Proof-of-work (PoW) blockchain Kadena has launched a $100 million grant program to encourage Web 3.0 development on its platform, potentially opening the door to more use cases for the layer one protocol.
The grant program is an extension of Kadena Eco, an initiative designed to grow the Kadena ecosystem by developing gaming, metaverse, non-fungible token (NFT), decentralized finance (DeFi), and Web3 projects.
Stuart Popejoy, founder and CEO of Kadena, said his company will deploy “cash resources” to strengthen the long-term sustainability of the protocol.
Web3 participants need to recognize its potential to revolutionize participation in various fields. https://t.co/pf6seKA2hc
— Cointelegraph (@Cointelegraph) March 14, 2022
Participants in Web3 must recognize its potential to revolutionize participation in various fields.
Web3, which has become something of a catchphrase for the next iteration of the internet powered by blockchain technology, has received considerable attention from venture capitalists. Cointelegraph recently reported on the launch of two Web3 developer funds from cryptocurrency exchanges KuCoin and CoinDCX, valued at $100 million and $135 million, respectively.
Meanwhile, decentralized node providers are stepping up to provide the necessary infrastructure to advance Web3 capabilities. Competition is stiff, however, as Web2 providers such as Amazon Web Services, Azure, and Infura have emerged as early infrastructure players in the Web3 economy.
To support Web3 development on its platform, Kadena offers a scalable architecture and smart contracts backed by a PoW consensus mechanism called Chainweb. In theory, Chainweb is said to support high throughput of transactions without having to implement layer two scaling solutions.
Kadena’s native cryptocurrency, KDA, is in the top 100 on CoinMarketCap with a total capitalization of approximately $925 million at press time. KDA soared earlier this month following the launch of a new interoperability protocol and listing on Binance.
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