Algorand Launches $ 50 Million Blockchain Grants Program

The Algorand Foundation has allocated 250 million ALGO, valued at approximately $50 million, for a grant program aimed atstimulating the development of Algorand infrastructure projects.

According to the head of the unitdistribution of grants by Fangfang Chen, funds will be distributed between companies and developers creating projects for the Algorand blockchain over the next 2-4 years. Research and development-oriented projects, as well as developers of decentralized applications, educational and community-based initiatives, are eligible for grants.

The grant program is the most significant investmentAlgorand in the development of the community today. Last November, the foundation also launched a grant program, but the amount of funds allocated was significantly less. Back then, developers could qualify for a grant of between 5,000 and 250,000 ALGO for a six-month project, with the upper limit being the “maximum grant” the fund could afford.

For the first round of grants, the fund selected projectsBloq, PureStake, and Reach. Chen did not specify how much each project received, but assured that the grants met "the needs of each of them." Bloq is developing a gateway infrastructure, and PureStake is creating a plug-in for the AlgoSigner browser. The Reach decentralized application support development platform, site founder Chris Swenor said, is upgrading its compiler for Algorand.

Svenor said possible reach integrationreduce access barriers in Algorand. The platform is intended for novice application developers who lack experience and tools. Reach makes coding decentralized applications “safe for all developers, not just teams of blockchain specialists who can spend a lot of money on auditing.”

PureStake CEO Derek YuYoo) said that AlgoSign "will allow developers to integrate Algorand transaction capabilities into their applications, in the same way as through the MetaMask plug-in on the Ethereum network." He noted that funding will cover development, as well as the first year of maintenance and upgrades.

At the moment, the distribution of grants is controlled by the fund, however, according to Chen, this may change next year, and the Algorand community will decide on the grant.

Let us recall that in the fall, support for smart contracts and DeFi functions was added to the Algorand blockchain, and earlier the project raised $200 million to open its own venture fund.

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