IOVLabs Launches $2.5 Million Initiative to Enhance Bitcoin’s Sidechain Rootstock Development

IOVLabs, a decentralized blockchain technologies developer, has launched a “strategic grants program” worth $2.5 million to accelerate the adoption of Rootstock. This sidechain is connected to Bitcoin and designed to enable smart contracts for the ecosystem. According to a document seen by sources, IOVLabs will use the financing to enhance the development of Bitcoin’s sidechain. The launch of the Hackathon in collaboration with HackerEarth will further enhance the development of Rootstock. The program is available to blockchain developers globally and offers more than $25,000 in awards. Pei Chen, IOVLabs VP of Growth, said the program demonstrates the entity’s “strong commitment” to “build a truly decentralized financial system on Bitcoin.
President Daniel Fogg praised the Rootstock sidechain’s ability to create a more accessible and fairer financial system for all. IOVLabs previously launched its Rootstock Infrastructure Framework (RIF) Flyover, allowing smooth and faster transfers between Bitcoin and the Rootstock sidechain. The protocol reduces the time required to transfer bitcoins between Bitcoin and the Rootstock chain without compromising security.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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