Rootstock Reveals New Workshops and Visual Identity for RIF

Rootstock is also launching a $2.5 million grant program.

A man staring at a myterious object covered with a red cloth
Created by Gabor Kovacs from DailyCoin
  • The new workshops will help businesses to use blockchain technology and develop fintech products.
  • The company said that a new visual identity for RIF better reflects its purpose.
  • IOV Labs is also launching a $2.5 million grant program.

Rootstock, a permissionless and censorship-resistant Bitcoin sidechain that provides EVM-compatible smart contract functionality using Bitcoin as the native asset, announced a few major developments during the Consensus 2023 event in Texas.

First, the company revealed five complimentary Product Development Workshops for businesses using blockchain technology and the RIF protocols to develop and launch innovative fintech products. Partners selected for the program will be given access to product experts, Rootstock developers, funding, and marketing support.

Rootstock also said it’s introducing a new visual identity for RIF to reflect better its purpose to accelerate the development of useful, affordable, and scalable fintech products and services on the blockchain.

Visual advertising RIF with a short sentence stating "The building blocks of a new financial system".
Source: Rootstock.

Sponsored

RIF is short for Rootstock Infrastructure Framework. It’s a set of open-source protocols, SDKs, and services that make developing decentralized finance applications on Rootstock blockchain that are speedy, safe, and scalable.

Tim Paymans, VP of Product at IOV Labs, explained at Consensus 2023 why IOV Labs created RIF and how the organization planned to continue supporting the development of the decentralized protocols.

Sponsored

“Our vision at IOVLabs is a safe and equitable global financial system that enables everyone to participate and prosper. We believe the best way to make this vision a reality is by putting the tools, technology, and resources directly in the hands of the builders, founders, and financial organizations on the front line of the future of finance.”

In addition to the RIF developments, Paymans also announced that IOVLabs would be launching a $2.5 million grant program for startups and developers to build DeFi applications on top of Rootstock. IOVLabs aims to distribute 100 grants this year to support founders and entrepreneurs in building the future of finance. The grants program will be launched in the coming weeks.

Pei Chen, IOVLabs VP of Growth, said that the grants program reflects Rootstock’s commitment to developing a decentralized financial ecosystem.

“IOVLabs’ investment in the Rootstock strategic grants program reflects our commitment to supporting the development of a decentralized financial ecosystem through community effort. Over 1 billion people lack access to financial services worldwide. RIF aims to change this by reducing the complexity of decentralized finance and making it accessible to all.”

RIF was designed to help developers and financial pioneers solve real, everyday challenges for users. The suite of open source technologies act as the building blocks for creating applications that make it possible to pay, send, save and borrow money in a secure, simple and affordable way.

On the Flipside

  • Rootstock didn’t specify when the grants program is launching.

Why You Should Care

Smart contract functionality on Bitcoin would open up a whole new ecosystem of decentralized finance. 

Read more about recent BTC price action:

Bitcoin Rallies on News of First Republic Bank Troubles, Is There a Correlation?

Read more about Gary Gensler talking about crypto as non-securities:

Video from 2018 Shows Gary Gensler Saying Most Cryptos Aren’t Securities

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.