ARK sets aside 1 million tokens for a new program

ARK sets aside 1 million tokens for a new program

  • Blockchain project Ark recently announced grants in the worth of 1 million tokens, towards project development
  • The company offers funds to anyone who can contribute to its ecosystem in any way.
  • The developers' response was overwhelming, and even some outside of Ark's community have joined the program.

With the crypto prices crashing due to coronavirus fears, and the global economy seeing a major meltdown, it has become more important than ever for crypto projects to remain as functional as possible. This is why many companies are investing in development grants these days.

The most recent example is Ark (ARK), a blockchain project that set aside 1 million of its tokens for this purpose. The amount roughly translates to $150,000, all of which will go towards development grants.

Ark experiences an overwhelming response

The project made the decision on March 24th, and within a week, the project started receiving proofs-of-concept. Many developers have responded, as said by the project’s Strategic Partnership Manager, Ray Alvarez.

This new grant program will fund any proposal involving ARK’s usage and technical deployment. That may include many different things. For example, developers can contribute standalone plugins and apps. They could also help further improve Ark’s own decentralized messaging application. Another option is contributing to Ark’s desktop wallet, or even transaction plugins.

Alvarez said that the program has several purposes. Not only will it spark development, but it will also “foster a collaborative environment between developers and spark participation from developer communities worldwide”, he said.

Alvarez also stressed that many of the applications came from outside of Ark’s community. Even developers working on other projects expressed the desire to join in on the program. As a result, Ark now has countless applications waiting for reviewing and potentially assigning the funding.

He also commented on Ark’s plans for the rest of the year. In this context, he mentioned the launch of Ar Core 3.0, redesigning different products, and more.

Crypto world investing in the development

Ark’s new move comes in the middle of a coronavirus pandemic. During these uncertain times, countless crypto businesses have assigned grants for different purposes. Some are trying to help fight the virus by funding vaccine research and virus studies. Others wish to make sure that the crypto development will continue without a halt.

To achieve that, they are funding developers directly. One example is BitMEX‘s owner and operator, HDR Global Trading. The firm recently raised grants for Bitcoin Core developer Michael Ford. The company increased his grants from $60,000 to $100,000, and it will provide funding over the next 12 months.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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