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Cryptocurrency News

Polkadot Ecosystem and Web3 Development Get a Boost

Polkadot announced today that it allocated around $20 million funds to boost the development of its ecosystem and Web3. The funds have been allocated to DOT, and they come to 993,286 units.

The announcement has given a boost to the trading value of DOT. It was trading at the value of $22.25, up by 3.57% in the past seven days at the time of writing this article. Expectations are high from the allocation of funds. That is one reason why DOT is estimated to end the current year with a trading value of $48. You can get more details here about the future of DOT.

Funds Allocated To Boost Polkadot’s Ecosystem And Web3 Development

Polkadot made the announcement of allocating the funds through a press release. The network clarified that the funds allocated will be solely used to benefit the network and its ecosystem.

All the funds have been allocated to the Polkadot Pioneers Prize. It is a series of challenges that have been created to push for technical innovations on the network. Funds have been allocated; however, the first two challenges will be announced shortly. It will be followed by many more challenges, and the fund will be among all of them.

$20 million worth of funds has been allocated out of the on-chain treasury, which is managed by token holders through on-chain governance.

Competitions to be announced will focus on research & development of the Polkadot infrastructure and zero-knowledge.

The aim of announcing the Polkadot Pioneers Prize is to address the concern of how the on-chain treasury is underused. Polkadot is looking for revolutionary innovations from its community as there have been very few ambitious ideas about the utilization of funds.

The Polkadot Pioneers Prize will be overlooked by a panel composed of an elected curator and representatives from Parity Technologies, on-chain treasury council, Web3 Foundation, and other external ecosystem partners.

Every challenge that is yet to be announced will look to analyze how the community of Polkadot comes up with innovative ideas. These will enable the team to better direct its on-chain treasury funds.

The Polkadot network has done a great job through this announcement, something that is evident through its trading value and future prediction. On the other hand, it has been bestowed with the best blockchain network with the lowest electricity consumption.

This was declared by the Crypto Carbon Rankings Institute, which studied six different blockchain networks. They were all based on Proof-of-Stake functionality.

The Crypto Carbon Rankings Institute also highlighted that the Polkadot network was also best in terms of total carbon emissions per year.

A total of 6 Proof-of-Stake blockchain networks were studied. These included Polkadot, Algorand, Solana, Avalanche, Tezos, and Cardano.

Cryptocurrencies have been under the scanner for a long time. They have been known to leave carbon footprints, further damaging the environment. Bitcoin gets the maximum amount of criticism as it functions entirely on the Proof-of-Work concept.

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