This week on altcoin ecosystems:
Algorand incentivizes push for EVM compatibility with a $10 million SupaGrant
Algorand has recently announced a $10 million SupaGrant incentives program running through to 18th March. The program targets teams that shall explore and speed up the technical work needed by the chain to gain Ethereum Virtual Machine (EVM) compatibility.
The competing teams are required to present their proposals by said date, and their submissions must include the methodology, timeframe, and cost estimates for implementation. Further, the Foundation added that more than one team could be selected as winners, in which case the prize reward would be split among them.
EVM compatibility for Algorand would enable Ethereum smart contracts to run on the network and thereby the apps on Ethereum and other EVM-compatible chains. Developers who are already adapted to building decentralized applications (dApps) on the EVM would be able to take advantage of Algorand’s perks, including better performance and minimized costs.
Algorand is a believer in a multichain future, and the recently appointed Algorand Foundation CEO Staci Warden believes the SupaGrant program will push the network closer to achieving compatibility.
In addition, Algorand launched another $10 million package to boost the number of on-chain projects. The amount would go to developers who build robust suites of tools that simplify building dApps on the network.
To learn more about Algorand visit our Investing in Algorand guide.
Solana pushes for more network validators
The Solana network is continually growing and has recently eclipsed 1,500 validators. The network is still calling on more people to join and make the network even more secure. The total number of validators on Solana’s mainnet currently stands at 1,533.
“There are more and more Solana validators every day. Join in and secure the network,” the Solana team posted.
An increase in the number of validators enlarges the number of nodes participating in consensus and processing transactions. This translates to a high level of on-chain performance and scaled censorship resistance – an indicator of the network’s ability to withstand an attack or disruption. The validators also make the network much more decentralized. On their part, validators on the network charge a commission fee on the rewards gained on the stakes they hold.
To learn more about Solana visit our Investing in Solana guide.
Polygon’s acquisition of Cope.Studio bears fruition in new Web 3 tool
One of the biggest challenges that has limited adoption in several blockchain networks is the poor design of the user interface. This has almost always led to an unpleasant user experience. Polygon is attempting to overcome this challenge with yesterday’s launch of Finity – a cross-platform user interface design tool to enable developers to pilot and launch products with an improved user experience without affecting the usability.
Finity will allow developers to focus on the back-end work they have specialized in, being their applications’ features and functionality. The design studio is the first product to come of Polygon’s recent acquisition of Cope.Studio, a metaverse-focused design lab that integrates creations across Decentralized Autonomous Organizations (DAOs), NFTs, virtual reality, and augmented reality
The UI design tool allows dApps to leverage Web2’s psychological visual appeals to mold a familiar experience for the users. The lab will include the familiar Web 2 visual designs and developers can customize to their liking UI elements, including icons, cards, toggle switches, spacing, buttons, color gradients, calendars, symbols, and several others.
The launch of Finity is a testament to the ambition of Polygon to become the AWS of Web3. As the network’s co-founder, Sandeep Nailwal, elucidated, Polygon is seeking to reach this goal via its multichain approach to providing solutions and services.
To learn more about Polygon visit our Investing in Polygon guide.
Credit: Source link