The Good Tech Companies - RootstockCollective In-Depth: Empowering Bitcoin Builders

Starting point is 00:00:00 This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Rootstock Collective in-depth, empowering Bitcoin builders, by Rootstock. Rootstock Collective is the first DAO designed to recognize and reward builders and users of Rootstock, the leading and longest-standing Bitcoin sidechain. Rootstock Collective was formed to address a critical challenge faced by Bitcoin builders, value capture. Historically only Bitcoin miners and holders benefited from the Rootstock network's growth. address a critical challenge faced by Bitcoin builders, value capture. Historically only Bitcoin miners and holders benefited from the Rootstock network's growth. This changes today with the introduction of the Rootstock Collective which aims to reward Bitcoin builders and their

Starting point is 00:00:34 supporters. This article explores how and why Rootstock Collective was built, how each participant can be rewarded, and what the future holds stake your riff and join rootstock collective what is rootstock collective rootstock collective is a one-of-a-kind dow built on the rootstock blockchain the first and biggest bitcoin sidechain combining the security of bitcoin with the programmability of ethereum rootstock brings the best of both worlds rootstock collective is a new addition to the rootstock ecosystem it aligns builders and stective is a new addition to the Rootstock ecosystem. It aligns builders and stakers on a shared mission to bring innovation, growth, and prosperity to programmable Bitcoin. This is done by creating a self-sustaining growth cycle where builders are rewarded with RIF

Starting point is 00:01:16 and RBTC for building novel solutions on top of Bitcoin and backers, i.e. stakers that support projects, are also rewarded with RIF and RBTC for supporting the builders of these projects and growing the ecosystem. In a nutshell, Rootstock Collective provides the mechanism for everyone to contribute, influence, and create value to the first and longest-standing Bitcoin sidechain. Foundation on Rootstock Blockchain The Rootstock blockchain is known to be the first and longest-lasting Bitcoin sidechain. It leverages Bitcoin's proof-of-work security model via merge mining, a mechanism that allows the same hash rate deployed on the Bitcoin blockchain to secure Rootstock. Additionally, Rootstock is EVM-compatible, meaning that

Starting point is 00:02:00 everything built on Ethereum can be easily ported to Rootstock to benefit from its robust security. In terms of the governance token, the RIF token was chosen because it is one of the most widely available and easily accessible tokens on Rootstock. By linking governance power to the RIF token, community members can actively participate in decision making through STRF, which is minted by staking RIF. This approach allows members to utilize a token they are already familiar with, ensuring a seamless transition into governance roles. RIF, which is minted by staking RIF. This approach allows members to utilize a token they are already familiar with, ensuring a seamless transition into governance roles. Additionally, it strengthens the community's influence over the future direction of rootstock, as DAO can integrate other RIF-enabled protocols, such as RIF on-chain and RIF name service,

Starting point is 00:02:40 RNS, and direct ecosystem revenue to support community-led initiatives. DAO Governance Rootstock Collective's governance structure relies on the following principal sand mechanisms, community LED decision-making. Rootstock Collective empowers its members to actively participate in decision-making processes, ensuring a decentralized approach. Members can propose, discuss, and vote on initiatives such as grant approvals, ecosystem development, and project funding initiatives such as grant approvals, ecosystem development, and project funding. On-chain governance and operations, the governance framework utilizes the Rootstock blockchain's smart contracts to ensure transparency and accountability. Voting, proposal submissions, and reward distributions are

Starting point is 00:03:19 executed on-chain, reducing the risk of manipulation and enhancing trust. All decisions, financial disbursements manipulation and enhancing trust. All decisions, financial disbursements, and project milestones are also recorded and accessible on the blockchain, ensuring transparency. Token-based participation. Governance is driven by a token model where the governance token is STRIF, the staked version of RIF, which is needed to submit or vote on proposals. Tokens ensure that stakeholders with a vested interest in the ecosystem have a say in its direction. Rewards management. Rootstock Collective's reward model was launched with the Collective Rewards Program which incentivizes

Starting point is 00:03:55 contributions to the ecosystem from both builders and supporters, i.e. backers. Grants are issued based on the DAO members' votes, aligning funding decisions with community priorities. Active participants in governance processes may receive rewards or perks such as badges and voting boosters, motivating consistent involvement in DAO activities. Collective Rewards. Rewarding builders and communities. The Collective Rewards program is designed to enable value capture and rewards herring between builders and backers. The Collective Rewards incentive is engagement, innovation, and fair competition, driving the decentralization and growth of the rootstock ecosystem. The program is designed to benefit builders and their supporters, backers, as follows. For builders, builders, in the context

Starting point is 00:04:42 of collective rewards, are developers or projects who are members of the Rootstock Collective, are constant contributors to the Rootstock ecosystem, and have been approved by the community to be added to a whitelist and receive collective rewards on a regular basis. As an activated builder in the Rootstock Collective ecosystem, you will benefit from two key angles building on the first and longest-running Bitcoin sidechain. The unparalleled security, ease of use due to the EVM compatibility, and the end-to-end dev stack of the rootstock blockchain. Sustainable decentralized reward system. The collective rewards enable activated builders to get rewards and share with backers for their support,

Starting point is 00:05:20 incentivizing backers and creating a sustainable growth cycle. In short, the collective rewards allow you to build on the best Bitcoin sidechain while bringing the community to vote for your project, unlocking rewards in the form of Bitcoin and RIF for both builders and backers. For backers, backers in the Rootstock collective ecosystem are RIF stakers who use their stake tokens, STRIF, to support specific builders. RIF is a utility token in the Rootstock ecosystem that empowers users, developers, and builders to unlock the full potential of the Bitcoin ecosystem. This includes decentralized governance, stablecoins, and improved user experience.

Starting point is 00:05:57 On the other hand, STRF, one-to-one pegged to RIF, is the governance token of Rootstock Collective. STRrip tokens represent voting and backing power within the DAO. They enable token holders to partake in governance decisions like grant allocations and changes to the system. The key advantage of becoming a backer is that backers earn rewards from activated builders who choose to share a percentage of their earnings. The backer's power is derived from their Stif token balance, which can be allocated to one or multiple builders in proportions, chosen by the backer. For example, a builder earns 20% of the total rewards for a cycle. If the builder sets a backer reward percentage of 25%, 5% of the total rewards for that cycle go to their backers, with individual

Starting point is 00:06:41 shares based on each backer's allocated votes. Moreover, the collective rewards offer backers, with individual shares based on each backer's allocated votes. Moreover, the collective rewards offer backers the opportunity to earn rewards for supporting innovative projects. Actively contribute to the growth of the rootstock ecosystem. Flexibly adjust backing allocations based on builder performance and strategy creating a fully decentralized democratic experience. By supporting builders, backers not only earn rewards but also play a pivotal role in fostering innovation and sustaining the Rootstock ecosystem. How to get started? What you'll need to participate? Get started with RIF. RIF is a utility token designed to unlock more opportunities on Bitcoin through Rootstock. When you stake your RIF tokens, you get a staked version of RIF called STRF which is also pegged

Starting point is 00:07:25 one-to-one and provides you with the right to vote, create and approve any modifications in the ecosystem, and be actively involved in the governance process. The first step in participating in Rootstock Collective would be to get RIF. RIF is available across a range of centralized and decentralized exchanges, along with meta-aggregators and cross-chain liquidity protocols, including centralized exchanges, Binance, Gate, IOMEXC, Calm, and others. Decentralized exchanges. SushiSwap, Changely, On, OffRamps, Lemon, Bit2Me, Mount Pelerin. Bridges. Symbiosis, Sovereign, Jumper. To store RIF securely, users can use Rootstock-compatible wallets like Metamask, Ledger, or Trezor, ensuring peace of mind for long-term holders. Explore the full list of ways to get RIF here. Once you have RIF tokens,

Starting point is 00:08:18 you can stake them to participate in governance through Rootstock Collective. Staking RIF converts your tokens into STRF, enabling you to vote on proposals, influence decisions, and contribute to the direction of the RIF ecosystem. Becoming a builder. In order to qualify as a builder in the Rootstock Collective ecosystem, a developer or team of developers has to be actively contributing to the development of Rootstock and then get approval to be whitelisted, activated, by the Rootstock community. There is a simple framework to participate in the collective rewards as a builder, which consists of getting RIF. Staking RIF, submitting your project to the community,

Starting point is 00:08:54 getting approval from the community to become activated, setting a backer reward percentage that incentivizes community members to back you. Claiming your rewards. Becoming a backer. Backers are RIF stakers in the Rootstock collective ecosystem who choose to support certain activated builders with allocations and get a share of the builder's rewards. Becoming a backer is quite straightforward. Stake your RIF tokens to receive STRF tokens. Use your STRF tokens to vote for builders to get them activated in collective rewards. Use your STRF tokens to back builders of your get them activated in collective rewards. Use your Strift tokens to back builders of your choice. Monitor and claim your rewards through the Rootstock

Starting point is 00:09:30 Collective Dapp. The future of Rootstock Collective DAO. The Rootstock Collective DAO aims to build on collective governance models and community engagement so that Bitcoin DeFi reaches new heights. So far, Rootstock Collective laid a strong foundation for decentralized governance with a dedicated DAP for governance and participation in the first white paper release. Independent security audits, over a $170,000 in RIF and $591,040 in RBTC distributed in grant waves. Launching the collective rewards program for all members of the DAO and its dedicated white paper. According to the roadmap, the future holds more growth with transition towards a more decentralized governance model, giving community members full power to propose new features and

Starting point is 00:10:15 functionalities such as the tally integration, voting boosters, and rootstock network fees flowing into the treasury. DAOs on Bitcoin are here to stay, and it's your time to join the revolution. Stake your riff and join Rootstock Collective today. Thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.

The Good Tech Companies - RootstockCollective In-Depth: Empowering Bitcoin Builders

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