Stacks Foundation to Offer Grants of $5000 to Build the Stacks Blockchain Ecosystem

For enhancing Stack Blockchain and the ecosystem that surrounds it, Stacks foundation intends to fund projects with $5000.

By · Sep 6, 2020 . 6min read

Stack Foundation news
Photo by Esther Jiao on Unsplash

The Stacks Open Internet Foundation, established in May 2020, provides grants of approximately $5,000 to projects that can enhance the Stacks (STX) blockchain and the ecosystem that surrounds it. It intends to support their visions for Stacks blockchain tools, initiatives, evangelism, and development. Blockstack formed the Stacks Open Internet Foundation in May 2020, so it could support its vision of a “user-owned internet” developed around its own Stacks blockchain. Blockstack raised $23 million in a 2019 token sale. It transferred much of that money to the Stacks Open Internet Foundation. The foundation is now providing grants to people interested in building on the Stacks blockchain.

Blockstack is an open-source and developer-friendly network for developing decentralized apps and smart contracts. Blockstack acquires Bitcoin’s security through Proof of Transfer. It enables us to write secure smart contracts with clarity. It brings everything together in one decentralized network maintained by developers from all over the world. 

The Stacks Open Internet Foundation is searching for proposals that span a full range of infrastructural requirements on the Stacks 1.0 blockchain. The requirements include Core Protocol Development, Education, Evangelism, and Collaboration; Tools and Services. It also requisites a wildcard category that allows for projects with objectives that may evolve. Nevertheless, successful proposals will fall under the realm of Web 3.0. 

Enhancing Stacks Grant Program with Stacks 2.0

The foundation intends to scale up the Stacks Grant program, and perhaps the award amount, from its prevailing beta version when Stacks 2.0 launches. Nevertheless, Stacks 1.0, as the grants program indicates, is very much under development. To be above-board with U.S. regulators, Blockstack conducted the first SEC-qualified ICO in 2019. Moreover, it raised the $23 million, which is handed over to the Stacks Foundation.

According to Stacks Open Internet Foundation, Executive Director Brittany Laughlin, funding these relatively small-dollar projects will help develop Stacks’ community. Additionally, it will facilitate its mission of promoting a user-built internet. For now, the foundation said it would roll out its grants in dollar form rather than stacks tokens (STX). That’s a striking break from the crypto space now that a commonplace practice of fostering development with grants in their target project’s native token. Laughlin said Stacks plans to switch over to STX payouts just as soon as the blockchain upgrade called Stacks 2.0 goes live.

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