT as collateral, RNS domains can be used. 

Think of RNS domains as multi-functional NFTs. Everything that a user can do with a regular NFT can be achieved with an RNS domain. To learn the technical intricacies of using RNS domains as NFTs, click here.

Trading RNS as NFT on RIF Marketplace

RNS domains can be easily traded on RIF’s Marketplace. For the uninitiated, the RIF Marketplace enables providers of decentralized storage to register their offers, defining a capacity, a storage system (IPFS or Swarm) and a set of subscription/pricing plans.  

In a similar way, consumers of the platform can browse through all the available offers and rent the required space to securely store the required content. The consumers also have the option to upload it directly or simply replicate it among different providers. 

Some of the most defining characteristics of RIF Marketplace are decentralization and self-owned reputation, a wide range of services and a unified and simplified interface. In the long-term, RIF Marketplace aims to establish itself not only as one of the main sources for users and developers to access decentralized services but also to serve as the cornerstone and base for the creation/development of other decentralized marketplaces for a wide array of use-cases.  

Summing up the Future of DeFi and NFT Industry

The unprecedented rise of DeFi as a potential alternative to legacy finance is a testimony to the areas where smart money is paying more attention. At the time of writing, data according to DefiPulse states that more than $40 billion worth of digital assets are currently locked in different DeFi protocols and it will not be wrong to assume that the DeFi TVL is only primed to increase from here on.

RSK blockchain is making this budding space more competitive and innovative by bringing DeFi to the largest cryptocurrency Bitcoin. Notably, DeFi on Bitcoin makes a lot of logical sense as it promises a DeFi platform that is shielded by the strongest blockchain network. At the same time, by leveraging Bitcoin-powered smart contracts, RSK offers the safest and most economically viable DeFi platform for all.

By building competitive and robust DeFi protocols on top of the Bitcoin network, RSK smart contracts make it possible to use Bitcoin to offer different DeFi services such as lending and borrowing, decentralized exchanges, etc. In fact, the RSK ecosystem has already entered the competitive DEX space with the successful launch of its own DEX dubbed RSK Swap.

As for the NFT space, RSK blockchain-powered Watafan allows celebrities across the globe to interact directly with their fans through their own digital trading cards called watacards that essentially function as milestones to remember important milestones in their lives. Similarly, Coinsilium recently entered into an MoU with Indorse Pvt. Ltd., a Singaporean firm to form a joint venture geared toward launching an NFT technology-development studio in Gibraltar.

The proposed NFT development studio called “Nifty Labs” will work towards developing robust smart contract systems for NFT applications that would include a bridge for NFTs on the Bitcoin network via the RSK blockchain.

It should be noted that through the partnership, Nifty Labs will be working towards developing smart contract systems for NFT applications compatible with the RSK token standard so as to enable NFT transactions on the RSK blockchain. This will also make it possible for NFTs to be traded for RBTC or RIF ecosystem tokens and be used within the RSK ecosystem of decentralized applications (dApps) and platforms.

Closing Thoughts

To sum it all up, DeFi and NFT have emerged as the major themes in the highly-dynamic cryptocurrency market where fads usually do not tend to last longer than a few weeks or so. However, this is not the case with DeFi and NFTs. 

Both these subspaces offer immense financial opportunities to small-scale investors and also an opportunity to be a part of the biggest financial paradigm change for many decades. RSK, being a top smart contracts platform built on top of the Bitcoin network is committed to ushering in new developments and products in the continually maturing digital asset space. RSK is betting big on the future of DeFi and NFTs.