Dear Money on Chain and RIF on Chain Communities,
On behalf of IOV Labs - a contributor to the Rootstock ecosystem - I would like to present a proposal that aims to enhance the stability and recognition of the RDOC stablecoin within the ecosystem by changing its name to USDRIF. This proposal serves two primary objectives:
- to foster greater trust and confidence in the token
- to raise awareness of its close association with the USD currency and the RIF ecosystem
As a decentralised protocol, RIF on Chain holds immense potential for the future RIF tokenomy and the Rootstock community, and IOV Labs is committed to supporting the protocol’s growth and adoption. The name given to a concept, product, application, or token is a crucial factor in driving adoption. We firmly believe that a simple change in the name of the RDOC token will significantly enhance immediate recognition among users and partners. Given the nature of this proposal, we have been collaborating with the Money on Chain development team in a joint effort on the technical changes to support this proposal.
Under the proposed changes, the stablecoin will adopt the symbol property “USDRIF” and the name property “RIF US Dollar.” The inclusion of the USD abbreviation in the symbol ensures market parity in recognition, while the expanded name allows for flexibility in various naming scenarios such as future pegs to other fiat currencies.
To ensure transparency and bolster confidence in the RIF on Chain protocol, we have undertaken a comprehensive third-party security audit. Furthermore, an updated Whitepaper will be made available to provide a comprehensive understanding of the RIF on Chain protocol.
Since the existing RDOC smart contract’s name is immutable, we propose the introduction of a new smart contract for USDRIF. This will facilitate a straightforward 1:1 migration process, enabling token holders to seamlessly transition from the old RDOC asset to the new USDRIF asset. We will enhance the IPFS web dApp to support the claiming process, enabling users to swap their entire RDOC balance for USDRIF in a single transaction without incurring any protocol fees. In addition, we have created a new token logo to visually represent USDRIF. These visual elements will also be included in the RIF meta library, ensuring their accessibility and usage.
The availability of USDRIF presents an exciting opportunity to foster widespread adoption and stimulate growth within the RIF on Chain protocol. It will infuse renewed trust and enthusiasm into the ecosystem, setting the stage for a host of future enhancements and an exciting roadmap for RIF on Chain.
Once USDRIF is launched, we will explore further protocol updates to optimise gas fees and improve suitability for Everyday Defi use cases and applications, ensuring a seamless experience for all users.
We strongly believe that renaming the RDOC stablecoin to USDRIF would be a positive step forward for the Money on Chain and RIF on Chain communities. We invite all community members to participate in the vote on this proposal, and we await your valuable feedback and support.
(With support from the brilliant IOV Labs team and other Rootstock contributors)