The arrival of non-fungible tokens (NFTs) on Bitcoin in 2023 was a significant milestone. Since then, the Bitcoin blockchain has seen the introduction of fungible tokens, layer-2 networks, and staking projects, all of which have expanded its capabilities.
In a new development, a decentralized autonomous organization (DAO) has been launched on Rootstock, a Bitcoin layer-2 network. This move highlights the ongoing trend of features typically associated with Ethereum finding their way onto Bitcoin’s network.
RootstockCollective, the newly unveiled DAO, is the first of its kind on the Bitcoin layer-2 platform. Its primary goal is to support builders and users on Rootstock, according to an announcement shared with CoinDesk on Thursday.
DAOs are blockchain-based entities where decision-making power rests with token holders rather than a centralized authority. These organizations have traditionally been deployed on platforms like Ethereum and Solana, as Bitcoin’s limited programmability has historically hindered their development.
Rootstock is one of several layer-2 networks aimed at expanding Bitcoin’s functionality. It is compatible with Ethereum’s EVM (Ethereum Virtual Machine) standard, which allows developers to port applications originally built for Ethereum onto the Bitcoin network with minimal effort.
The “build-on-Bitcoin” movement gained traction in early 2023 with the introduction of the Ordinals protocol, which enabled NFTs on Bitcoin. Since then, memecoins and other fungible tokens have been added through the Runes protocol, while the BitVM computing model has paved the way for smart contract capabilities on the Bitcoin blockchain.
Through the RootstockCollective DAO, holders of the Rootstock token (RIF) can earn voting rights by staking their tokens. Staking involves locking tokens in the network to participate in the blockchain’s verification process, with participants earning additional tokens as rewards.
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