Unlike most blockchain 2.0 startups which are quietly courting banks and other corporate entities, Rootstock is very vocal about its interactions with The World Bank Group, for instance, with which it aims to drive financial inclusion. Perhaps this goes with the territory – Rootstock runs on the Bitcoin blockchain.
Rootstock draws together the capabilities of Ethereum with the security and transparency offered by the Bitcoin network, using sidechain technology and bitcoin as the fuel to run its smart contracts. The project has been publicly backed by smart contracts expert Nick Szabo who said it combines the best of both worlds – Bitcoin and Ethereum.
Diego Gutierrez Zaldivar, co-founder of Rootstock said using Bitcoin, which has had some time to mature as a technology, allowed Rootstock to focus on actual use cases such as micro lending programmes.
He told IBTimes: “Our idea is to target specific needs that we detected in Latin America in different areas and also launch Rootstock with some real use cases; companies and organisations that want to start working on smart contract execution.”
Zaldivar said Rootstock has been in talks with The World Bank and Banco Ciudad de Buenos Aires and other development banks such as BNDES, the Brazilian development bank.