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Nervos Network awards $1M to drive ecosystem growth

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Nervos Network, a public blockchain network with a collection of protocols and solutions that address some of the biggest challenges blockchain is facing today, has announced one million US dollars ($1 million) reward to the third-party companies working to boost its infrastructure and ecosystem growth, CoinTelegraph reported on 10th April 2020.

As China looks to become the world leader in blockchain adoption and President Xi Jinping seeks to seize every opportunity that comes along the way, several blockchain projects are moving full steam ahead in a bid to stay on top of the developments. One such project is Nervos Network that managed to raise around one hundred million US dollars ($100 million) in its first successful initial coin offering (ICO) conducted in 2018.

A background on Nervos Network

Essentially, it is a two-layered blockchain network with a base layer somewhat similar to that of the Bitcoin’s. Secured by the proof-of-work consensus mechanism, it ensures secure, permissionless, and tamper-proof storage of any digital asset, while facilitating smart contracts at the same time. But what’s unique is its second layer scaling that makes the entire network much more robust and efficient.

In January this year, Nervos Network announced a large public grants fund, worth thirty million US dollars ($30 million) to multiple projects and companies which will further the growth of its permissionless blockchain and boost the overall ecosystem. The funds will help in providing necessary resources and infrastructure to the volunteering participants who will, in turn, work on deploying new solutions on the blockchain. 

Nervos announces first set of its $30 million payout

Thus, as the first installment of this enormous payout, Nervos distributed one million dollars across seven participants. The teams will now be actively involved in the continuous development and growth of the Nervos Network and further improve its scalability and usability.

Kim Fournier, who is the global marketing head at Nervos, offered the logic and rationale behind the first set of payout. We realize that Nervos Network is built on a technology that’s not easy to comprehend, and many developers may find it challenging to work on. Thus, our priority is to make it more developer-friendly so that they can use it to its full potential, Fournier.

Commenting further on how the distribution of the grants will take place, Fournier said that there would be equal disbursement of the initial set of payout, and each developer team will receive an award close to three hundred and fifty thousand US dollars ($350,000). However, there was one participating team that was offered two payouts for its two different projects on our network, he added.

And while it is still unknown by when the Nervos Network will be giving out its entire payout of thirty million dollars, Fournier is sure about his goal – which is to create a blockchain network that will be around till the next century.  

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