Algorand Grants Program promises $50 Million for app developers

The ambitious Algorand Grants Program is here to promote new innovation in the decentralized blockchain industry. The ‘ALGO Grants Program’ is ready to dole out $50 million worth of funding to boost research and development in the Algorand ecosystem.

Algorand Foundation, based in Singapore, provides technological solutions aimed at creating a seamless, border-free economy powered by futuristic blockchain technologies. It will shower Algorand app developers with 250 million ALGO tokens. Many firms have already been given funding to start their projects.

We are excited to announce our 250M ALGO Grants Program! We will fund application development, tools & infrastructure, research, education & community engagement efforts, fueling the growth of a vibrant Algorand ecosystem. For more info & submissions https://t.co/jo5S6jV27d pic.twitter.com/Oo2Cgt95Tx

— Algorand Foundation (@AlgoFoundation) April 14, 2020

Algorand Grants Program selects projects with real-world implications

The annual Algorand Grants Program offers financial backing to promising applications that represent cutting-edge blockchain innovation. Developers who build scalable apps with high real-world implications are promoted. In 2020, close to $50 million aid awaits competent app developers.

The ALGO developer grants are chosen as per four categories. These are ALGO community initiatives, novel research, dApps, and Algorand blockchain tools. Additionally, developers have to demonstrate that their apps represent innovation in DeFi, asset tokenization, payment processing, supply chain, and copyright validation.

Algorand Foundation’s annual show of support for its community

Algorand ecosystem is a vibrant mix of DLT solutions. Each year, Algorand Foundation organizes the grants in order to stir inventions. Fangfang Chen of Algorand Foundation says that in order to achieve a truly globalized economy, it is vital to support upcoming technologies and innovative proof-of-stakes. He adds that the foundation will always lend a helping hand to young developers who are striving to bring a positive change in the Algorand blockchain.

Reportedly, grants have already been given to three major firms. First among them is Bloq – a firm that provides Algorand APIs and nodes. The other two companies are PureStake AlgoSigner and Reach respectively.

Democracy is set to be a part of the upcoming Algorand Grants Program. Next year, ALGO community is set to join the selection process via voting. The selection of the projects will be under public scrutiny.