IOTA, a revolutionary new transactional settlement and data transfer layer for the Internet of Things, today announced the launch of the IOTA Ecosystem Fund. Valued above $2 million, the fund is entirely dedicated towards fostering growth of IOTA through incentivizing participation in expanding and shaping the ecosystem through use cases, libraries and tools, as well as hackathons.

The IOTA Ecosystem Fund is for developers who want to contribute and be part of the next generation of IOTA’s unique distributed ledger technology. From projects like adding some sensors to a Raspberry Pi and making it useful through IOTA through to something more complex, the IOTA Ecosystem Fund exists to make it a reality and provide these opportunities.

The engineering philosophy behind IOTA is one of modularity and pragmatism. Rather than attempting to create an ‘all in one’ universal solution, IOTA intends to instead keep the underlying ledger protocol as basic and efficient as possible and to extend its utility through the IOTA eXtension Interface(IXI). New IXI modules take a lot of time to develop due to the vast amount of time that goes into research, so people more inclined towards researching topics and writing whitepapers than coding can also apply for funding through the IOTA Ecosystem Fund.