Polkadot Announces $20 Million Investment in DOT for Its Ecosystem Development
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- Polkadot aims to use its on-chain treasury to support its Pioneers Prize program.
- The Polkadot Pioneers Prize will be administered by an elected curator.
Polkadot, a popular blockchain technology, has announced a $20 million investment in DOT to support the growth of its ecosystem and Web3. It is said that the Polkadot Pioneers Prize is a set of challenges that have been meticulously designed to encourage technological innovation in its network.
The first two challenges, zero-knowledge research and development and Polkadot infrastructure will be unveiled later this year. Over 993,286 DOT, worth $20 million of the blockchain project’s native cryptocurrency, DOT, has been allocated so far. It will be split between the first two challenge categories and the next two. Polkadot aims to use its on-chain treasury to support its Pioneers Prize program, governed by token holders on the network.
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Because there are few to no ambitious ideas on how the Polkadot on-chain currency may be used, the Trailblazer Prize is designed to solve this issue. The idea aims to demonstrate how the chain’s treasury money may be innovative and creative ways to empower the community.
In addition to the channel’s Treasury Board, Parity Technologies, the Web3 Foundation, and other partners in the ecosystem, the Polkadot Pioneers Prize will be administered by an elected curator. On the other hand, Polkadot was recently designated the blockchain network with the lowest power use and total carbon emissions per year in a study by the Crypto Carbon Rankings Institute (CCRI).
The problem of blockchain networks’ power usage has been contentious for a long time. Because of Tesla’s worries about power usage, the electric vehicle company stopped taking bitcoin payments last year.
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