IOV Labs, a startup that constructs financial solutions based on Bitcoin'southward blockchain, has introduced another layer of scaling.

"IOV Labs announced the launch of its Light Client for the Lumino Payments Network, a third-layer Bitcoin scaling solution," said a statement provided to Cointelegraph, which added:

Lumino Payments Network enables off-chain payment capabilities for whatsoever current or time to come ERC20-compliant token deployed on the RSK and RIF blockchain networks."

Bitcoin-based decentralized finance

Ethereum made a proper name for itself as a smart contract-enabled network primed for project building. Thanks to a sidechain solution called Rootstock (RSK), however, projects tin work with smart contracts on Bitcoin'south network. RSK also touts a second layer element called RIF. IOV Labs oversees RSK and RIV.

As of the contempo launch, programmers using the Lumino Light Client do not need to operate a consummate blockchain node when building blockchain-based solutions, the statement explained. Amalgam decentralized applications, or DApps, based on the light client simply requires mobile hardware and online web access.

The statement detailed:

The Light Client enables mobile payments integration with all ERC20-compliant tokens and stablecoins available in the RIF, RSK, and Money on Concatenation DeFi ecosystems."

The new development boast scalability

As Bitcoin itself only runs approximately seven transactions per 2nd, or TPS, scalability has been part of the crypto adoption discussion for years. By comparison, Visa's network tin reportedly host 24,000 transactions per second.

Although not quite Visa status, the new Lumino Light solution is a step in the right direction with its 2-style transaction avenues, able to process 100 TPS, with 20,000 TPS scaling potential, the argument said.

RIF Payments head Ale Narancio said in the statement:

We are already working with several wallets to integrate the Lumino Calorie-free client. Our goal is to brand Lumino compatible with the Lightning Network and other off chain networks to enhance interoperability and user experience".

Just last month, an RSK and RIF-based stablecoin hitting the market pegged to the value of the U.S. dollar, growing the ecosystem built on Bitcoin's network.