IOTA Foundation Launches $5 Million USD in Grants to Fast Track Coordicide Development

The IOTA Research council set to launch $5 million USD in grants to fast track the development of the Coordicide platform. The project was set to be released in Q1 2020 but may come out sooner.

The German based blockchain company, IOTA Foundation announced grants up to $5 million to streamline the Coordicide-Related development and research.

The grant is open to any organization and developers with key topic areas selected for development including optimization of the networking layer, time-stamping of transactions, development of tipping and query-based voting algorithms and spam prevention on Tangle.*BbHha2M041uL9zeHuz1iHA.png

IOTA Foundation set to beat the Q1 2020 release date with the launch of the $5 million USD grant project.

The $5 million grant is set to hasten the development of the Coordicide project, which is now a priority to the IOTA Foundation core development.

The project was launched earlier this year in May with a promise to kick out the centralization problems that were on its former version, the Coordinator. The project will further enhance the security despite the scalability problems on Tangle.

“Basically, the name Coordicide is an amalgamation of ‘Coordinator’ and ‘Homicide’ – exquisite wordplay.”

As reported on BEG on May 28th, the completion of the Coordicide project is expected to be completed in Q1 2020, but may now be completed earlier.

How to Register

To register for the grant, developers need to submit a two page proposal stating their research, timeline for completion and the estimated budget for their project. The grant is open to any project whether big or small as stated on the official announcement. Development teams with large proposal can get up to and over $1,000,000 USD.

In June, well-known fund manager and crypto enthusiast, Matt Greenspan, said he had some exposure in IOTA following the launch of Coordicide, which “is all about decentralization.” With the grant fast-tracking the development of the platform users will be able to enjoy a platform that very closely solves the scalability trilemma.

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