- Projects funded must be integral to the Ethereum ecosystem but not necessarily profitable.
- The $175,000 goes towards funding teams with unique ideas.
The Venture studio of Ethereum ConsenSy ConsenSy has announced a $175,000 grant to several open-source projects within the Ethereum network. According to the announcement, Lighthouse a forward-looking software client, Tellor an off-chain data running on the Oracle network and Allice, a decentralized mobile app building platform among others will benefit from the grant.
A comment by ConsenSy Head of Experiential Marketing Yadira Blocker said:
“In Wave 1, we saw a lot of applications but they weren’t super strong. In Wave 2, we started to see more credible teams and more unique ideas come to the table.”
ConsenSys was started to fund and support under-resourced areas within the development space. The programs funded must demonstrate their integral contribution to the Ethereum ecosystem. However, they do not really have to be profitable.
The Marketing Director of ConsenSys Daniela Osorio said:
“The way we find really great projects is we talk to VCs and we ask, ‘What are some great teams you’ve come across that you can’t actually justify funding?”
“It comes down to this theory of the ‘tragedy of the commons.’ We all need certain pieces to work for everyone else to build something potentially more profitable on top.”