Announcing One Million USD Grant Program for the VeChain eNFT Ecosystem

2021-04-28 21:25
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It has always been the mission of The VeChain Foundation to enable businesses, organisations through our blockchain solutions, and we’ve run several accelerator and grant programs in the past to bolster our blockchain and dApp ecosystem and help small enterprises and community startups to build their project.

Standing at the forefront of the blockchain mass adoption, we are building the next game-changer in blockchain mass adoption: the Enterprise NFT (eNFT) ecosystem.

We’ve established that NFTs and eNFTs will be revolutionary and prevalent moving forward, and the implications as a game changer should not be underestimated. To build such an ecosystem, we need as many applications and projects as we can get, including NFT marketplaces, token bridges, DeFi applications, open source tools and more. The compounding effect of more tools will exponentially increase the development progress of the eNFT ecosystem.

With the recent reduction in Base GasPrice, transactions on VeChainThor are now cheaper than ever. Coupled with the surge in popularity for NFTs and DeFi, this is the best time to build dApps, tools and projects on VeChainThor.

To achieve this goal, we’re committing $1 Million USD to fund a brand-new VeChain Grant Program, specially for developers and projects that will bring value to the eNFT ecosystem and its subsequent derivatives. By applying for this grant, not only will you get a headstart in resources for starting a project or business, but your work on dApps, NFTs and DeFi on VeChainThor will also contribute to the development of the eNFT ecosystem.

Why Build on and Contribute to VeChainThor

VeChainThor provides developers security, scalability and, more importantly, affordability. With the unique dual tokens (VET+VTHO) model detaching the volatility of VET and the cost of using the blockchain (VTHO), dApps running on VeChainThor can have stable and predictable fees. The latest proposal favoured by the community, and later approved by The Steering Committee, has reduced the Base Gas Price on VeChainThor to benefit all developers. By leveraging the fee delegation and multi-task transaction features, dApps can provide the user experience much closer to conventional web applications.

As a business owner and developer, your application can be a game changer by leveraging our unique core features. Utilizing fee delegation to eliminate gas fee requirements for your user in a game or DeFi application can make you stand out from the crowd and competitors. Your business ideas will no longer be limited by constraints in other blockchain platforms.

Start Your Journey with VeChain

For the purpose of ensuring long-term success, the Foundation recognizes the significance for the new program to be systematic, efficient and transparent. The entire application process for the new Grant System has been set up to maximise transparency by tracking all applications and relevant processes on a public GitHub repository, which is the first of its kind in the world. The public will be able to track and follow applicants and changes in real time.

What is the new Grant Program?

Developers may navigate among any topic they like, including, but not limited to, NFT marketplaces, NFT-enabled games/ applications, enterprise-level NFT solutions, DeFi applications, token bridges, cross-chain tools, research projects and also other projects that will bring value to the ecosystem (dev tools and libraries etc).

Our new Grant Program differs from previous programs, with several key points that will be attractive to developers and project owners:

  • Equal and transparent: Each application can be funded up to $30,000. All applications will be tracked on GitHub. The evaluation process is easily accessible and visible for all community members.
  • Long-sighted: We believe the general understanding of the correct approach to build a project can be evolving.

Special Bonus For X-Node Holders

For Economic X Nodes holders, once your application is approved, you will have a 50% extra bonus of your total funding without any other requirements.

How to apply?

All applications shall be reviewed by The Grant Committee, which has been designed to be as versatile and diverse as possible to represent the different stakeholders in the VeChain ecosystem and provide professional judgement. The initial standing committee members include two committee co-chairs, a member of the VeChain Core Dev team and two invited Ecosystem Project Representatives.

Following such principles, the current committee is formed:

  • Committee Co-Chairs: Peter Zhou — Chief Scientist of VeChain, Lila Xu — CEO of VIMworld
  • Member of VeChain Core Dev team: Bin Qian — Lead Dev of Core Dev team
  • VeChain Ecosystem Project Representatives: Dyma Budorin — CEO of Hacken Foundation, Jürgen Schouppe — Founding Director, CEO & CTO of Safe Haven

The invited community representatives may change or be added to periodically (starting from the next funding round). We may also alter the structure of the committee

A public Github repository has been constructed to host applications and associated communications, decisions and milestone deliveries. Each application will go through an evaluation process that consists of two stages:

Stage 1 — an application will be checked by dedicated evaluators to see whether it includes all the necessary information required. Applicants can use the provided application template to prepare their applications.

Stage 2 — after passing Stage 1, an application will be reviewed and voted by the Grant Committee. If approved, it will be funded according to the set milestones.

Apply Now!