Rootstock Infrastructure Open Standard (RIF) Token Financial Performance:
- Weekly Performance: 2.33%
- Monthly Performance: 3.11%
- 3-Monthly Performance: 99.04%
- 6-Monthly Performance: 45.28%
What is Rootstock?
Rootstock is a smart contract system using Bitcoin infrastructure and is the coin’s first working sidechain. Rootstock supports smart contracts that run on Ethereum’s Solidity framework and is scalable to 2,000 to 20,000 transactions per second.
To summarize the features of Rootstock, it is:
- A Bitcoin sidechain
- A virtual machine that supports smart contracts
- A consensus protocol and network
The end result of these features is that it’s making Bitcoin faster, cheaper, and easier to use for both developers and end-users. In short, Rootstock is allowing Bitcoin to function similarly to Ethereum through sidechain technology, all while being a more secure alternative.
What is the Rootstock Infrastructure Open Standard (RIFOS) and the RIF Token?
The Rootstock Infrastructure Open Standard is a new infrastructure that was built on top of Rootstock and comes with its own utility token, RIF. The token has an extensive use-case in the RIF ecosystem. It is consumed by application users, third-party dApps, as well as infrastructure protocols and services.
Other use cases include paying in RIF for the use of services on RIFOS and also for encouraging the development of third-party applications on Bitcoin. RIF can also be given away in incentive programs to grow the RIFOS ecosystem.
The tokens were released into circulation on November 9, 2018, of which one billion RIF were minted. The coins were not released by an ICO, but through a private sale event. The coin had a soft cap of 15,000 BTC and a hardcap of 20,000 BTC.
RIF Token Allocation:
- Private sale contributors: 35-40%
- Kept by RIF Labs: 40%
- Distributed to shareholders, founders, and managers: 20%
- 21 million RIF reserved as bounty for early adopters
Rootstock’s Strong Fundamentals
Rootstock and its RIFOS allows developers to deploy, create, and monetize dApps built on Bitcoin, which furthers both RIF and the coin into mainstream adoption. Developers can choose from premade software packages to quickly get their platforms off the ground and into the hands of end-users.
RIFOS also makes it attractive for developers to choose RIF. Instead of using multiple different blockchain services, developers instead can use one package that contains all the services they’d need, along with a token that already has a proven utility and value in the marketplace.
RIF Token Technical Analysis
Despite a strong sell-off in July, RIF has increased by nearly 100% in value over the last three months and 45% over the last six months. At the time of writing, the token is a strong buy. The coin is trading above its 20-day, 50-day, and 200-day simple moving averages. The coin is currently in a strong uptrend with a steep upward slope towards its previous highs.
Momentum is also in the coin’s favor and is not close to becoming overbought. RSI currently stands at 52 with a long way to go before one could expect a correction to the downside.
The coin is currently ranked #69 by market cap and is trading -48% below its all-time high.
RIF Coin Summary
Rootstock and its RIF coin is backed by strong fundamentals. It allows developers to build on the most secure and trusted blockchain on the planet: Bitcoin, and its RIF token lets developers easily integrate and monetize their applications, so it’s a hard coin to beat in terms of fundamentals.
Despite a strong sell-off, the coin continues to recover. All technical indicators up to this point have shown promise, including momentum and its moving averages.