What Is RootstockCollective’s Main Objective?
Q: What motivated the formation of RootstockCollective and what are its primary goals?
RootstockCollective exists to maximize Bitcoin’s possibilities, venturing beyond its traditional role as merely a store of value. It aims to tap into Bitcoin’s underutilized liquidity to guarantee appropriate value capture for builders, while compensating backers and stakers who help these projects thrive within the Rootstock ecosystem.
What Surprised You Most Since Launch?
Q: Since launching in September 2024, what has been the most unexpected outcome for RootstockCollective?
The overwhelming community response to RootstockCollective took us by surprise, as we managed to amass 4.5 million RIF staked in the DAO within just 24 hours. In a more general sense, the RootstockCollective has effectively supported multiple builder projects in a little over three months, which is a remarkable feat considering the short time frame.
For example, the Asami Club focuses on social empowerment, offering cross-sponsoring and revenue opportunities through social media. Although their initial project fell through with RootstockLabs, they obtained grant funding through the DAO. They are now engaging with their community and endorsing the DAO, showcasing its potential as ambassadors.
Another example is Memora, a blockchain-based time capsule that integrates smart contracts into significant life events. Users can create contracts tied to their death, facilitating the transfer of crypto assets after they die. As a winner of the ETH Global Hackathon in Singapore, Memora utilized DAO grants to propel their project.
These instances illustrate how RootstockCollective supports builders not just when launching their projects, but as they continue to grow, showcasing the DAO’s capacity to nurture innovation within the Rootstock ecosystem.
How Does the RIF Token Governance Work?
Q: Can you explain the RIF token governance system and how it promotes inclusivity and fairness?
RootstockCollective is straightforward to navigate. One RIF token equals one vote, with a minimum of one token necessary to participate as a backer. Builders need at least 1,000 RIF to submit a proposal, ensuring that only serious applications are made, which helps to avoid spam. Transparency is a fundamental tenet of the Rootstock Collective, making project progress trackable for everyone. To qualify for funding, a minimum of 4% community turnout is required, ensuring equitable involvement.
However, the liquidity disparities among backers pose a challenge, which we are working to address through a delegate system to empower those with smaller contributions. The DAO is committed to remaining inclusive and fair, with ongoing efforts to ensure this principle is upheld.
What Are Your Funding Priorities?
Q: How do you prioritize the allocation of the $10 million in funding secured for the foundation’s treasury?
The DAO’s $10 million first-year funding primarily funds builders through Builder Rewards and grants, while also compensating backers via Backer Rewards. Additionally, this funding supports hackathon participants and community incentives like airdrops and quest campaigns. The DAO treasury receives 19% of all Rootstock transaction fees, creating a sustainable cycle of funding. This strategy aims to stimulate innovation while rewarding the community for their participation.
How Does RootstockCollective Build Community?
Q: What strategies does RootstockCollective use to grow and engage its community?
Rootstock’s community consists of both builders and end-users. Builders are attracted to Rootstock’s unique claim as the only Bitcoin Layer 2 offering Ethereum-like capabilities. Its support for hackathons and workshops has captured global attention, as shown by the ETH Global hackathons, where there has been a marked increase in projects developing on Rootstock this year.
For end-users, usually Bitcoin investors, there are specific challenges to community growth. These users emphasize the importance of security audits and governance, seeking assurance that their assets are secure within the Rootstock ecosystem. Considerable effort goes into raising awareness through social media and events to reduce barriers to entry, making the ecosystem more welcoming for newcomers.
What Challenges Did RootstockCollective Face?
Q: What were the challenges faced in implementing the Grants program as the first Bitcoin DAO?
Constructing the RootstockCollective involved extensive testing to ensure its functionality and effectiveness. Striking a balance between adequate funding and equitable participation remains a challenge, but the iterative nature of the DAO allows for adjustments based on community feedback. Community input at launch led to modifications like the CollectiveRewards program, which are steps toward aligning the DAO with its long-term vision.
Since launching, the DAO has grown significantly, with many positive proposals and grants distributed. Continuous updates and improvements ensure that RootstockCollective becomes increasingly effective and user-friendly.
What Contributions Could RootstockCollective Make to Blockchain's Future?
Q: What unique contributions do you see RootstockCollective making to the future of blockchain technology?
The RootstockCollective is witnessing many talented builders proposing innovative dApp ideas. As these projects disrupt the conventional order, they could further advance blockchain technology as a whole. The RootstockCollective would be there to support them.
The most intriguing area where the DAO may contribute to the future of blockchain technology is in decentralization and governance. Decentralization is a core principle of Bitcoin and a fundamental aspect of blockchain. While many dApps on other chains adopt a centralized approach, the RootstockCollective advocates for all projects to follow a decentralized path, expanding the ecosystem and spurring innovation.
What Advice Do You Have for Others Building DAOs?
Q: What advice would you give to others working on DAOs for Bitcoin Layer 2 solutions?
Successful DAOs require a well-defined mission that aligns with Bitcoin community values. Transparency and community trust are essential, as is ensuring that the project genuinely embodies DAO principles. Sustaining a DAO demands long-term commitment, frequent updates, and active community engagement. RootstockCollective is a prime example of a DAO flourishing as a community-driven initiative, fostering innovation and collaboration within the Bitcoin ecosystem.
Summary
RootstockCollective is poised to redefine the Bitcoin ecosystem by unlocking its hidden potential through innovative governance, funding, and community engagement strategies. By tackling challenges and harnessing the strengths of the Rootstock ecosystem, it paves the way for a more inclusive and innovative future in blockchain technology.
