To allow the emerging internet economy, blockchain infrastructure providers are prioritizing Web3 development.
Kadena, a PoW blockchain, has announced a $100 million(R1.5 billion) award program to stimulate Web3 development on its platform, potentially expanding layer-1 protocol use cases.
Derived from Kadena Eco, the grant program promotes gaming, metaverse, nonfungible coins, decentralized finance (DeFi), and Web3 applications.
Kadena’s CEO, Stuart Popejoy, said his company will use “treasury resources” to ensure the protocol’s long-term viability.
Venture capitalists are paying close attention to Web3, the catch-all term for the next edition of the blockchain-powered internet. The crypto exchanges KuCoin and CoinDCX recently announced $100 million(R1.5 billion) and $135 million(R2.1 bn) Web3 development funds, respectively.
The infrastructure required to improve Web3 functionality is being provided by decentralized node providers. Web3 companies like Amazon Web Services, Azure, and Infura face stiff competition from traditional Web2 providers like Google and Microsoft.
Kadena’s platform supports Web3 development with scalable architecture and smart contracts powered by Chainweb’s PoW consensus. Chainweb provides high transaction throughput without requiring layer-2 scaling.
Kadena’s native cryptocurrency, KDA, is ranked 100th on CoinMarketCap with a market worth of around $925 million(R 1.4bn). Earlier last month, KDA surged on news of a new interoperability standard and a Binance listing.