Nervos Network Will Hand Out $30M to Encourage Third-Party Development

The grant fund will pay developers in cash, rather than equity or tokens, and submitted projects will be made public to source feedback from the Nervos community.

Jan 9, 2020 at 12:00 p.m. UTC
Updated Sep 13, 2021 at 12:07 p.m. UTC

Nervos Network has set up a $30 million public grant fund to sponsor external developers building on its blockchain infrastructure.

Announced Thursday, the fund will pay developers in the combination of cash and CKByte tokens, and all submitted projects will be made public to source feedback from the broader community, Nervos co-founder Kevin Wang told CoinDesk. 

Individuals, teams and companies can begin submitting applications for improving the firm’s layer one blockchain Common Knowledge Base (CKB).

“We hope applicants can help find ways to make our infrastructure more user-friendly,” Wang said. “We will be more interested in potential applications on top of our blockchain over time.” 

The company plans to look at the applicants’ backgrounds as well as the proposals themselves. Wang said the review process will also include examining the resources and groups behind the applicants.

Grants will be Initially awarded to proposals focused on infrastructure developments such as client protocols, development environment, cross-chain interoperability, smart contract language and tooling, the firm said. 

As Nervos begins building the foundation of its permissionless two-layer blockchain network, the firm tried to assemble a tool kit that developers can use to program and build applications on the platform, according to a release.

As one of the earliest blockchain adopters in China, Nervos has raised over $100 million and partnered with some of the largest state-owned companies in the country. It has been working with China Merchants Bank International on decentralized finance applications. 

In November, the project launched its mainnet Lina and completed its $72 million token sale on Coinlist in the same month. It has previously secured $28 million in Series A funding in a round led by Polychain and private equity giant Sequoia China.Nervos will use 23.5 percent of the initial token supply to encourage open-source contributions and business partnerships, according to its token’s public offering document.


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
FTX’s Bankman-Fried Pitches CFTC on Directly Clearing Customers’ Crypto Swaps

The crypto exchange’s founder and CEO made his case at a Washington D.C. roundtable, while mainstream derivatives firms painted his ideas as dangerous.

The crypto exchange’s founder and CEO made his case at a Washington D.C. roundtable, while mainstream derivatives firms painted his ideas as dangerous.

CoinDesk - Unknown
2
CoinDesk - Unknown
Terra lanzaría su snapshot esta semana: cómo serán distribuidos los 'nuevos' LUNA

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

CoinDesk - Unknown
3
CoinDesk - Unknown
Binance to Advise on Crypto Strategy as Kazakhstan Looks to Boost Industry

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

The country known as a bitcoin mining hub is trying to attract more crypto firms and broaden the industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Why Is South Korea Throwing Money at the Metaverse?

South Korea’s “Digital New Deal” is flooding the country’s tech industry with billions of dollars in grant money in the hopes of creating 2 million new jobs. This article is part of "Metaverse Week."

South Korea’s “Digital New Deal” is flooding the country’s tech industry with billions of dollars in grant money in the hopes of creating 2 million new jobs. This article is part of "Metaverse Week."

CoinDesk - Unknown