Coda Protocol has allocated funds worth $2.1 million to incentivize development on its lightweight blockchain.
In a press statement emailed to CoinDesk, Coda Protocol said that the new grant program, which would be paid out using Coda’s tokens, would be open to any project that helps develop the protocol, build tooling, organize meetups or create new content.
“Coda’s tech unlocks many new possibilities, and we’re excited to see those built out while expanding ownership in the protocol,” said Evan Shapiro, CEO and Co-Founder of O(1) Labs, the startup supporting Coda Protocol.
According to the firm, its blockchain is the self-proclaimed world’s lightest and it always stays the same size, about 20 kilobytes (a few tweets) and can be accessed on any device, including mobile phones and web browsers. In its emailed statement, Coda Protocol said that through the grant program it hopes to encourage more people to participate in building its decentralized system.
One of the recipients of Coda’s previous round of token grants, John Morrow, said that collaborating with Coda was a great fit for his firm. Morrow, a COO at blockchain financial modeling firm Gauntlet, added that, “Coda’s great documentation and developer resources have helped us make progress quickly on the technical front as well.”
Last April, Coda Protocol raised $15 million in fresh funding for its lightweight blockchain project from investors including Coinbase Ventures, Paradigm and General Catalyst.
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