The RioDeFi technical team shares our latest updates before the launch of the RioChain Main Net V1.
As the launch of RioChain draws near, we’re sharing some insights into the development that has taken place on RioChain since the beginning of the year.
Below we’ll explore a few of the key differences between the RioChain Beta net that was put in service in April and the main net. Furthermore, we will introduce the next milestones that will lead to the launch of RioChain Main Net this week.
1) About RioChain Beta Version
We have run RioChain Beta as our test net since April. The network operates under a Proof of Authority consensus algorithm with a block generation time of 2s. To date we have securely generated about 7 million blocks.
You can check the status of the RioChain network using the following links:
2) RioChain Beta Net Development Status
1. The basic code is open source here: (https://github.com/RioDefi/riochain)
2. We have designed our own asset module and added customized functionalities for the assets.
3. The native token of RioChain is RioFuel (RFUEL), and we also have a Locked RFUEL which is not transferable and can only be used to process transactions.
4. To implement the conversion, we added Fee Exchange in the chain to allow the user to convert their Locked RFUEL to RFUEL when they want to pay transaction fees. (https://github.com/RioDefi/riochain/blob/master/modules/rio-transaction-payment/src/lib.rs)
5. We have a centralized BTC & ETH Bridge that allows users to transfer their BTC and ETH to RioChain. ( https://github.com/RioDefi/riochain/tree/master/modules/rio-bridge)
6. We allow third party dApp teams to build their modules based on RioChain. The current process requires the developer to fork the code of RioChain and submit their pull request after making modifications. This is the best way right now to integrate other functions into the chain.
7. We have our own Saving Module For DeFi (https://github.com/RioDefi/riochain/tree/master/modules/rio-saving)
8. We have our own Loan Module for DeFi (https://github.com/RioDefi/riochain/tree/master/modules/rio-loan)
9. We have built a centralized Oracle module.
3) Beta Net Notable Challenges
1. In our early stages of development, some transactions occasionally got dropped. All these problems have been fixed in the Substrate 2.0 version.
2. The 2s block generation time originally made it challenging to avoid missing blocks, but this issue has now been resolved.
3. When the user numbers got really high, the Web Sockets (WSS) connection was hard to optimize and scale.
4. There were a lot of details that needed to be notified in the command line parameters (for example, the default block generation strategy is WASM)
5. We developed a scenario that illustrates how to get storage by RPC (https://github.com/RioDefi/rpc_example)
4) RioChain Main Net Development Status
We are currently finalizing the launch of RioChain Main Net V1. Our recent efforts have been specifically focused on:
1. Upgrading to Substrate 2.0.
2. Moving our asset system to ORML’s design.
3. Rebuilding our bridge modules using the design of our Generic Asset Gateway which allows more assets.
4. Integrating with the custody solution of Hex Trust, a licensed Hong Kong Trust company specializing in digital assets.
5. Importing the governance modules of Substrate.
6. Improving DeFi related modules and integrating MANTRA DAO.
RioChain Main Net version 1 is now undergoing final testing, and we are on target to launch this week with a phased rollout schedule of features, which will be published soon. If you have any further technical questions, please join our community @riodefiofficial to communicate with us.
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services. We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.
To learn more about the latest developments regarding RioChain, visit: Riodefi.com