Nervos (CKB), a public blockchain network, awarded $1 million to several teams working on enhancements to its infrastructure. This represents the first of numerous upcoming payouts from the network’s previously announced $30M development fund.
Nervos Network awards $1M in grants to seven teams https://t.co/przBUv1187 $BTC $ETH $XRP $BNB — CryptoGryphon (@cryptogryphon) April 10, 2020
In 2018, Nervos completed a successful Initial Coin Offering or ICO. During this sale, the project raised approximately $100 million. Nervos Network is a two-layer blockchain. Its base layer, like Bitcoin (BTC), is secured with the proof-of-work consensus mechanism, while the second layer is designed to provide scalability.
It has been reported that Nervos dispersed their initial $1 million grant amongst seven teams. The company stated in a press release that these teams “will contribute to the continued development of Nervos Network and further enhance its usability and interoperability.”
However, Kim Fournier, the Head of Global Marketing at Nervos, said:
“Our priority is on building infrastructure for the developers because we are aware that our technology is complicated and it’s not easy for developers to build on. We want to foster and enable developments. The grants were split pretty equally between teams with each receiving somewhere between 100 and 350k. One team received two grants for two different projects.”
According to Fournier, a team called Summa is developing a project that the Nervos community is particularly excited about. One of the goals of this project is to create interoperability with the Bitcoin network.
Fournier believes that it will take a long time for Nervos to award the full contents of its development fund.
Thus, he states that the company wants to build a blockchain that will still be around in one hundred years.