IOVLabs Introduces a $2.5M Program to Boost the Development of Bitcoin’s Sidechain Rootstock

IOVLabs Introduces a $2.5M Program to Boost the Development of Bitcoin's Sidechain Rootstock



IOVLabs – a firm that develops decentralized blockchain applied sciences – launched a $2.5 million “strategic grants program” to speed up the adoption of Rootstock.

The latter is a sidechain tied with Bitcoin and designated to allow sensible contracts for the ecosystem.

‘Strong Commitment’ to Advance BTC

According to a doc seen by CryptoPotato, the Argentina-based blockchain entity will use the financing to improve the improvement of Bitcoin’s sidechain – Rootstock. IOVLabs Đ°Đ»ŃĐŸ introduced the launch of a Hackaton in a mutual effort with HackerEarth.

The Đ”Đ¶Đ”ĐœŃ‚ will run from May to July and can move by three phases: an ideation stage, a improvement interval, and a closing pitch to a panel of judges from the Bitcoin and Rootstock ecosystems. The program is offered for blockchain builders from every half of the globe. Hackaton individuals may win greater than $25,000 in awards.

Pei Chen – IOVLabs VP of Growth – stated the $2.5 million program demonstrates the entity’s “strong commitment” to “build a truly decentralized financial system on Bitcoin.” She thinks builders may harness the Rootstock sidechain and “help create a freer and fairer financial system for all.” 

Chen praised the sidechain for changing into “the home of DeFi on Bitcoin,” which is why it must be obtainable to everybody regardless of their technical capability.

“This is how the first billion users will be onboarded to Web3, and together, we can make it happen,” she concluded.

President Daniel Fogg stated he’s “excited” to see how builders use Bitcoin’s potential to clear up each day points for folks round the world. 

“Every network has its sweet spot, and for Rootstock, it’s all about using Bitcoin to create a more accessible and fairer financial system for all. By bringing together EVM compatibility with the unmatched security of Bitcoin, Rootstock offers developers a network that can be trusted to support the financial futures of people worldwide, no matter their economic status,” he added.

The Previous Effort

As CryptoPotato reported earlier this 12 months, IOVLabs launched its Rootstock Infrastructure Framework (RIF) Flyover to permit easy and faster transfers between Bitcoin and the Rootstock sidechain. The initiative requires the companies of third-party liquidity suppliers. Sergio Demian – Chief Scientist at IOVLabs – commented:

“We are excited to release the RIF Flyover protocol to the Rootstock community. The protocol significantly reduces the amount of time required to transfer bitcoins between the Bitcoin and the Rootstock chain without compromising security. This is achieved by ensuring that the funds are never in custody of a third party during the transfer.”

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