Founded in May 2020, the Stacks Open Internet Foundation released a special announcement for Web 3.0 educators, developers, and platform boosters as the foundation’s nonprofit arm – Blockstacks – plans to give grants worth up to $5,000 on projects that primarily focus on improving the Stacks (STX) blockchain and its ecosystem.
It’s the news you have been waiting for - The @stacksorg Grants Program is kicking off in beta with grants of up to USD5000!— The Stacks Foundation (@StacksOrg) September 3, 2020
From developer tools, to consumer tools, to educational and creative resources - we want to hear from you!
Learn more here: https://t.co/4POBOIoDM4
According to Decrypt, Blockstack is a decentralized network for building blockchain applications to support the foundation’s vision of a “user-owned internet” built around its own Stacks blockchain. It gave the foundation 100 million STX, then worth around $23 million (but now worth about $19 million after Thursday’s crypto market freefall), to work with. Successful proposals, however, will fall under the realm of Web 3.0, in which, the Stacks Foundation says, “every internet user can participate in the value they create because they have full ownership of their identity and data.”
The foundation shared that they would like to hear proposals from applicants who shared their visions for Stacks blockchain tools, initiatives, evangelism, and development in this initiative. Stacks Open Internet Foundation Executive Director Brittany Laughlin told Coindesk that these steps they were taking would help Stacks' community grow and facilitate its mission of supporting a user-built internet. In the meantime, the foundation will dole out its grants in dollar form instead of stacks tokens (STX) – an unusual break from the crypto space's now commonplace practice of promoting development with awards in their target project's native token.
The team, headed by its CEO Muneeb Ali shared to Decrypt that they still have big plans lining up for the decentralized future, but he and his team acknowledged that they have to take one step at a time for it to happen. For now, they are on to incentivizing developers to experiment on the nascent blockchain—and building a community to use it—is a start.