Home / Ethereum News / ConsenSys Uplifting Etherum Network by Investing $175,000 in 7 Ethereum based Projects

ConsenSys Uplifting Etherum Network by Investing $175,000 in 7 Ethereum based Projects

On the 10th of October, ConsenSys paved the way for seven multiple open-source software projects on the Etherum Blockchain network. ConsenSys furnished with $175,000 for these believed to gain projects. Among these projects, Lighthouse is one such, which is characterized as a forward-looking Ethereum software, another such called Tellor is an off-chain data provider similar to working on an Oracle Network. Amongst all, Alice stood out as a mobile decentralized app-builder.

Yadira blocker, Head of Experiential  Marketing of ConsenSys shared that in Stage 1 a lot of applications were applied to the ConsenSys Grant program, which started on February 2019, the Stage 1 applications were said to be not that much of a match, but in Stage 2 ConsenSys received applications with better Ideas and reasoning, better organised teams and with their organised proposal of Ideas.

A total of 150 worthy applications were filled out for ConsenSys Grants Program, out of which only 15 projects have said to be sponsored a total of $330,000 USD as of now.

During the September announcement, it was noted, Stage 3 of the ConsenSys Grants Program has $220,000 USD for further applications to bridge the necessary gaps in the Ethereum network.

Daniel Osorio, marketing director of CosenSys, shared the motive for the ConsenSys Grants Program is to lift under resources area of development that is important to the ecosystem of Ethereum and doesn’t need to be profitable in returns.

Gitcoin and CLR

Gitcoin, which is an Etherum remunerated network that is supported by ConsenSys is ongoing experimental trials with grant distribution called Capital-constrained Liberal radicalism Matching (CLR).

According to Kevin Owocki, founder of Gitcoin shared that “CLR matching is the mathematically optimal way to fund projects people care about.”

The fundamental idea is that the individual contributions a challenge receives, the more money that venture ought to acquire from a committed presents fund. With the usage of a special set of rules, Gitcoin is able to distribute supply money to shape user donations in an impactful way.

On the 2nd of October, Gitcoin concluded its third wave of CLR grant funding, which saw the distribution of $100,000.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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