THE ALGO GRANT PROGRAM – BUILDING SUSTAINABILITY FOR THE ALGORAND NETWORK.
The Algorand infrastructure is taking giant strides to facilitate the adoption of DeFi into the reins of the society by building a trustless public and permissionless infrastructure for the borderless economy. Obviously, this seems to be just the beginning of algroands scheme to actualise better blockchain experiences for its users around the globe.
Furthermore, in order to facilitate the development of diverse components of decentralized finance via the blockchain, Algorand network has successfully initiated a 250 million algo grant program for everyone who has a stake in the network.
This grant program proffers diverse funding level opportunities which cuts across development of applications, various infrastructures and tools, research, education and community development.
The rationale of this grant is to present individuals an opportunity to partner and empower innovation to support the growth of an effective, solid algorand ecosystem.
The algorand grant program is focused specifically on the following areas of development
- Funding of various advanced research proposals which possess the potential to influence the progressiveness and success of the algorand ecosystem as well as other blockchain infrastructures.
- Innovative tools, technologies and infrastructures which could facilitate and support the development of the algorand network.
- Development of diverse projects and applications aimed at real world use cases. This grant would help in showcasing great potentials for driving mainstream adoption as well as attain the vision of a border less economy.
- Support for educational programs that creates awareness of open source, decentralized technological tools and how they impact businesses and the society at large. Also community inspired initiatives which could strengthen the entire algorand ecosystem are also considered.
Let’s briefly consider in detail the usefulness of these grants.
The Algorand foundation backs every form of research on platforms which are related to cryptocurrencies ,token economics, blockchains, computer sciences such as distributed systems, cryptography, programming languages and disciplines like Artificial Intelligence.
For the Algorand infrastructure to attain maximum success and high sustainability, the funding of research should be done on the basis of a detailed specification of how these innovative researches, their directions and how they would benefit the algorand infrastructure or the entire blockchain ecosystem upon request.
TOOLS AND INFRASTRUCTURES
For the blockchain to flourish there is need for the development of unique tools which could facilitate the accessibility of the network to the global population. This has led to the foundation’s decision to provide the necessary funds needed to help create tools for the support of the Algorand network. The idea is to expose individuals to the security advantages of the network and facilitate a seamless building of Dapps.
The most relevant areas include applications, monitoring, tooling, utilities, deployment and libraries while the Algorand foundation stays open to explore other innovative areas around the blockchain framework. Other areas of interest are IDE integration for Algorand standard assets(ASA) and Algorand Smart Contracts(ASC),GUI and web based tools, tools for running tests on the network and deployment of nodes, monitoring tools, pub support and others.
APPLICATIONS USE CASES.
Some of the most prominent strengths of the algorand blockchain are its efficiency, finality, security and programmability. These factors makes it the ideal structure upon which app developers can develop real business applications which can help create value, mass adoption and business innovations.
Meanwhile, the Algorand foundation provides grant and funding for diverse project building applications which have the capacity to demonstrate high potentials for driving mainstream adoption and driving a borderless economy.
A few examples of such application use cases include and is not restricted to the following: Open Finance or DeFi, payments, asset exchanges, social media, copyright authentication, supply chain, asset tokenization and global information systems.
Some of the projects that interests the Algorand network include the following
- Static analysis tools and debuggers for ASC.
- Incorporation with development tools such as android and iOS.
- Cloud service integration for one click application development (Azure, AWS, Google Cloud).
- Tools to help the creation of private networks and the connection to Betanet/Testnet or Mainnet.
- IDE extensions and plugins for ASA and ASC( eg .for XCode, Eclipse VS Code)
- Key management libraries for diverse frameworks and platforms, e.g. Android Java SDK lacks a library to support the graphical tools utilized by Algorand.
- Compilers to ASC for higher level languages and frameworks, enabling basic development of complex kinds of smart contracts.
EDUCATION AND COMMUNITY DEVELOPMENT
The Algorand foundation understands the relevance of community building and education of the masses on the strengths and benefits of Algorand blockchain. This fact is reflected on their unwavering support for the Algorand advocates through the Ambassador award program.
Moreso, Algorand foundation seeks to propagate a vibrant community globally by supporting community led initiatives, there is also an intention to introduce a unique community based open grant program shud will hopefully allow the wider community to vote on which projects should be considered eligible for the grants.
Furthermore, several educational efforts which could help drive awareness of open source, decentralized technological developments and how they affect everyday business and the society at large shall be explored by the Algorand foundation as well. Some of the areas of interest include development of online /classroom blockchain curriculum that may focus on aspects of the blockchain/cryptocurrency like social impact, economics, coding and application development, regulatory or public sector policy. Other aspects include creators of self learning/self service educational programmes that could help individuals who have an interest in blockchain and cryptocurrency outside their vocational settings.
The Algorand foundation has been properly equipped to provide more utility and accessibility of the network to members of the crypto community as well as blockchain enthusiasts around the globe.
Meanwhile, the mechanism for Algorand funding program include
- Development award which is issued to individuals for successfully creating innovative applications and tools.
- The Devams award is made available for those who create contents for the support of the development of Algorand infrastructure.
- Another mechanism is the ambassador reward which is issued to those who help in building and consolidating active Algorand communities.
The algorand blockchain infrastructure has not only developed the trustless public and permissionless infrastructure in order to drive the borderless economy, it has also initiated a grant program to help in research purposes, development of tools and infrastructures, application of use cases as well as education and community development.
With the 250 Algo grant program, the foundation aims to bridge the gap and create a closer interaction between the blockchain and the global population.