ConsenSys to Grant $175K to Seven Ethereum Blockchain Projects

Mary Brendah by Mary Brendah - 08:03 AM Oct 11, 2019
ConsenSys to Grant $175K to Seven Ethereum Blockchain Projects

Ethereum development and venture studio, ConsenSys, has granted $175,000 to seven Blockchain projects working on the Ethereum infrastructure.

The announcement was made on October 10th and the projects include; a forward-looking Ethereum software client called Lighthouse, an oracle network for off-chain data called Teller and a mobile decentralized app-builder called Alice, among other projects.

Moreover, regarding the new wave of grant recipients, ConsenSys Head of Experiential Marketing Yadira Blocker said:

“In Wave 1, we saw a lot of applications but they weren’t super strong. In Wave 2, we started to see more credible teams and more unique ideas come to the table.”

Additionally, ConsenSys marketing Director; Daniela Osorio claims the objective of the program is to support under-resourced areas of development that are integral to the Ethereum ecosystem but not necessarily profitable.

“It comes down to this theory of the ‘tragedy of the commons.’ We all need certain pieces to work for everyone else to build something potentially more profitable on top.”

Furthermore, the ConsenSys-backed Ethereum bounties platform Gitcoin Network; is experimenting with a novel form of grant distribution dubbed Capital-constrained Liberal Radicalism (CLR) matching.

Gitcoin founder, Kevin Owocki, claimed that CLR matching is the “mathematically optimal way to fund projects people care about.”

However, the basic idea is to more individual contributions a Blockchain project gets, the more the cash the project receives from the dedicated grants fund. Gitcoin uses a special algorithm to distribute the grant money to match users’ donations in an important way.

In Conclusion

The third wave of ConsenSys grants is also open for application since last month. Moreover, $220,000 is remaining in the grants fund to give away. In addition, ConsenSys launched the grants program back February this year. So far, the firm has received over 150 applications for the grants fund.

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.