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IOVLabs – a company that develops decentralized blockchain technologies – launched a $2.5 million “strategic grant program” to accelerate the adoption of Rootstock.
The latter is a sidechain tied with bitcoin and designated to enable smart contracts for the ecosystem.
‘Strong Commitment’ to Pushing BTC
According to the document seen by crypto potato, the Argentina-based blockchain entity will use the financing to accelerate the development of Rootstock – a sidechain of bitcoin. IOVLabs also announced the launch of a Hackaton in a mutual effort with HackerEarth.
The program will run from May to July and will go through three phases: an ideation phase, a development phase, and a final pitch to a panel of judges from across the Bitcoin and Rootstock ecosystems. This program is available to blockchain developers from every part of the world. Hackathon participants can win over $25,000 in prizes.
Pei Chen — IOVLabs’ vice president of development — said the $2.5 million program reflects the entity’s “strong commitment” to “building a truly decentralized financial system on bitcoin.” She thinks developers can leverage the Rootstock sidechain and “help build a free and fair financial system for all.”
Chen praised the sidechain for becoming “the home of DeFi on bitcoin,” which is why it should be available to everyone, regardless of their technical ability.
He concluded, “This way the first billion users will be added to Web3, and together, we can make it happen.”
President Daniel Fogg said he is “excited” to see how developers harness bitcoin’s potential to solve daily issues for people around the world.
“Every network has its niche, and for Rootstock, it’s about using bitcoin to create a more accessible and fair financial system for everyone. Bringing together EVM compatibility with bitcoin’s unmatched security Rootstock provides a network of developers that can be trusted to support the financial future of people around the world, regardless of their economic status.
last attempt
As crypto potato informed of Earlier this year, IOVLabs launched its Rootstock Infrastructure Framework (RIF) Flyover to allow smooth and instant transfers between bitcoin and the Rootstock sidechain. The initiative requires the services of third-party liquidity providers. Sergio Damian – Chief Scientist at IOVLabs – commented:
“We are excited to release the RIF Flyover Protocol to the Rootstalk community. The protocol significantly reduces the amount of time required to move bitcoin between bitcoin and the Rootstalk chain without compromising security. This is achieved by ensuring that that the funds are not in the custody of a third party during the transfer.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
IOVLabs – a company that develops decentralized blockchain technologies – launched a $2.5 million “strategic grant program” to accelerate the adoption of Rootstock.
The latter is a sidechain tied with bitcoin and designated to enable smart contracts for the ecosystem.
‘Strong Commitment’ to Pushing BTC
According to the document seen by crypto potato, the Argentina-based blockchain entity will use the financing to accelerate the development of Rootstock – a sidechain of bitcoin. IOVLabs also announced the launch of a Hackaton in a mutual effort with HackerEarth.
The program will run from May to July and will go through three phases: an ideation phase, a development phase, and a final pitch to a panel of judges from across the Bitcoin and Rootstock ecosystems. This program is available to blockchain developers from every part of the world. Hackathon participants can win over $25,000 in prizes.
Pei Chen — IOVLabs’ vice president of development — said the $2.5 million program reflects the entity’s “strong commitment” to “building a truly decentralized financial system on bitcoin.” She thinks developers can leverage the Rootstock sidechain and “help build a free and fair financial system for all.”
Chen praised the sidechain for becoming “the home of DeFi on bitcoin,” which is why it should be available to everyone, regardless of their technical ability.
He concluded, “This way the first billion users will be added to Web3, and together, we can make it happen.”
President Daniel Fogg said he is “excited” to see how developers harness bitcoin’s potential to solve daily issues for people around the world.
“Every network has its niche, and for Rootstock, it’s about using bitcoin to create a more accessible and fair financial system for everyone. Bringing together EVM compatibility with bitcoin’s unmatched security Rootstock provides a network of developers that can be trusted to support the financial future of people around the world, regardless of their economic status.
last attempt
As crypto potato informed of Earlier this year, IOVLabs launched its Rootstock Infrastructure Framework (RIF) Flyover to allow smooth and instant transfers between bitcoin and the Rootstock sidechain. The initiative requires the services of third-party liquidity providers. Sergio Damian – Chief Scientist at IOVLabs – commented:
“We are excited to release the RIF Flyover Protocol to the Rootstalk community. The protocol significantly reduces the amount of time required to move bitcoin between bitcoin and the Rootstalk chain without compromising security. This is achieved by ensuring that that the funds are not in the custody of a third party during the transfer.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
