$2.5 Million Grants Program Launched For Bitcoin Builders

• IOVLabs announced a $2.5 million grant program to promote the growth and use of Rootstock, a Bitcoin sidechain.
• A Hackathon in collaboration with HackerEarth was organized to find qualified applicants for the grant program.
• The hackathon will span from May through July and all participants have a chance to win over $25,000 in prizes in addition to being eligible for the grant program.

IOVLabs Launches Grant Program

IOVLabs, a leader in blockchain technology, has announced the launch of a $2.5 million strategic grants program to promote the growth and use of Rootstock, the first Bitcoin sidechain. This was revealed at the first-ever Bitcoin Builders Conference in Miami.

Hackathon Collaboration with HackerEarth

To find qualified applicants for the grant program, IOVLabs also announced they are organizing a Hackathon in collaboration with HackerEarth, which is a worldwide community of over 4 million hackers. This hackathon will include an ideation stage, development stage and final pitch before an elite panel of judges from both Bitcoin and Rootstock ecosystems. Participants can win more than $25,000 in cash prizes as well as be eligible for this grant program.

Compatibility with Ethereum Virtual Machine

Rootstock is compatible with Ethereum Virtual Machine (EVM), meaning no previous programming experience is necessary to create decentralised apps (dApps) and integrations on the network. Solidity tools such as Hardhat, Truffle, web3js and ethersjs are available for developers who wish to use RIF’s open-source protocols on their projects.

Broadening Applications of Bitcoin

The goal behind this initiative by IOVLabs is to broaden applications of Bitcoin beyond its use as a store of value and support it’s development into a financial system that works across multiple layers (Layer 1 & Layer 2). To achieve this objective IOVLabs has adopted dual-pronged strategy – helping existing financial institutions develop Web3 products while supporting entrepreneurs & builders via hackathons & grants respectively . Developers can make use of rich resources available on DevPortal for their present or future projects related with rootstock ecosystem.

Sergio Lerner & Diego Gutiérrez Zaldívar Involved

Sergio Lerner & Diego Gutiérrez Zaldívar , co-founders of Rootstock are involved in this hackathon – serving respectively as judge & mentor . Leaders from Sovryn & Tropykus among few others will also be judging this event .