IOST Foundation Earmarks $100 Million to Entice Ethereum Virtual Machine Developers
Austin, Texas, April 12, 2022 - The IOST Foundation, the governing body of the IOST blockchain network, has unveiled a $100 million incentive fund aimed at attracting developers specializing in the Ethereum Virtual Machine (EVM) to its ecosystem. The fund is part of the foundation's broader Project Entroverse, which envisions the construction of a sprawling, interoperable, and interconnected blockchain network.
The $100 million allocation is divided into two distinct funds: the New Ecosystem Fund and the Accelerator Fund. The former will be utilized to bolster IOST's applications and mainnet infrastructure, while the latter will provide capital and incentives to development teams.
EVM, a widely adopted software platform, empowers developers to craft decentralized applications (dApps) on the Ethereum network. These dApps can be accessed globally via participating Ethereum nodes.
The IOST Foundation has secured the backing of institutional investment partners, with Big Candle Capital (BCC) spearheading the fundraising efforts. BCC specializes in supporting projects in decentralized finance (DeFi), non-fungible tokens (NFTs), GameFi, Web 3, and the burgeoning metaverse.
"This fund represents a cornerstone initiative of Project Entroverse, our ambitious vision to forge a rapidly expanding, interoperable, and interconnected blockchain network," stated the IOST Foundation in a press release issued on Tuesday.
IOST, an acronym for "internet of services token," aspires to provide a lightning-fast, scalable blockchain with the ambitious objective of processing up to 100,000 transactions per second (TPS). Ethereum, in contrast, currently boasts a TPS capacity of 12-15.
The IOST Foundation's incentive fund follows a similar move by Polkadot Parachain Astar, which recently launched a $100 million Boost Incentive Program. These initiatives reflect the intensifying competition among blockchain networks to attract developers and establish dominance in the rapidly evolving cryptocurrency landscape.
As the blockchain industry continues to mature, the availability of developer-friendly platforms and financial incentives will play a pivotal role in shaping its trajectory. The IOST Foundation's $100 million fund is a strategic move designed to attract top talent and accelerate the development of its ecosystem, ultimately solidifying its position in the global blockchain ecosystem.
