A few hours ago, the team of the Algorand blockchain project announced important developments regarding both the new developer portal and the new grant program.
We are excited to announce our 250M ALGO Grants Program! We will fund application development, tools & infrastructure, research, education & community engagement efforts, fueling the growth of a vibrant Algorand ecosystem. For more info & submissions https://t.co/jo5S6jV27d pic.twitter.com/Oo2Cgt95Tx
— Algorand Foundation (@AlgoFoundation) April 14, 2020
As can be read in the post, it is a 250 million ALGO program, which at the current exchange rate of $0.17 is over $42 million. This program will be spread over several years, so it will most likely be much more profitable in the future if the price of the crypto increases.
The Algorand grant program has 4 categories:
- Research proposal: funding of innovative research directions with potentially major contributions to the long term success of Algorand and any other blockchain ecosystems;
- Development tools and Infrastructure: tools and infrastructure components to support development over the Algorand blockchain and its use. These tools and components should make the Algorand network easily accessible to developers and system builders;
- Application and use cases: grants for projects building and deploying applications targeting a variety of real-world use-cases and demonstrating high potentials for driving mainstream adoption and enabling borderless economy;
- Education and community: supporting educational efforts that drive awareness of open-source, decentralized technologies and their impact on business and society. We also support community led initiatives that strengthen and grow the Algorand community
To participate it is necessary to fill in a form with personal data and accept the terms and conditions. The program currently excludes several countries such as USA, Canada or China to name the most important ones. To complete the form it is necessary to provide identification, then complete a real KYC (Know Your Customer) procedure in order to receive the funds.
“As a condition for receiving the Grant you may be required to complete identify / KYC checks and deliver such further legal agreements, Statements of Work (SOWs), containing representations and warranties on confidentiality and intellectual property”.
It is interesting to note that in the comments users ask how to track the relevant funds, since when it comes to crypto assets for this type of use, the teams of the various blockchains make the relevant address public. In this case, however, it has not yet been disclosed.
In conclusion, there is a mistake that The Cryptonomist noticed on Algorand’s blog. The last news on the website dates back to January 1st, 1970.