Key Highlights:
- IOVLabs launches $2.5M Grants Program to enhance the development and adoption of Rootstock.
- IOVLabs has partnered with HackerEarth, a global community of over 4 million developers, to launch its scaling Bitcoin Hackathon.
In a groundbreaking move to propel the development and adoption of Rootstock, IOVLabs, a leading global blockchain technology firm, announced today the launch of a $2.5 million strategic grants program and a Scaling Bitcoin Hackathon.
Per the announcement, the program aims to boost the growth of Rootstock, which has emerged as a thriving hub of decentralized finance (DeFi) activity on the Bitcoin network. This significant initiative was unveiled at the inaugural Bitcoin Builders Conference in Miami, an event dedicated to Bitcoin Layer 1 and Layer 2 developers.
Rootstock’s unique compatibility with the Ethereum Virtual Machine (EVM) makes it highly accessible for developers, as they can leverage familiar solidity tools and libraries, including Hardhat, Truffle, web3.js, and ethers.js, to build decentralized applications (dApps) and integrations on the network, without requiring prior knowledge of the Bitcoin ecosystem.
Following the new development, developers engaging with Rootstock are provided with the opportunity to tap into the extensive resources available on the DevPortal and incorporate the open-source protocols of the Rootstock Infrastructure Framework (RIF) into their current and future projects, expanding the platform’s capabilities.
IOVLabs Partners HackerEarth to Launch Scaling Bitcoin Hackathon
In a bid to identify promising candidates for the grants program, IOVLabs also announced a Hackathon in collaboration with HackerEarth, a renowned global community of over 4 million developers.
Thus, the company will be partnering with HackerEarth to launch the Hackathon, which is scheduled to hold from May to July, 2023, will encompass ideation, development, and final pitch stages, with a distinguished panel of judges from the Bitcoin and Rootstock ecosystems evaluating the submissions. Blockchain developers worldwide are encouraged to participate.
According to the announcement, in addition to the chance of qualifying for the $2.5 million grant program, participants in the Hackathon will compete for prizes exceeding $25,000. Nonetheless, IOVLabs’ strategic grants program and Hackathon embody a broader mission to unlock the potential of Bitcoin beyond its role as a store of value, positioning it as a comprehensive financial system.
This dual approach entails supporting established financial institutions in launching Web3 products while providing entrepreneurs and builders with funding and assistance through hackathons and grants. The continuous co-creation and growth of Rootstock’s ecosystem partner list underline IOVLabs’ commitment to empowering the community.
Furthermore, the Hackathon and grants program will explore various concepts and projects aligned with the “Everyday DeFi” theme, including enhancing interoperability among different blockchains built on or with Bitcoin, user-centric utility to drive effective user engagement, unlocking new functionalities and liquidity for DeFi, and enhancing Rootstock infrastructure and tooling.
In parallel with these initiatives, the Bitcoin Builders Conference provides a platform for hands-on workshops, panel discussions with engineering leaders, and enlightening industry keynotes aimed at developers and innovators. The conference also showcases the latest development tools for Bitcoin, further emphasizing IOVLabs’ commitment to advancing the capabilities of the network.
