IOV Labs, the parent company of Bitcoin smart contract network RSK, has added another feather to its cap by teaming up with Tribe, Singapore’s government-backed blockchain accelerator.
As part of the agreement, RSK’s second-layer protocol and third-layer services marketplace will be made available to the country’s government agencies and corporations, as well as startups seeking to incorporate blockchain tech into their products and services.
The Tribe ecosystem underlines Singapore’s commitment to blockchain, having previously partnered with the likes of BMW, Citi, Intel and Nielsen. The Singapore government also currently owns cross-border trade platform Global eTrade Services (GeTS), which utilizes blockchain technology to streamline supply chain management for business and trade communities. Central Bank Digital Currency (CBDC) experiments, meanwhile, are carried out under its Project Ubin umbrella.
Ruben Altman, IOV Labs’ Head of Adoption, welcomed the link-up, saying: “Our partnership with Tribe Accelerator will open the door to an important market for us. After the production-ready launch in early 2018 we decided to take a step forward in our global expansion and partner up with strategic local players in key ecosystems. We’re more adoption-oriented than ever and look forward to helping realize the Internet of Value.”
From Argentina to Asia and Beyond
Needless to say, the Argentinian firm’s goal is increased blockchain awareness and adoption not just in Southeast Asia but throughout the world. The first smart contract platform to use the Bitcoin network, RSK’s mainnet launched in 2018 after four years of development. Because it depends on Bitcoin’s hash power, the network has a solid claim to be the world’s most secure smart contract platform.
IOV Labs have certainly made headlines in recent months, most notably with the acquisition of Spanish-language social media platform Taringa, which boasts 30 million users. IOV have also allocated $5 million in assets to develop products for Taringa, which will integrate and test RSK dapps and infrastructure. Taringa is no newcomer to the cryptosphere, having forged a partnership with Xapo wallet in 2015, enabling content creators to earn tips in bitcoin.
A Genuine Smart Contract Contender?
For dApp developers, the lure of building on Bitcoin lies in being anchored to the world’s most secure proof-of-work network, bringing unrivaled transaction finality. To crypto projects seeking genuine censorship-resistance, integrating with Bitcoin through a second layer solution makes sense. Ethereum, the leading smart contract chain by some distance, has been plagued by accusations of creeping centralization, with Infura exerting de facto control over network nodes. The proposed introduction of proof of stake to Ethereum 2.0 will do nothing to allay these fears.
On EOS, meanwhile, the network’s 21 block producers have already been caught colluding and essentially operating as a cartel. Bitcoin’s proof of work system, in comparison, while not perfect, is materially more robust, making it attractive to projects such as RSK seeking to capitalize on its superior security model for smart contracting purposes.