Polkadot allocates 993,286 DOT to boost Web3 development and ecosystem

Polkadot, the blockchain network with the least carbon impact, has set aside $21 million for ecosystem growth.

Polkadot Allocates 993,286 DOT to Boost its Ecosystem and Web3 Development
Polkadot | Image: Polkadot Network

Polkadot, a popular blockchain technology, recently announced the allocation of more than $20 million in DOT to help grow its ecosystem and the much-anticipated Web3.

Polkadot Commits $21 Million to Ecosystem Development

Polkadot stated in a press statement that the bounty proposal, dubbed the Polkadot Pioneers Prize, is a set of challenges deliberately designed to encourage technical innovation on its network.

The first two challenges, zero-knowledge research and development and the Polkadot infrastructure, will be presented later this year.

So far, the blockchain project has distributed about $21 million in DOT, its native money. The money will be divided amongst the first two challenge categories and the ones after that.

Taking Advantage of Polkadot's On-Chain Treasury

Polkadot plans to use its on-chain treasury to support its Pioneers Prize project, which will be administered by the network's token holders through on-chain governance.

The treasury now holds more than 20 million DOT tokens and is used to fund Polkadot ecosystem programs like as the Pioneers Prize incentive program.

The Pioneers Prize tries to solve how the Polkadot on-chain treasury is underutilized, given that there are few to no ambitious plans for how to spend the funds.

The concept aims to demonstrate how the community may have more control over its finances by channeling on-chain treasury monies in new and innovative ways.

An elected curator will administer the Polkadot Pioneers Prize, which will likely include representatives from the on-chain treasury council, Parity Technologies, the Web3 Foundation, and other ecosystem partners.

Low Carbon Emissions at Polkadot

Meanwhile, Polkadot has been declared the blockchain network with the lowest annual electricity use and total carbon emissions by the Crypto Carbon Rankings Institute (CCRI).

The CCRI looked at six blockchain networks that use the Proof-of-Stake (PoS) consensus method to see how much electricity they require and how much carbon they emit. Solana, Polkadot, Tezos, Avalanche, Cardano, and Algorand were among the blockchains examined.

Energy consumption by blockchain networks has been a contentious topic for a long time. Tesla, the electric car company, ceased taking Bitcoin payments last year due to concerns about energy use.