The Stacks Open Interest Foundation has announced to offer up to $5,000 grants to those projects which could help it in enhancing the Stacks blockchain and its environment.
In May 2020, a decentralized network Blockstack established the Stacks Foundation to develop a ‘user-owned internet’ connected to Bitcoin. At that time, the Stack foundation received 100 million STX, which then worth around $23 million, from the decentralized network.
As per the report, on September 03, as the crypto market collapsed, the price of 100 million STX also came down and reached around $19 million.
In its announcement, the foundation has mentioned that it would offer grants to those projects which connect with the infrastructural needs on the Stacks 1.0 blockchain.
The infrastructural needs include Core Protocol Development; Education, Evangelism and Collaboration; Tools, and Services.
It has been notified that as the foundation approves the proposal, it would come under the realm of Web 3.0. Regarding this, the Stack Foundation has stated, “Every internet user can participate in the value they create because they have full ownership of their identity and data.”
Brittany Laughlin, the executive director at the Stacks Open Internet Foundation while promoting Web 3.0, stated that anyone interested in developing it could apply.
Laughlin notified that the interested individual should not only have the developing skills but should also be creative.
According to the reports, the foundation is currently planning to use its beta version to increase the Stacks Grant Program and award amount at the time of launch of Stacks 2.0.
In the year 2019, Blcokstack organized its first SEC-qualified ICO to prove that it complies with the US regulators.
In that offering, the decentralized network earned a total of $23 million which later was moved to the Stacks Foundation.
Currently, the Blcockstack has been trying hard so that the US crypto exchange lists its token, which for the time being is paired with Tether, Bitcoin, and Binance Coin.