ICON, the largest public blockchain project in South Korea, is allocating one million ICX tokens (around $1.3million) to support innovative blockchain projects on its network.
The funds will be distributed through ICON’s new decentralised autonomous grant programme, a fully open-source system managed by consensus and governance block validators on the ICON Network.
At first, ICON will fund the programme with 250,000 ICX (roughly $400,000), but by June 2021 up to one million ICX will be managed by validators – public representatives (P-Reps) – and funded through ongoing block rewards.
The ICON contribution proposal system (CPS), which replaces its current grant programme, delivers a streamlined, transparent approach to funding projects on the ICON network. It is designed to support both internal projects, including community building initiatives, infrastructure projects, and developer tools; as well as to provide bootstrapping to for-profit projects built on ICON.
Min Kim, ICON project founder, said: “Blockchain development has made tremendous strides over the past year, and our community grant programme provided significant funding to support this growth on the ICON network.
“This decentralised autonomous grant programme is a way to support a range of projects, including community-building initiatives, nonprofit infrastructure projects, developer tools, educational resources and much more.”
Approved projects will be asked to share a monthly progress report to continue receiving funding. Meanwhile, P-Reps will review the monthly progress reports and discontinue funding for projects that are not progressing effectively.
Ricky Dodds, strategy and communications lead at ICON, adds: “We look forward to seeing the ICON project turn into a fully functioning decentralised autonomous organisation with many projects funded through this system.”