Layer 1 Proof-of-Work (PoW) blockchain protocol, Kadena in an announcement today unveiled a $100 million grant to support, motivate and attract Web3 creators to create on its network.
The grant, powered by its treasury, is an aspect of Kadena Eco – an initiative designed to help developers create new Web3 projects. The dedicated funds will be channeled by Kadena Eco into creative projects in gaming, Non-fungible tokens (NFTs), metaverse, web3, Decentralized Finance (DeFi), and Decentralized autonomous organizations(DAOs) as it brings on board more users for the layer 1 protocol, thereby advancing the Kadena ecosystem in the process.
In addition to the grant, Kadena Eco comprises a multitude of interrelated valuable elements which incorporates a study and development arm that makes real-life usable applications from sophisticated technical theories. Not excluding an incubator for realistic technical advancement, an accelerator for mentoring and initial funding, and a venture fund for advancement capital and operational strategy.
Interested inventors hoping to create on the Kadena blockchain are expected to embrace Kadena’s “build in the open” policy. Applicants that hope to be successful will have to show the project’s importance to the Kadena network, have an experienced team, show clear details of the project, and prove their technical know-how. Meanwhile, the selected projects will in return enjoy financial support as well as guidance, and support from incubation to success.
Founded in 2016 by Stuart Popejoy and Will Martino, who were both staffers of the JPMorgan blockchain unit. Kadena is a hybrid blockchain platform that contains Chainweb- a public chain protocol and Kuro-a private chain protocol, it is recognized as the only scalable Proof-of-Work (PoW) platform. Its native token KDA is listed among the top 100 on CoinMarketCap.
It also offers a marginal transaction charge for consumers thereby introducing the first crypto gas station. This allows businesses to remove all transaction fees for their clients thereby clearing off boundaries to mass adoption of Decentralized Applications (Apps).
To solve the security and throughput demands of its financial service customers, Kadena runs on PoW which is reliable, secure, and battle-hardened. Kadena joins the likes of Solana, Ethereum, Avalanche and so on which also have related ecosystem grant programs.