By
Godfrey Benjamin
April 20th, 2024
IOVLabs aims to bring together talented individuals who can contribute to scaling Bitcoin and advancing the Web3 space.
Prominent Blockchain technology firm IOVLabs recently announced the introduction of a new project targeted at encouraging innovation and growth within the Rootstock ecosystem. As contained in a press release shared with Coinspeaker, the project includes a $2.5 million grant program and a scaling Bitcoin hackathon, both aimed at encouraging and supporting new builders in the space.
The project which was revealed at Miami’s first Bitcoin Builders Conference will be delivered in conjunction with HackerEarth, a community of developers numbering up to 4 million. The initiative aims to provide financial resources to talented developers, entrepreneurs, and researchers who are working on groundbreaking projects related to blockchain technology.
In addition to the funding program, IOVLabs is also hosting the scaling Bitcoin Hackathon. The Hackathon which has three stages – ideation, development, and final pitch – is expected to begin in May and end in June. The expanded hackathon offers developers an opportunity to showcase their skills and creativity while competing for prizes and recognition.
Furthermore, participating in the Hackathon contest not only gives users the chance to potentially qualify for a $2.5 million grant program, but also provides the opportunity to win over $25,000 in prizes. Through these initiatives, IOVLabs hope to accelerate the adoption of blockchain technology and drive innovation within the industry.
Having notable individuals like Sergio Lerner and Diego Gutiérrez Zaldívar, who are co-founders of Rootstock amongst other judges and mentors in the Hackathon also adds significant value to the event. Their expertise and experience can provide valuable insights and feedback to participants.
IOVLabs Grant to Add Value to the Web 3.0 Ecosystem
Markedly, the IOVLabs $2.5 million grants program and the Scaling Bitcoin Hackathon are part of an effort to expand the Web3 space.
IOVLabs, the company behind projects like Rootstock (RSK) and RIF, is focused on developing and promoting technologies that enable decentralized applications and the adoption of blockchain technology.
The role of IOVLabs to boost the industry’s evolution will draw developers from across the ecosystem given that one of the developer tools it supports Rootstock enables the development of applications without full knowledge of DApps. As it detailed, the participating developers can use the same solidity tools and libraries they are accustomed to including Hardhat, Truffle, web3.js, and ethers.js.
By hosting this sponsorship program, IOVLabs aims to bring together talented individuals who can contribute to scaling Bitcoin and advancing the Web3 space.
Overall, both the grants program and the hackathon are strategic efforts by IOVLabs to support and nurture the growth of the Web3 ecosystem by empowering builders, encouraging innovation, and promoting the adoption of decentralized technologies. Meanwhile, RSK, an IOVLabs subsidiary, purchased the Spanish social media network Taringa and gained access to its almost 30 million subscribers.
IOVLabs and Taringa intend to collaborate to create breakthrough consumer products, features, and services for their respective communities. Taringa claims that they currently have over 1,000 active online communities.