As a seasoned researcher who has witnessed the evolution of blockchain technology over the past decade, I find it incredibly exciting to see initiatives like Fhenix’s Grant and Bounty Programs that are driving innovation and growth within the ecosystem. Having delved into countless projects, I can attest to the transformative power of incentivizing developers and builders to explore new technologies and create groundbreaking applications.
Phoenix is working to speed up the acceptance of its Layer-2 (L2) solution for confidential transactions. To achieve this goal, they have introduced two incentive plans in relation to their Fully Homomorphic Encryption (FHE) L2: the Phoenix Grant program and the Bounty program. These pairing initiatives are designed to encourage projects and developers who wish to develop on the L2, thereby boosting the expanding Phoenix ecosystem.
The Fhenix Grant and Bounty Programs
Phoenix is known for being the initial Ethereum Layer 2 solution to support confidential smart contracts through the innovative cryptographic method called Fully Homomorphic Encryption (FHE). Built with an Ethereum Virtual Machine (EVM)-compatible architecture, it allows developers to write their smart contracts in Solidity. This is done by using tools they are accustomed to and then encrypting them using FHE.
The goal of L2 is to bring a groundbreaking change to Ethereum app development by providing confidentiality to smart contracts, transactions, and on-chain assets, a feat that has not been achieved before.
As a crypto investor, I’m excited about the Grant program that is specifically designed to motivate developers to delve into the potential of confidential computation through Fully Homomorphic Encryption (FHE). Developers who are already involved in the FHE infrastructure and those intending to create confidential applications on-chain stand to gain from this incentive.
Instead of the Grant program catering to extensive projects, the Fhenix Bounty Program focuses on smaller projects within a particular field. Unlike the Grant program, it does not support large-scale projects. The Fhenix Bounty Program provides a list of available tasks and their respective bounties on a designated page. The Fhenix team is tasked with matching each bounty to an appropriate applicant.
Blockchain Protocols Target Ecosystem Growth with Incentive Programs
As stated in a press release provided to Coinspeaker, Fhenix is actively seeking out projects with groundbreaking applications. Specifically, they are interested in projects developing effective tools that can function seamlessly with data encrypted using Full Homomorphic Encryption technology.
Applications for these programs are open. Applicants must provide key information, including an outline of key deliverables, KPIs, and project milestones. After a rigorous review and selection process, eligible grantees will receive the funding to build their intended solutions.
As a crypto investor, I’m eager to dive into these programs that aim to foster a deeper understanding of Fhenix’s L2, an EVM-compatible platform. Long-term, this could open up numerous use cases for Fully Homomorphic Encryption (FHE). It’s exciting to envision the demonstration of various confidentiality-enabled applications leveraging FHE.
At the start of this month, similar to the Phoenix rising, Uniswap Foundation unveiled a $3 million grant for fresh projects based on their protocol. This announcement came hand in hand with the publication of their quarterly financial report for Q2 2024 by the non-profit organization.
Via Maelstrom, Arthur Hayes’ family office has unveiled a fresh Bitcoin Grant initiative aimed at fostering growth within the ecosystem. Such incentives have become common in Web3 environments, serving to attract developers, stimulate innovation, and broaden the range of potential applications.
Read More
Sorry. No data so far.
2024-08-22 19:07