Deep Ink Ventures Receives Decentralized Grant from Web3 Foundation for Polkadot Ecosystem Development
Web3 Foundation has awarded a decentralized grant to Deep Ink Ventures, a blockchain consultancy and infrastructure builder focusing on the Polkadot ecosystem. This grant signifies the Foundation's endorsement of Deep Ink Ventures' approach to venture development and community engagement within the Polkadot network.
Deep Ink Ventures emphasizes quick time-to-market, MVP-focused development, and scalable business models within the Polkadot ecosystem. Their strategy combines traditional venture development with a decentralized, community-driven model, where the blockchain community votes on projects.
The Web3 Foundation, as the development agency for Polkadot, has allocated a prize pool of 10 million DOT tokens, equivalent to approximately $65 million, to support the implementation of the Join-Accumulate Machine (JAM) upgrade for the Polkadot ecosystem.
The goal of this initiative is to establish a decentralized network capable of handling various computational tasks within the Polkadot ecosystem. Participants must meet specific criteria such as importing and producing blocks, meeting performance standards on Kusama and Polkadot, and passing security audits.
Deep Ink Ventures Studio operates in six-month cycles, introducing new ventures every four months. Each cycle starts with a community-driven process where startup ideas are proposed, voted on, and refined. Selected projects are then developed with the guidance of a Founder in Residence, who oversees the venture through the initial stages of MVP development, business planning, and investor engagement.
Deep Ink Ventures is renowned for its proficiency in Substrate development, ink! smart contracts, and the Ethereum Virtual Machine (EVM). Ventures launched through their studio benefit from access to investor networks, partnerships, and exclusive products like Genesis DAO.
Looking ahead, Deep Ink Ventures aims to expand into a seed fund and venture builder, backing blockchain startups by attracting a diverse range of investors, including VCs, angel investors, and businesses.
In conclusion, Deep Ink Ventures' receipt of a decentralized grant from the Web3 Foundation highlights their commitment to advancing the Polkadot ecosystem through innovative venture development and community engagement. This partnership not only fosters growth within the blockchain space but also provides new opportunities for investors and entrepreneurs looking to participate in the thriving decentralized finance landscape. By supporting projects like Deep Ink Ventures, individuals can potentially benefit from the success and growth of the Polkadot ecosystem, making it a promising investment opportunity for those interested in the future of blockchain technology.