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Algorand Foundation launches $250M ALGO Grants Program to foster blockchain development

Thu, 16 Apr 2020, 00:11 am UTC

Research and governance organization Algorand Foundation has a new multi-million program.

On April 14, Algorand Foundation announced the launch of $250-million Algo Tokens (ALGO) Grants Program. The new program will provide funding to projects building apps to support infrastructure, end-user application, and research innovation on the Algorand blockchain.

Approximately $50 million will be allocated to qualified developers focusing on four major categories – innovative research, development tools and infrastructure for the Algorand blockchain, use cases for decentralized applications (dApps) to be built on top of the Algorand blockchain, and education and community initiatives. The potential use cases could include DeFi, payments, social media integration, copyright authentication, and more.

“We are thrilled to announce the 250M ALGO Grants Program, which is designed to support innovation that helps to grow the Algorand ecosystem,” said Fangfang Chen, Head of Operations at the Algorand Foundation.

“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.”

Algorand announced three projects that are among its first recipients and they are as follows:

  1. Bloq - a multi-blockchain infrastructure provider that delivers Algorand nodes and APIs alongside other major networks.
  2. PureStakeSigner - an open-source browser plug-in that enables developers to add Algorand transaction capabilities into their applications while allowing users to keep control of their keys.
  3. Reach - a development platform designed to remove the complexity of building dApps on the Algorand blockchain and to enable the future creation of DAOs, Decentralised Exchanges and many other DeFi Applications on Algorand.

"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," said Chris Swenor, founder of Reach. "We are excited to participate and move forward with our vision for making DApp development seamless.”

Those who are interested in receiving funding for their projects can apply here: https://algorand.foundation.

Meanwhile, back in 2019, proof-of-stake based blockchain Algorand raised over $60 million in a token sale conducted on CoinList. It notably sold 25 million ALGOs for auction in just four hours.

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