Key learning points
- IOV Labs announced notable enhancements to the Rootstock Infrastructure Framework (RIF) and Rootstock sidechain at the 2023 Annual Consensus Event in Austin, Texas.
- IOV Labs’ investment in the Rootstock strategic grant program and RIF developments reflect the company’s commitment to support the development of a decentralized finance ecosystem through open source tools and community efforts.
Tim Paymans, the VP of Product at IOV Labs, just announced remarkable advancements for the Rootstock Infrastructure Framework (RIF) and Rootstock side chain aimed at enabling further growth. According to an official press release today, the announcement was made at the 2023 annual Consensus event in Austin, Texas.
The Rootstock Infrastructure Framework (RIF) is a collection of freely available resources, systems and communication methods that streamline the creation of inclusive and user-centric financial services using the Rootstock sidechain. These open-source tools serve as fundamental components for building applications that enable individuals to safely, easily, and inexpensively perform activities such as payment processing, money transfers, savings management, and lending.
Rootstock on the other hand, it is a sidechain of Bitcoin that stands out for its unparalleled security, openness and resistance to censorship. The platform offers EVM-compliant smart contract capabilities, leveraging
Following the proposed development, IOV Labs’ unwavering commitment to building a decentralized finance ecosystem that empowers people to engage and thrive will be strengthened by these developments. As a result, the creation of cost-effective, practical and easily scalable fintech products on the blockchain will be accelerated.
IOV Labs invests in Rootstock’s grant program, plans product development workshops for RIF
Tim Paymans elaborated on the two major developments proposed for RIF, noting that the first development is the launch of a program that will provide five additional Product Development Workshops for companies.
These are companies interested in using blockchain technology and RIF protocols to create innovative fintech products. Moreso, the program provides access to product experts, Rootstock developers, financing and marketing support to selected partners.
The second development is the introduction of a new visual identity for RIF. The new branding is intended to better reflect RIF’s purpose of facilitating the development of affordable, scalable and usable fintech products and services on the blockchain.
According to the announcement, the RIF suite, an open source platform, can be used by enterprises, developers and entrepreneurs to build new services or incorporate cryptocurrency into their existing products. Those interested in partnering with RIF to co-create a product can express their interest.
In addition, IOV Labs is also seeking to award 100 grants this year with the goal of supporting founders and entrepreneurs as they build the future of finance as per Paymans’ statement at the Consensus 2023. To that end, it has unveiled plans to launch a $100 grant program. 2.5 million for startups and developers to build DeFi applications on top of Rootstock.
IOV Labs’ investment in the Rootstock strategic grant program and RIF developments reflect the company’s commitment to support the development of a decentralized finance ecosystem through community efforts. IOV Labs’ vision is to lay the foundation for financial inclusion, and the company believes the best way to realize this vision is by putting the tools, technology and resources directly into the hands of the builders, founders and financial organizations on the frontline of the future of finance.