What is Rivex?
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Rivex is an interoperable and scalable layer-2 on-chain and off-chain solution built on top of the Wanchain platform and private chains. Layer 2 means that it is an additional protocol built on top of an existing blockchain, in this case, the Wanchain blockchain. There are examples of layer-2 solutions in other platforms as well. Bitcoin has the Lightning Network. Layer-2 protocols are often built to address scalability issues and offer higher transaction speeds. They can do that because parts of the work that would have been handled by the main chain are delegated to the secondary layer. Thanks to Wanchain’s interoperability, it is possible to build scalable decentralized applications, enterprise solutions and decentralized finance solutions on Rivex. It combines the strengths of both public and private chains with the potential of data execution taking place both on-chain and off‑chain but having the transaction hash recorded on-chain.
What are the problems with current blockchains and what is the aim of Rivex?
Even though blockchains are secure they are not able to handle the same transaction load as credit cards. A great example of this was the great bull run of 2017 when everyone was buying and selling cryptocurrencies. During this hype, it was common that transactions were stuck and remained unconfirmed for hours and days. If users wanted their transactions to be confirmed any time soon, they had to use incredibly high fees.
If blockchain technology is to become a widely accepted payment option this can simply not happen. We need much faster confirmation times. I think that the goal is to reach a point where people start using cryptocurrencies and blockchain technology without even knowing that they are using them. Blockchain-based decentralized solutions need to become the most normal thing in the world and not something to be afraid of.
Scalability is the biggest concern of today’s' blockchain industry. The development of apps and solutions is progressing but we are faced with networks with slow block confirmations and high transaction fees. Micropayments are unsuitable with many cryptocurrencies currently because of the mentioned time needed for the transactions to confirm and the associated costs.
What is Missing?
What the current business world is lacking is an easy solution to integrate users into a decentralized ecosystem. Rivex is exactly what is missing! With its powerful SDK and API library, Rivex wants to create a platform for developers to build, upgrade or migrate their own applications and solutions to. Thanks to Wanchain’s interoperability, Dapps built on other protocols can simply migrate to Rivex or use RiveX's solutions according to their needs.
How does Rivex plan to achieve that?
With Rivex’s Layer-2 solutions. By moving some parts of the transaction process off the main chain, Rivex can solve scalability issues. Settlements, computations, and verifications can be done on Layer-2 achieving greater scalability but without compromising overall blockchain security. Freeing up the main chain from these less important activities makes the entire network faster overall.
Interoperability thanks to Wanchain and Rivex! Another problem with blockchain technology is that all the different projects of the crypto ecosystem are doing their job but they have no way of communicating and sharing data for the common good. Introducing Blockchain Interoperability Alliance featuring ICON, Aion, and Wanchain. The aim of the alliance is collaboration and the sharing of research to promote a common goal of interconnectivity between blockchains, and the fostering of innovation so that the crypto economy reaches the masses.
Rivex provides a network promoting interoperability and the sharing of information across multiple blockchains without the need for centralized control. This is a very useful feature because different blockchains have different strengths and weaknesses. Tasking each blockchain to do the things they are best at results in an overall performance booster.
We need instant payment confirmations like with traditional payment methods. Rivex’s Layer-2 solutions provide exactly that because they take place off the main net with Layer-2 being able to perform thousands of transactions per second, eliminating high gas fees and network congestion.
Wanchain + Rivex = A bridge connecting different blockchains
Modern blockchains, although revolutionary, have a big flaw. Interoperability. Every blockchain is an independent and closed system with its own set of rules. Transacting and communicating across different blockchains is not possible. The transfer of coins from the Bitcoin network cannot be done to the Ethereum network and vice versa.
This is where Wanchain’s interoperability model plays an important role. Wanchain connects different blockchains and provides the needed infrastructure for the decentralized financial world to communicate. They have already established a cross-chain connection to Bitcoin and Ethereum and a compatibility protocol with EOS is being worked on. Wanchain does that by creating a copy of the original asset called a wrapped token. For example, a WBTC token (Wrapped Bitcoin) that represents a real Bitcoin. You can get this WBTC by sending your real Bitcoins to a smart contract address and in return, you receive WBTC tokens that can be used in ways regular Bitcoins can’t. When you are done you can exchange your WBTC back to real Bitcoins.
Thanks to Rivex and Wanchain, centralized middlemen services, connecting different blockchain systems, are no longer needed. This saves time and money. Rivex will be building its ecosystem on top of the Wanchain infrastructure, providing human-readable data. The developers hope that this interoperability will lay the foundations for the mass adoption of blockchain technology.
How are transactions performed on Rivex?
Rivex has chosen the Proof of Stake consensus algorithm. Any transaction performed on the Rivex network needs to be verified and confirmed by RX Validator Nodes.
When a transaction is initiated it will first be recorded off the main net. Based on contract rules (RX Contract), this will trigger a token transaction on the public blockchain. RX validator nodes will verify the transaction and sign it, if it is legit, after which it will get included in the blockchain. This enables Rivex to facilitate a big number of tx/sec without compromising security or decentralization.
For more information about RiveX please visit the official website https://www.rivex.io/ and Rivex social media channels:
Telegram: https://t.me/RiveXOfficial
Twitter: https://twitter.com/RiveXFoundation
Medium: https://medium.com/@RiveXOfficial
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