Polkadot news- Deep Ink Ventures Receives Decentralized Grant from Web3 Foundation
Polkadot news– The Web3 Foundation has awarded a decentralized grant to Deep Ink Ventures, a consultancy and infrastructure builder specializing in the Polkadot ecosystem. This grant reflects the Foundation’s commitment to supporting innovative approaches in venture development and community engagement within the Polkadot network.
Deep Ink Ventures: A Unique Approach to Blockchain Development
Deep Ink Ventures focuses on delivering a quick time-to-market for projects, emphasizing minimum viable product (MVP) development and scalable business models. Their methodology combines traditional venture development with a decentralized, community-driven model. In this model, the blockchain community plays a vital role by voting on which projects to support.
This innovative approach allows for a more democratic selection process, ensuring that community interests are prioritized. By integrating community feedback, Deep Ink Ventures fosters a collaborative environment that enhances the quality and relevance of projects within the Polkadot ecosystem.
The Role of the Web3 Foundation
As the development agency for Polkadot, the Web3 Foundation is dedicated to nurturing the growth of the ecosystem. They have allocated a prize pool of 10 million DOT tokens, equivalent to approximately $65 million, to support the rollout of the Join-Accumulate Machine (JAM) upgrade. This upgrade aims to enhance the capabilities of the Polkadot network and create a decentralized platform that can manage a wide array of computational tasks.
Criteria for Participation in the JAM Upgrade
To qualify for the JAM upgrade, participants must meet specific criteria, including the ability to import and produce blocks, adhere to performance standards on both Kusama and Polkadot, and pass comprehensive security audits. These stringent requirements ensure that only high-quality projects are integrated into the network, maintaining the integrity and performance of the Polkadot ecosystem.
The Development Cycle at Deep Ink Ventures
Deep Ink Ventures operates on a structured six-month cycle, launching new ventures every four months. Each cycle begins with a community-driven process where startup ideas are proposed, voted on, and refined. This collaborative approach allows the community to directly influence which projects receive support and development resources.
Once projects are selected, a Founder in Residence is appointed to guide the venture through its initial stages, including MVP development, business planning, and engaging with potential investors. This hands-on leadership helps to streamline the development process and ensures that projects align with market needs.
Expertise in Substrate and Smart Contracts
Deep Ink Ventures is recognized for its expertise in Substrate development and ink! smart contracts, as well as its proficiency with the Ethereum Virtual Machine (EVM). These technical capabilities enable them to create robust and versatile applications within the blockchain space.
The ventures launched through Deep Ink Ventures benefit from access to a wide network of investors, partnerships, and proprietary products like Genesis DAO. This network not only provides funding opportunities but also facilitates collaboration with other blockchain initiatives, enhancing the overall ecosystem.
Future Plans: Expanding into Seed Funding
Looking ahead, Deep Ink Ventures plans to expand its operations into a seed fund and venture builder. This strategic move aims to support blockchain startups by attracting a diverse range of investors, including venture capitalists, angel investors, and established businesses. By diversifying funding sources, Deep Ink Ventures can enhance its support for emerging projects, ensuring they have the necessary resources to thrive in a competitive landscape.
Conclusion: A Promising Future for Polkadot Ecosystem
The grant from the Web3 Foundation marks a significant milestone for Deep Ink Ventures and the broader Polkadot ecosystem. By prioritizing community engagement and decentralized development, Deep Ink Ventures is paving the way for innovative solutions that align with the needs of the blockchain community.
As the Polkadot ecosystem continues to evolve, initiatives like the JAM upgrade and the work being done by Deep Ink Ventures are essential for fostering growth and sustainability. With its structured approach to venture development and strong focus on community involvement, Deep Ink Ventures is well-positioned to contribute to the future success of blockchain technology within the Polkadot network.
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