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.
JP Morgan: Bitcoin Needs to Reclaim $40K Soon or Momentum Will Fade
Bitcoin has to endure and overcome the $40,000 boundary in order to avoid a consequent major price correction. JPMorgan strategists say that otherwise, the major cryptocurrency might suffer investment outflow.
The $40K Is the Key to Future Prospects for BTC
According to a JPMorgan Chase & Co report, cited by Bloomberg, this level is an omen to more eventual losses.
The major financial institution strategists led by Nikolaos Panigirtzoglou said that the cryptocurrency is at risk of further losses and an outflow of trend-following investors unless it can “break out” over the $40K frontier. The team added that the pattern of demand for BTC futures and the $22.9 billion Grayscale Bitcoin Trust might help determine the perspective.
“The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” the strategists commented on Friday.
After a record-breaking hit near $42K in the first week of January, Bitcoin suffered a significant price correction with almost $12K in just a short time, leaving investors pondering the reasons. JPM strategists said that the primary cryptocurrency has been in a similar situation last November when it passed the $20,000 test.
Furthermore, a significant flow of institutional money entering the Grayscale trust has encouraged the BTC rally claimed, JPM specialists. They’ve also noted that trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if BTC price doesn’t break the $40,000 milestone.
Breaking the $40K Limit and Replacing Gold?
Amidst both volatile behavior and opinions on BTC, recently, JPMorgan shared another possible Bitcoin scenario. As CryptoPotato reported, analysts from the financial institution have claimed that the cryptocurrency has taken portions of gold’s market share which could lead to price losses for the bullion.
Back then, strategists said that institutional investors had shown significant transfers from gold ETFs to bitcoin, thus suggesting adverse price developments for the noble metal.
Both bitcoin and gold have one thing in common – their rather limited supply – which had encouraged investors to think that the digital asset might replace the precious metal to an extent in the future.
Analysts said that since October, “money has poured into Bitcoin funds and out of gold, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies.” Still, the bold suggestions remain more of a speculation, while BTC remains quite volatile.
Bitcoin Exchange Owner Sues Australian Banks For $290K For Accounts Closure
The legal battle comes as the Aussie man allegedly suffered significant losses in his crypto business after the banks, Westpac and ANZ, shut down his accounts, local media reported Monday.
According to the proceedings filed at the ACT Civil and Administrative Tribunal, Allan Flynn alleged that the banks’ action was illegal as they closed his accounts without any prior warning or reason.
20 Accounts Closed In Three Years
Flynn owns an AUSTRAC-registered crypto exchange with about 450 customers. Using the platform, he helps his clients to purchase crypto assets like Bitcoin.
The Australian Financial Review revealed that the complainant has had about 20 of his accounts shut down in the last three years by more than five Australian banks, including CBA, NAB, ING, and Bendigo Bank, to mention a few.
Following the continued account closures, Flynn said he opened new accounts with Westpac and ANZ while informing the banks that the account was for crypto transactions. But both accounts were closed after almost a year of running them. He said he received a message from Westpac saying his account would be closed in five days. His effort to open another account with Westpac was not successful.
He requested to know why his account was closed and why he couldn’t open a new one, and the bank told him that he was “under investigation for cryptocurrency fraud.”
Flynn said Westpac offered him a compensation of AUD$250 for not providing “reasonable notice” before closing the account. However, he hasn’t “seen a cent of it either.”
Not The Only One
For one thing, cryptocurrencies and exchanges are legal in Australia, and there’s no law prohibiting banks from rendering services to crypto traders. However, Flynn noted that he is not the only victim of this unlawful discrimination.
“I am by no means alone or the first. I know of at least one other trader who has had accounts closed more than 60 times,” he said, adding that “how am I supposed to run a lawful business if I can’t get a bank account?”
According to the report, Flynn demands a total settlement of AUD$375,000 from the banks, with the hearing expected to take place in late March.
He is seeking AUD$250,000 for stress and inconvenience and AUD$125,000 for emotional distress and reputational damage. Aside from closing his accounts, Flynn alleged that an ANZ employee informed other banks and his clients that he was fraudulent.
Cardano Price Analysis: 18 January
Cardano’s price has surged by a massive 133% in the last 15 days and the rally shows signs of more upward movement. Trading at $0.378 ADA is ranked the sixth-largest cryptocurrency in the world in terms of market cap. The cryptocurrency has witnessed a reduced volatility phase leading to fairly stagnant price movement.
Due to the formation of a bullish pattern, ADA’s outlook is overall bullish and suggests a price surge upwards of 10 -30% in the mid-to-long term.
Cardano 4-hour chart
As seen in the chart, ADA’s price has formed a bullish pennant with the price already breaking out of the pattern on January 16. Since the breakout, ADA has surged approximately 20% to where it currently stands. Although the general outlook is bullish, there might be a retest of the supports at $0.3579 and $0.3455, pushing the price higher.
With the price already surging 20% from the pennant, we can expect another 40% surge on the table. Hence, a long position would better serve the profits that are yet to come.
Supporting this is the constant inflow of volume despite the stagnant movement in price as seen in the OBV indicator. Following this, there is the RSI indicator that shows a retreat from the overbought zone due to the recent breakout from the pennant.
Lastly, the MACD indicator showed a dip in both the MACD line and the signal indicating a decrease in buying momentum. It also shows that these lines might undergo a bearish crossover soon.
With bitcoin trending sideways, this is the time for altcoins to surge higher. Rightfully so, altcoins are surging without a stop in sight, hitting new all-time highs – especially the DeFi coins. With ADA’s bullish pattern, there is a high chance for it to surge to $0.5333 or 67%. On the other hand, a drop below 0.240 would indicate failure of the uptrend and a continuation of the downtrend.
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