Algorand Announces Almost $50 Million Grants Program to Boost ALGO Ecosystem

In a press release issued on April 14, 2020, decentralized blockchain project Algorand (ALGO) announced the launch of a mammoth 250 million ALGO Tokens Grants Program – approximately worth $50 million at current currency rates.

Algorand Foundation Announces $50 Million Grants Program

In an attempt to encourage its community of developers to build robust, cutting-edge distributed ledger technology-based (DLT) applications, Algorand Foundation recently announced the launch of ALGO Tokens Grants Program.

Through this program, the foundation aims to provide funding to projects building apps to support infrastructure, end-user application, and research innovation on the Algorand blockchain.

Per the press release, the 250 million ALGO digital tokens will be allocated to qualified developers across four major categories, namely, 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.

Notably, potential use cases for the aforementioned categories could cut across myriad industries including international payments processing, decentralized finance (DeFi), asset exchanges, social media integration, supply chain, copyright authentication, and asset tokenization, among others.

Commenting on the development, Fangfang Chen, Head of Operations, Algorand Blockchain, said:

“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.“

The foundation added that one of the key criteria in the selection process of projects for grants allocation is their potential to create a positive impact on the wider Algorand community and the ecosystem at large.

As of now, the Algorand Foundation will conduct the initial evaluation of the projects. The foundation, however, plans to introduce an open grant program in the future to enable the broader community to vote on projects it deems fit of the funds.

A Rapidly Growing Blockchain Project

Having raised some $100 million in its funding round in December 2018, Algorand has proved itself as one of the fastest growing blockchain projects in existence today.

BTCManager reported on March 3, 2020, how SFB Technologies had stated they’d be leveraging Algorand’s blockchain protocol to develop the national digital currency of the Marshall Islands.