Coinsilium Group Limited’s Nifty Labs Starts RSK-Powered NFT on Bitcoin Marketplace Development
Coinsilium Group Limited is an open and crypto finance venture builder that creates and implements services and products based on blockchain technology. It was the very first blockchain organization that went public back in 2015. Over time it has invested in the leading and popular blockchain projects such as Blox, Indorse, and RSK/IOV Labs by using its expertise and broad network. Now the shares of Coinsilium are traded on New York-Based OTCQB Venture Market and London-based AQSE Growth Market under the ticker symbol “CINGF” and “COIN,” respectively.
Development of RSK-Powered NFT on Bitcoin Marketplace
On 11th May 2021, Coinsilium announced that one of its subsidiaries, Nifty Labs, has begun the development of the “NFT on Bitcoin” marketplace. This marketplace is powered by RSK blockchain, and Nifty Labs has partnered up with Indorse for the development of the above-mentioned NFT (Non-Fungible Token) project, which is secured by the Bitcoin network.
Highlights of the Project
It was announced on 2nd March 2021 that Nifty Labs Limited has entered into an MoU (Memorandum of Understanding) with Indorse. It’s yet another company based in Singapore in which Coinsilium holds 10 percent of equity interest. It was done to form a partnership between the two companies to launch a studio in Gibraltar for the NFT technology development.
Coinsilium, on 22nd March 2021, announced that it had provided the Nifty Labs with 250,000 GBP of initial working capital. A part of this initial capital was reserved for the fast track development and commissioning work for the very first NFT platform solution by Nifty Labs. Moreover, it was also announced that Indorse, under the supervision of Indorse CEO (Gaurang Torvekar) and Nifty Labs tech lead, will be managing the project’s technical aspects.
It’s important to bear in mind that because of the prevailing commercial sensitivities, all the details regarding the project were first kept confidential. However, now according to the officials of Coinsilium, they’re more than happy to publicly announce the project’s initial details.
The Development of NFT Marketplace
The initial development specifications that are announced for the new project suggest that it will be a general-purpose, all-encompassing NFT on the Bitcoin marketplace. Moreover, it’ll be powered by RSK blockchain because it offers a more cost-effective transacting and minting experience to crypto users. A team has already been deployed for the project that consists of a project manager, a designer, and three developers, and they will be working on the initial build and commissioning phase.
Various modules are planned to be developed for the newly announced platform, such as a gallery, an NFT minter, etcetera. One of the most important development plans is the capability of the system to trade NFTs for the alternative tokens based on the RSK technology, such as:
- RBTCD (RSK Bitcoin), which is pegged to bitcoin utilizing a two-way peg which is known as Powpeg
- MOC (Money on Chain) governance tokens
- RDOC (Rif Dollar on Chain)
- DOC (Dollar on Chain)
It has also been announced that the initial developments of the project will include the most popular categories of NFT, such as gaming, music, sports, digital art, 3D avatars, virtual land parcels, etcetera. In simple words, the capabilities of the New Coinsilium project “NFT on Bitcoin” will have pretty much the same functionalities that many other popular NFT marketplaces offer. The future development may also include the functionality that will allow users to interoperate between different blockchain protocols of layer one and layer two.
As a complement to its current fungible token bridge, the RSK team has told Coinsilium that it will prioritize development work on an NFT token bridge. It’ll make it possible to migrate RSK blockchain standard NFTs to other blockchain standard NFTs, such as the Ethereum ERC721 standard.
The development and implementation of the marketplace’s technological aspects are estimated to take up to six months. The completion and delivery of complete technological functionality are often subject to a number of external factors. One of the most important ones is undoubtedly the completion and activation of the NFT Token bridge. More information will be made available to the market as soon as possible.
Comments of Eddy Travia on the Initial Development Plans
Eddy Travia, who is the CEO of Coinsilium, said that releasing the initial development details of the NFT on the Bitcoin marketplace is a big step for the organization. Moreover, Coinsilium has accelerated its commercial activities in order to grow NFTs rapidly. He also said that the crypto world is taking another big turn, and Coinsilium is confident that the NFT on Bitcoin development by the Nifty Labs and Indorse will go in the right direction and will play a big role to define the success of the NFT.
NFT on Bitcoin is in its early stages. According to Coinsilium, the reason for Indorse partnership is its experience and expertise in designing complicated smart contracts.
Comments of Diego Gutierrez Zaldivar
Diego Gutierrez Zaldivar, who is the CEO of IOV Labs (RSK’s parent company), said that there is no other technology that’s supporting the digital asset landscape and blockchain as NFTs are doing. Moreover, the use cases like virtual property ownership, music, art, etcetera that NFT offers are growing at an exponential speed. He also said that the current landscape of NFT is just a warmup to open endless new opportunities and possibilities. Coinsilium’s decision to choose RSK to develop NFT on Bitcoin is purely thrilling and exciting. It will undoubtedly enable RSK to become one of the strongest players of the future’s NFT dominated economy.
NFT on Bitcoin: Powered by RSK
RSK (Rootstock) network (secured by Bitcoin Network) is the world’s safest smart contract platform. It now stands at 1,445 BTCs in TVL (Total Value Locked), which means it has surpassed LN (Lightning Network). This milestone represents the commitment of users in the realm of De-Fi (Decentralized Finance). It’s important to bear in mind that the launch of Sovryn DEX (Decentralized Exchange) is partly responsible for the recent rise in RSK. The Sovryn DEX platform was launched in April 2021, and it had 9 million US dollars in funding to help Bitcoin layer two platforms.
According to the recent stats, the RSK network flaunts more than 50,000 active accounts and over 259,000 transactions. Moreover, the platform reached its all-time high hashing power of more than 72 percent during the month of April. The number of integrations and solutions has also grown significantly in the RSK De-Fi network over the course of the last two months.
rDai on RSK: Opportunity for DAI Fans
As mentioned, the rise in the TVL BTC on RSK is one of the biggest reasons for the RSK RIF (Rootstock Infrastructure Framework) economic growth. RIF is a chamber of decentralized protocols that allows developers to build scalable, easier, and faster DApps. Moreover, it’s also cheaper than Ethereum that provides DAI users with a window of opportunity.
What is DAI?
DAI is a stable coin that ties up its value with the dollar price. Being a stable coin, it becomes much more desirable for users in the big world of highly volatile digital currencies. DAI operates via smart contracts that keep its value as close to one dollar as possible, and it’s based on Ethereum. MakerDAO is the organization that manages DAI, and it offers an MKR token that is completely governed by the users. It’s important to note that both MakerDAO and DAI are two of the very first DApps to undergo the mass adoption stage.
As mentioned, DAI is based on Ethereum, but the cost of transactions of Ethereum is not feasible. Many users have even reported that they are being charged up to 1,000 US dollars for a single transaction as well. Moreover, the transaction charges in the range of hundreds of dollars are more frequent. That’s why countless developers are switching or planning to switch to layer two blockchains to achieve lower transaction costs and faster transaction time.
Advantages of rDAi on RSK
Currently, there are more than 76 million DAI in circulation which means the DAI community is very strong. Most of the users of the community want to continue using DAI because of its stability. That’s where rDAi (Redeemable DAI) comes into place, which sits on the RSK protocol instead of Ethereum and yet is always pegged to the DAI. As compared to the transaction costs of Ethereum, the RSK transaction costs aren’t even fractional (more than 100 times cheaper sometimes). Usually, the single transaction rate of rDAI is 0.15c which means that it’s 80 times cheaper as compared to the transition taking place on Ethereum.
There are also some other perks of using rDAI as it enables the users to earn a yield on their holdings by investing in the collateralized loans in a pool. In simple words, the DAI amount of the users while entering the pool will remain the same.
Another great factor about rDAI is that it’s an ERC-20 fungible token. It means that users can use any crypto wallet they want to make transactions. Being a fungible token, rDAI allows the users to send any amount to any crypto wallet at any time, and they’ll always be able to perform withdrawal operations at a 1:1 ratio.