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- Prominent PoS network is funding the Web 3 development
- Web 3 and blockchain development sector remained well funded despite the market downturns
Casper Network announced a grant of 25 million USD on Wednesday, 23 November 2022. In addition to the grant provided to the developers, the crypto entity would be providing education in order to support developers and innovators over the network.
The grant dubbed as ‘Casper Accelerate Grant Program’ is designed to facilitate crucial support for its developers and innovators. These developers who are involved in creation of infrastructure supporting, researching innovation and end user applications focusing apps over the blockchain.
Popular proof-of-stake mechanism based Casper Network is a blockchain focused on enterprise. It intends to work towards helping the businesses and organizations in building the private and permission applications. Such applications are expected to increase the pace of blockchain technology adoption across the businesses.
Casper is among those networks which claims to resolve the scalability trilemma or ‘blockchain trilemma’. This notion consists of three crucial aspects of blockchain—security, decentralization and speed. All three could not be attained at the same time, one would always be compromised in order to achieve the other two.
The blockchain network possesses an upgradable smart contracts feature and has relatively lower gas fees. Given the features on the network being developer friendly, businesses find it easy to evolve as it expands with time.
Moreover, in addition to the grant program, the platform will be providing a portal intending to support the developers over the network. The portal would consist of several practical tools as well as code that would be helping them to build their products. It will be available for developers to use by next year’s first quarter.
The Web 3 ecosystem is one of the sectors that witnessed consistent investments and fundings for its development despite the market conditions.
Recently an ecosystem based on Cosmos blockchain named Onomy reported to raise fundings from investors seeking the protocol’s development. The project intends to merge both decentralized finance (DeFi) and the foreign exchange market.
Earlier in October, Celestia Foundation reported to receive 55 million USD worth funings seeking to allocate it towards building a modular blockchain architecture that would be resolving the deployment and scalability issues over blockchains. Moreover, it said that the infrastructure will ease for any person, even with a little knowledge of tech, to deploy their own blockchain.