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Algorand Foundation Launches 250M ALGO Grants Program To Develop Its Algorand Ecosystem

The Algorand Foundation announced a 250 million ALGO tokens (approximately $50 million USD) grants program to foster development on the Algorand blockchain on April 14.

This worldwide, multi-year program will provide funding to projects building apps to support infrastructure, end-user application, and research innovation on the Algorand blockchain.

We are excited to announce our 250M ALGO Grants Program! We will fund application development, tools & infrastructure, research, education & community engagement efforts, fueling the growth of a vibrant Algorand ecosystem. For more info & submissions — Algorand Foundation (@AlgoFoundation) April 14, 2020

As part of the program the ALGO tokens will be allocated to qualified developers across four major categories:

  1. Innovative research

  2. Development tools and infrastructure for the Algorand blockchain

  3. Use cases for decentralized applications (dApps) to be built on top of the Algorand blockchain

  4. Education and community initiatives

Potential use cases could include DeFi, payments, asset exchanges, social media integration, supply chain, copyright authentication, and asset tokenization.

Fangfang Chen, Head of Operations at the Algorand Foundation said:

“We are thrilled to announce the 250M ALGO Grants Program, which is designed to support innovation that helps to grow the Algorand ecosystem. We believe that a public, permissionless, pure proof-of-stake blockchain with an open-source approach is fundamental to delivering on the vision of a borderless economy. As part of its vision of enabling a broad and active blockchain development community, the Algorand Foundation is committed to supporting that community as they explore the opportunities for innovation that exist within the Algorand blockchain ecosystem.”

Initial recipients of the program include three projects:

Derek Yoo, CEO at PureStake says:

“Easy and pragmatic developer tools are critical to further expanding the accessibility of the Algorand network. We are pleased to have been selected by the Algorand Foundation for a grant that lets us break down barriers between token holders, application developers, and the blockchain network itself.” 

Chris Swenor, founder of Reach added:

“The grant program from the Algorand Foundation is one of the most focused programs out there, and we believe it will be instrumental in accelerating the adoption of Algorand’s platform. We are excited to participate and move forward with our vision for making DApp development seamless.”

The Algorand Foundation will conduct the initial evaluation of the projects. In the future, the Algorand Foundation plans to introduce an open grant program, which will allow the broader community to vote on which projects should receive grants.

Official Source: PR Newswire | Image: Pixabay

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