RATE Group | Ethereum rival Nervos announces first recipients of $30 million grant
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Ethereum rival Nervos announces first recipients of $30 million grant

13 Feb Ethereum rival Nervos announces first recipients of $30 million grant

Posted at 03:08h in Ethereum News by

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When the Nervos Network—a new, two-tiered Ethereum competitor that relies on a proof-of-work blockchain—raised $72 million in a token sale, a huge chunk of the money was reserved for network development. 

Nervos values its development grant pot at $30 million. It’s made up of the cash it raised from the token sale (its token is called the Common Knowledge Byte), as well as some of the money from the market.

“It’s actually not really that much money,” Ben Waters, Nervos’s head of operations, told Decrypt, considering the company’s plan to build up the network over the next five or ten years. “It’s a good raise,” he said, but “we definitely think we need to be very efficient with how we use the capital.”

Today, Nervos announced the first two recipients of the money. They’ll build some of the infrastructure for the Nervos Network.

The first, Summa, a small blockchain company based in San Francisco, will get $75,000 to build a set of open-source libraries…

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