Polkadot founder introduces $777M development fund
Polkadot, a network that aims to interoperate between different blockchains, will now use its treasury holding of nearly 19 million DOT to encourage development into the project.
Equivalent to just about $777 million, the development fund would be splurged on ideas on building and improving the Polkadot ecosystem. Founder Gavin Wood tweeted:
“The @Polkadot treasury currently has 18,936,300 DOT (DOT, not USD – do the math) in it ready to spend on * your * ideas for building, improving, educating, and indeed, anything else that the Polkadot governance believes valuable.”
One of the most prominent figures in the cryptocurrency industry, Wood is also the co-founder and former CTO (Chief Technology Officer) of Ethereum.
Polkadot, which launched its mainnet in May 2020, continued developing its system by adding functions for full-scale operation. This month, the network announced that it was ready to run ‘Parachain’, the final implementation of the core functionality described in Polkadot’s white paper.
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