Nervos Acquires $30 Million Grant To Further Develop Ecosystem

$30 million in grants are given by Nervos to projects that have the mission to build a decentralized community on an open-source blockchain so we are reading more about it in the coming altcoin news below.

Based out of China, the Nervos Network is a blockchain project that is on the way to fund internal blockchain development in a grant scheme. Similar to the funding style of the Ethereum Foundation the grants from Nervos will be given to proposals that have their focus on core developmental spheres, like the development environments, cross-chain interoperability, and tooling.
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The ethos of blockchain and cryptocurrency springs out a philosophy of open-source technology with unbound transparency. The co-founder of Nervos, Kevin Wang shares the thought that decentralization asks for an active community that contributes in a positive way to the ecosystem.

All applications, whether from individuals or experienced projects with years of experience, will be in detail inspected by the Nervos staffers. All of the feedback from the grant giving process will be transparent and available to the public for comments, anyone will have the opportunity to comment toa certain feedback or the initial funding proposal itself. Smart contracts will be supported on the network and the firm has implied that there is maybe a development of a new smart contract language.

Tooling is a major issue of pain for protocols that gives the opportunity for smart contracts to be used. In august of 2019 major DeFi DApp, Synthetix Network announced  that they will shift from EOS to Ethereum because of the “immature tooling that couldn’t support complex smart contracts.” As the second-largest DeFi application in the ETH ecosystem, Synthetix has been using Chainlink’s technology for a couple of days now. A blog post showed that this partnership could be a breakthrough for the Decentralized Finance (DeFi) movement in the Ethereum ecosystem as Synthetix will no longer have to rely on centralized price feeds in the future.

Nervos is working in partnership with well-known companies such as crypto exchange Huobi and the China Merchants Bank International. The mainnet of the Nervos Network named Lina 2 was launched in November of 2019.