Algorand (ALGO), a leading proof of stake (PoS)-based blockchain platform, recently revealed that it’s developing a trusted, public, and permissionless infrastructure (with the help of its community members) for the borderless global economy.

The Algorand team announced:

“In support of our mission, we are launching a 250 million ALGO Grants Program. This multi-year Grants Program aims to fund application development, tools and infrastructure, research, education and community engagement efforts.”

As confirmed by Algorand’s developers, 250 million ALGO is equivalent to around 10% of the native token’s present circulating supply.

There are no fixed annual budgets that have been made, however, the funds are to be distributed based on the quality or potential value of each project.

The release further noted that the grants program aims to promote innovation and development while supporting the growth of an evolving, diverse and prosperous Algorand ecosystem.

The Algorand development team said that the scope of the grants program is quite broad. It aims to cover all key aspects of the distributed ledger technology (DLT) platform’s ecosystem.

The blockchain protocol’s program is designed to support innovative projects during all stages of their development cycle from conception to their launch phase.

The funds will be accessible to professional investors. They’re mainly intended to support research, development tools for the Algorand DLT platform, implementing various use cases for decentralized applications (dApps), and several education and community projects.

Last month, the Algorand team confirmed that it had created a globally accessible, open data repository for people to share their current Coronavirus (COVID19) status (even if they’re not experiencing any symptoms of the deadly virus).

Algorand’s developers have requested everyone to fill out a simple survey and help spread awareness about the initiative.

The survey is available here.