Dfinity Foundation Launches $200M Dev Fund for Internet Computer

Jafrin  |  May 26, 2021

The Dfinity Foundation, a non-profit scientific research organization has launched a $200 million developer fund to promote the development of The Internet Computer, a decentralized blockchain. Per the official announcement, the program will help in the development of dApps, tooling, and infrastructure on the Internet Computer Protocol.

Dfinity Foundation Announces The Developer Ecosystem Program

The Dfinity Foundation, behind the Internet Computer (TIC) blockchain network, has announced “The Developer Ecosystem Program” and is now accepting applicants for development grants.

The fund is available for projects such as tools for developers to speed up coding, infrastructure such as oracles and block explorers, accelerators, among others.

Announcing the new grants, Dfinity founder and chief scientist, Dominic Williams, stated:

“Our aim is to support the reimagination of all systems and services in new forms using smart contracts on an infinite public blockchain. What the world now builds to take advantage of blockchain’s new capabilities shall be an important and fascinating next chapter.”

During his Consensus 2021 appearance, Williams said that over 100,000 identities have already been created on the Internet Computer and described a forthcoming social network called Distrikt.

“You’re going to see a blockchain that evolves and progresses technically far faster than blockchains have evolved and progressed technically in the past,” he said.

TIC Aims to Transform the Internet into a Global Computer

The Internet Computer (TIC) was launched on May 11, after five years of development, and $102 million raised by investors such as Andreessen Horowitz and Polychain Capital.

TIC is a new blockchain system from Dfinity that aims to transform the internet into a giant, global computer with the use of smart contracts, and take on the $370 billion cloud computing market in an attempt to cut the dependencies from centralized server farms.

As of this writing, ICP, the network’s native token, is trading at $138 and is currently the 10th largest cryptocurrency by market cap.

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