Polkadot’s ‘Web3 Foundation’ Grants Program Welcomes 300 Projects

Polkadot, a platform that allows cross-Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term transfers of any type of data or asset, announced today that its grants program has exceeded the 300 projects it supports through its “Web3 Foundation.”

At the beginning of the year, Polkadot announced that its Web3 Foundation reached a 200 project milestone, nearly 7 months after the first 100 projects had been signed. In total 840 applications have been received so far, with an acceptance rate of almost 40%.

Out of 300 signed projects, 143 teams have already reached intended goals while 212 have successfully delivered their first milestone. Out of 302 approved applications, just a bit over the third are projects focused on runtime modules, followed by development tools (14.3%).

Other than these two, projects centered around wallets (12.7%), UI development (11.6%), deployment tooling (10.1%), runtime environment (3.7%), etc.

The Web3 Foundation grants program was launched in 2018 to support innovative applications for decentralized web software protocols. The ultimate aim is to help develop Web 3.0, described by the project as a “decentralized and fair internet where users control their own data, identity, and destiny.”

There are two available grant schemes - General and Open Grants. The former is a standard grant scheme while the latter was introduced to allow projects to obtain funding in an easy manner. It also proved to be a popular program as Polkadot received the vast majority of applications via Open Grants.

Given its popularity, Polkadot now decided to merge two schemes into a single program “while maintaining the best of both worlds.” The discussion on grants is made on GitHub in an open and transparent way.

Projects that are accepted receive funding in digital assets, but Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are also made in fiat and private applications, all via a single repository.

All grants, including recurring ones, can be tracked transparently on GitHub. Polkadot also allows for external milestone evaluations to allow for a fair competition process.