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.

AccessTimeIconJan 9, 2020 at 12:00 p.m. UTC
Updated Aug 19, 2021 at 12:10 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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. 

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about