IOV Labs Brings Bitcoin DeFi to Mobile Devices

Cryptomode Bitcoin PRice

There is always some new development in the cryptocurrency space to take note of. IOV Labs is bringing Bitcoin DeFi to mobile devices through its Lumino Network Light Client. 

Most people are not aware that Bitcoin can provide access to decentralized financial services and products.

Mobile Bitcoin DeFi is Coming

This industry has existed for some time now, yet has not gained as much traction for some reason.

IOV Labs is now determined to bring Bitcoin DeFi to mobile devices around the world.

By releasing a Light Client for the Lumino Payments Network, off-chain payment capabilities for ERC-20 compliant tokens deployed on RSK and RIF becomes possible.

For developers, it allows them to leverage the distributed security of the blockchain without running a full node.

There are also two-way payment channels and a transaction throughput of 100 TPS to look forward to.

Eventually, that throughput will be scaled up to 20,000 TPS. 

RIF Payments Head Ale Narancio explains:

 “We are already working with several wallets to integrate the Lumino Light client. Our goal is to make Lumino compatible with the Lightning Network and other off chain networks to enhance interoperability and user experience”.

For the unbanked mobile population, this is a development well worth keeping an eye on.

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