Bitcoin remains the No. 1 among digital currencies, but Ethereum is still gaining much attention as well. String Labs, an autonomous financing project, has introduced a program to award grants to Ethereum developers.
Amid its activity in blockchain finance projects, String Labs found a better way to motivate and seek the best in the market through awarding a certain number of grant between the sums of $2,000 and $10,000.
Tom Ding, CEO of the String Labs, informed during an interview with Coindesk, a digital currencies news providers, why the company chose to support open blockchains only:
“Public chain projects directly benefit end users globally, including billions un- and underbanked, and enable permission-less innovation by developers.”
This program is focused to support permissionless projects on the public Ethereum blockchain below any number of open-source licenses similar to MIT’s Open Source Initiative.
Its advantage for the subjects of an investment is, that they do not lose so much control in comparison with standard startup investments, when the company loses its equity in exchange for the capital.
As for the Ethereum categories String Labs is interested in funding are financial exchange clients, mobile wallets, peer-to-peer distributed app marketplaces, and other innovative financial protocols.
In April, the Ethereum Foundation informed about launch of a similar program called DEVgrants, set to support investment activity of developers to build their projects.
Among the early winners of such grant program are security-deposit based public consensus protocol Casper, winning $25k, and “Snappy”, an Ethereum framework being developed by Internet of Things startup Slock.it, best known for writing the code that underlies The DAO distributed autonomous organization.
Existing only for one year, company String Labs is requesting grant applicants to show concepts that can be deliverable within a period from 6 months to 1 year. Proposals shall be submitted by 31st June.
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