Rootstock Collective, a new decentralized autonomous organization (DAO), has been unveiled on the Bitcoin layer-2 network Rootstock. The DAO is designed to encourage builders and users of Rootstock, one of the oldest and most closely watched projects among the fast-growing ranks of layer-2 blockchains built atop Bitcoin.

The build-on-Bitcoin trend, which first gained prominence with the Ordinals protocol's introduction of a Bitcoin version of non-fungible tokens (NFTs), has continued with the provision for memecoins and other fungible tokens on the Runes protocol, as well as the BitVM computing paradigm that has opened the door to facilitating smart contracts on Bitcoin.

The RootstockCollective DAO will allow holders of the Rootstock token RIF to earn voting rights through staking their tokens. Staking refers to users locking away their tokens to participate in the verification process on a blockchain and receiving more tokens as a reward.

This development comes as DAOs, which are blockchain-based organizations where decisions are made by token holders rather than a central authority, have been largely absent from Bitcoin due to constraints over its programmability. Rootstock's compatibility with Ethereum's EVM programming standard for smart contracts, however, allows applications originally built on Ethereum or affiliated chains to be easily ported over.

The launch of the RootstockCollective DAO continues the trend of concepts more commonly associated with Ethereum finding their way to the world's oldest blockchain, Bitcoin, as the ecosystem surrounding the leading cryptocurrency continues to evolve and expand.

Source: https://www.coindesk.com/tech/2024/09/12/build-on-bitcoin-trend-imports-another-concept-from-ethereum-the-dao/

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