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

IOVLabs – a company that develops decentralized blockchain technologies – launched a $2.5 million “strategic grants 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 Advance BTC

According to a document seen by CryptoPotato, the Argentina-based blockchain entity will use the financing to enhance the development of Bitcoin’s sidechain – Rootstock. IOVLabs алсо announced the launch of a Hackaton in a mutual effort with HackerEarth.

The ежент will run from May to July and will pass through three phases: an ideation stage, a development period, and a final pitch to a panel of judges from the Bitcoin and Rootstock ecosystems. The program is available for blockchain developers from each part of the globe. Hackaton participants could win more than $25,000 in awards.

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

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

President Daniel Fogg said he is “excited” to see how developers use Bitcoin’s potential to solve daily issues for people around 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 year, IOVLabs launched its Rootstock Infrastructure Framework (RIF) Flyover to allow smooth and quicker transfers between Bitcoin and the Rootstock sidechain. The initiative requires the services of third-party liquidity providers. 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.”