IOVLabs is launching a $2.5 million program to advance the development of Bitcoin’s sidechain rootstock

IOVLabs is launching a $2.5 million program to advance the development of Bitcoin’s sidechain rootstock

IOVLabs – a company that develops decentralized blockchain technologies – has launched a $2.5 million “strategic grant program” to accelerate the adoption of Rootstock.

The latter is a sidechain linked to Bitcoin that aims to enable smart contracts for the ecosystem.

“Strong commitment” to promoting BTC

According to a document viewed byCryptoPotatoThe Argentina-based blockchain company will use the funding to advance the development of the Bitcoin sidechain – Rootstock. IOVLabs also announced the launch of a Hackaton in a joint effort with HackerEarth.

The event runs from May to July and goes through three phases: an ideation phase, a development phase and a final pitch to a jury from the Bitcoin and Rootstock ecosystems. The program is available to blockchain developers from all parts of the world. Hackaton participants were able to win over $25,000 in prizes.

Pei Chen – vice president of growth at IOVLabs – said the $2.5 million program shows the company’s “strong commitment” to “building a truly decentralized financial system on Bitcoin.” She believes that developers could use 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 skills.

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

President Daniel Fogg said he was “excited” to see developers harnessing Bitcoin’s potential to solve everyday problems for people around the world.

“Every network has its sweet spot, and for Rootstock it’s about using Bitcoin to create a more accessible and fair financial system for everyone.” “By combining EVM compatibility with Bitcoin’s unmatched security, Rootstock provides developers with a network that can be trusted to support the financial future of people around the world, regardless of their economic status,” he added.

The previous attempt

AsCryptoPotato reportedEarlier this year, IOVLabs launched its Rootstock Infrastructure Framework (RIF) flyover to enable smoother and faster transfers between Bitcoin and the Rootstock sidechain. The initiative requires the services of external liquidity providers. Sergio Demian – Chief Scientist at IOVLabs – commented:

"We are pleased to make the RIF Flyover Protocol available to the Rootstock community. The protocol significantly reduces the time required to transfer Bitcoins between the Bitcoin and Rootstock chains without compromising security. This is achieved by ensuring that funds are never in the custody of third parties during the transfer."

.