Home CryptocurrencyAltcoin The Cosmos Interchain Foundation will allocate $40 million to develop the ecosystem in 2023

The Cosmos Interchain Foundation will allocate $40 million to develop the ecosystem in 2023

by SuperiorInvest

According to a medium contribution On February 20, the Interchain Foundation (ICF), the non-profit organization behind the inter-blockchain communications (IBC) ecosystem Cosmos (ATOM), pledged to spend approximately $40 million in 2023 to develop its core infrastructure and applications. As part of the Interchain Stack, which uses around 50 blockchains, these include Tendermint Core (and now CometBFT), Cosmos SDK, Cosmos Hub and the IBC protocol.

“Over the course of the year, we anticipate engaging additional teams to perform smaller, well-defined tasks within each area of ​​work. Such contracts will complement the work of the teams below or serve their needs as they arise during the year.”

ICF is also supporting the development of CosmWasm and Ethermint, technologies that the firm says have become “the foundations of Ethereum Virtual Machine (EVM)-compatible smart contract and blockchains.” In addition to core infrastructure, ICF will fund projects that drive the adoption and use cases of Cosmos. These include programs like the Interchain Developer Academy, the Cosmos Developer Portal, and the Interchain Builders Program, as well as integrations with other blockchain technologies like Polkadot and Hyper Ledger.

ICF Key Areas of Financial Commitment Work | Source: ICF

In addition, ICF says it plans to reopen its public small grants program in 2023, which was suspended last year due to a “significant backlog of applications.” He plans to reopen the program in due course and encourages teams to reach out to the Builders program for non-financial mentorship and support. In the meantime, ICF encourages developers to use its ATOM delegation program to access contribution rewards.

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