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Cosmos creator Interchain Foundation to invest $40M for ecosystem development

Apart from developing the fundamental infrastructure, the Interchain Foundation will also finance initiatives that promote the adoption and implementation of Cosmos

Shashank Bhardwaj
Published: Feb 24, 2023 08:47:12 PM IST

Cosmos creator Interchain Foundation to invest M for ecosystem developmentImage: Shutterstock

According to a Medium post by the Interchain Foundation (ICF) on February 20, the nonprofit organisation responsible for creating the Cosmos inter-blockchain communications (IBC) ecosystem has stated its intention to invest approximately $40 million in 2023 towards enhancing its fundamental infrastructure and developing applications.

About 50 blockchains, including Tendermint Core, Cosmos SDK, Cosmos Hub, and the IBC protocol, use the Interchain Stack. Their plan is to involve other teams to work on specific tasks within each area of development throughout the year. These contracts will be to support the work of the mentioned teams or to meet their needs that arise during the year.

The Interchain Foundation is providing support for the advancement of CosmWasm and Ethermint technologies, which are considered as the building blocks of smart contracts and Ethereum Virtual Machine (EVM) compatible blockchains.

Apart from developing the fundamental infrastructure, the Interchain Foundation will also finance initiatives that promote the adoption and implementation of Cosmos. These programs encompass the Interchain Developer Academy, the Cosmos Developer Portal, and the Interchain Builders Program. Furthermore, there will be an integration of Cosmos with other blockchain technologies like Polkadot and Hyper Ledger.

Additionally, the Interchain Foundation has announced its intention to relaunch the public Small Grants Program in 2023, which was put on hold last year due to a backlog of applications. The ICF is currently advising teams to approach the Builders Program for non-financial mentorship and support. While the Small Grants Program is not available, developers are encouraged to utilise the ATOM delegation program to obtain contribution rewards.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash