Dfinity Commits $220M to Fund New Projects to Build on Internet Computer

Dfinity, the blockchain firm that birthed the Internet Computer (ICP), has earmarked the sum of $220 million for application developments on its open-source protocol. Speaking at the Coindesk organized Consensus Event on Tuesday, Dominic Williams, founder of the Dfinity Foundation and the Chief Scientist of the Internet Computer highlighted the protocol as a “sovereign physical layer,” which markedly differentiates it from proof-of-stake infrastructure that runs on cloud services offered by top tech firms like Amazon.com Inc (NASDAQ: AMZN).

The developmental efforts dedicated to the Internet Computer spanned for 5 years and the protocol was launched earlier in the month. The project garnered a bountiful accolade as the blockchain ecosystem recognized its model as a game-changing innovation for the Web3.0 revolution. However, Dominic and the team at The Internet Computer understand that without a robust number of decentralized applications running on the protocol, the intended revolution may hit rock bottom. This has informed the developer grants move.

“Our aim is to support the reimagination of all systems and services in new forms using smart contracts on an infinite public blockchain, and nothing else. What the world now builds to take advantage of blockchain’s new capabilities shall be an important and fascinating next chapter,” Williams said in a press release. 

According to Dfinity, the grants program is a non-dilutive form of financing for developers implying that the Internet Computer team will not be looking to take up ownership or own equity. The grants are to build out the ecosystem in order for DeFi users to gain an appreciation of the improved capabilities of the protocol.

“The DFINITY Developer Grant Program aims to catalyze the growth of the Internet Computer ecosystem and make the Internet Computer accessible and approachable to more developers around the world by providing support to promising developers and teams,” the Dfinity foundation said in its call for applications.

Dfinity Projects Fund Focus Areas

Developers who want to gain access to the Dfinity projects fund should have plans to build solutions or products in one of the 5 listed focus areas. These areas include Canister Development Kits (CDKs) and Agents, Developer Tooling (e.g. IDEs, debuggers, logging libraries), Infrastructure (e.g. oracles, asset bridges), Integrations & APIs (e.g. chat, email, maps), and Apps & Open Internet Services.

Developers who wish to pursue a form of venture capital funding involving Dfinity can explore the Beacon Fund option, an investment vehicle focused on sourcing, evaluating, and supporting world-class applications and services built on the Internet Computer. The Beacon Fund is managed by Polychain Capital with backing from Andreessen Horowitz (a16z) and the Dfinity Foundation.

Dfinity’s ambition as noted by Williams is to make good on its promises to be a “blockchain that evolves and progresses technically far faster than blockchains have evolved and progressed technically in the past.” 

The minimum funding capital for the Developer Grant Program was not unveiled, however, the protocol has funded such projects as Fleek, Hypotenuse Labs, Sudograph, and DSCVR prior to this time.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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