Stacks Foundation Funds Blockstack's Blockchain Expansion

The Stacks of Open Internet FoundationFounded in May 2020, grants up to $ 5,000 to projects that can improve the Stacks (STX) blockchain and the ecosystem around it.

Blockstack, a decentralized network for building blockchain applications, formed the foundation in May 2020, enabling it to support its vision of an ‘user-owned internet’ built around its own Stacks blockchain. It gave the foundation 100 million STX, then worth about $ 23 million (but now worth about $ 19 million after the crypto market free fall), work with.

The foundation is seeking proposals that cover a full range of infrastructure needs on the Stacks 1.0 blockchain: Core Protocol Development; Education, evangelism and collaboration; Tools and services; and, for fun, a Wildcard category that enables projects with goals that can evolve.

However, successful proposals fall under the domain of Web 3.0, in which, according to the Stacks Foundation, “any Internet user can participate in the value they create because they have full ownership of their identity and data.”

Stacks Open Internet Foundation Executive Director Brittany Laughlin encouraged anyone interested in building Web 3.0 to apply:

“We are not just looking for developers; we also want to provide resources to those who have a creative vision, those who want to build communities, social channels or other creative ideas that add value to the ecosystem around Blockstack technology and Stacks.”

The foundation plans to scale up the Stacks Grant program, and possibly the award amount, from the current beta version when Stacks 2.0 launches.

But Stacks 1.0, as the scholarship program indicates, is still a lot of work in progress. In an effort to get overboard with US regulators, Blockstack held the first SEC-qualified ICO in 2019, raising the $ 23 million it more or less transferred to the Stacks Foundation.

Now that it has moved the money to the nonprofit, Blockstack’s next goal is to get the token listed on US cryptocurrency exchanges. Currently, it is linked to Tether, Bitcoin and Binance Coin on Binance, and with different coins on a handful of smaller exchanges.

While Blockstack and its CEO, Muneeb Ali, have big plans for the decentralized future, they no doubt understand that, as the saying goes, a journey of a thousand miles begins with a single step.

Encouraging developers to experiment with the burgeoning blockchain – and build a community to use itis a start.

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