RootstockCollective has been unveiled as the primary DAO on Bitcoin layer-2 Rootstock.
The DAO will permit holders of Rootstock token RIF to earn voting rights by way of staking their tokens.
NFTs arrived on Bitcoin final 12 months. Then fungible tokens got here to the oldest and largest blockchain – together with dozens of recent layer-2 networks, and staking tasks, too.
Now, a decentralized autonomous group (DAO) has been unveiled on Bitcoin layer 2 Rootstock, persevering with the pattern of ideas extra generally related to the likes of Ethereum discovering their technique to the world’s oldest blockchain.
RootstockCollective, the primary DAO on the Bitcoin layer 2, is designed to encourage builders and customers of Rootstock, in keeping with an emailed announcement shared with CoinDesk on Thursday.
DAOs are blockchain-based organizations during which choices are taken by holders of its underlying token slightly than any central authority. Like many aspects of the blockchain panorama, they reside on networks like Ethereum and Solana however have been absent from Bitcoin because of constraints over its programmability.
Rootstock is considered one of plenty of layer-2 networks searching for to allow larger utility to Bitcoin, and it is appropriate with Ethereum’s EVM programming commonplace for good contracts, – theoretically permitting functions initially constructed on Ethereum or affiliated chains to be simply ported over.
The so-called build-on-Bitcoin pattern first got here to prominence in early 2023 with the Ordinals protocol, which launched a Bitcoin model of non-fungible tokens (NFTs). This has since continued with the availability for memecoins and different fungible tokens on the Runes protocol, whereas the BitVM computing paradigm has opened the door to facilitating good contracts on Bitcoin.
The RootstockCollective DAO will permit holders of the Rootstock token RIF to earn voting rights by way of staking their tokens. Staking refers to customers locking away their tokens to take part within the verification course of on a blockchain and receiving extra tokens as a reward.
Learn Extra: Snapshot, Common DAO Voting Platform, Lastly Strikes On-Chain, Atop Starknet
