Galxe Unveils $50M Fund to Supercharge Ecosystem Innovation

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As a seasoned researcher with a keen interest in blockchain technology, I find the recent announcement by Galxe to launch a $50 million ecosystem fund for the Gravity blockchain both intriguing and promising. Having spent countless hours delving into the complexities of various blockchains, I can appreciate the potential that this initiative holds for developers seeking to create scalable and efficient applications.

Galxe, a prominent player in the Web3 identity and incentives sector, has unveiled plans for a $50 million fund aimed at boosting innovation on their recently enhanced Gravity blockchain network. This move is designed to foster rapid development within their ecosystem.

As stated in a recent announcement on Tuesday, the Gravity Ecosystem VC Alliance aims to aid developers and projects in constructing robust decentralized systems with superior performance. Simultaneously, it strives to broaden the functionalities within the blockchain’s broader ecosystem.

A $50M Boost for Blockchain Developers

The alliance known as the Gravity Ecosystem Venture Capital Group was formed with the objective of offering financial support, necessary resources, and strategic guidance to developers who are working towards building scalable and efficient apps within the Gravity blockchain network. This initiative has garnered backing from notable investors such as HashKey Capital, DAO5, Draper Dragon, and Spartan Group.

According to Galxe’s co-founder, Charles Wayne, this initiative represents a crucial move in helping advance projects that match our platform’s purpose.

Wayn shared with Cointelegraph that our goal was to establish an environment for developers to join us and create within it. By choosing to develop on Gravity, you immediately tap into the 1 million daily active users of Galxe.

In addition to establishing the ecosystem fund, Galxe has set aside an extra $5 million for developer incentives. This money is intended to spur more creativity, as it will entice developers who are interested in leveraging Gravity’s advanced technical framework and its massive user base of 31 million people.

Introducing Grevm 1.0

As a crypto investor, I’m thrilled about Galxe’s latest addition – Grevm 1.0, an open-source, parallel Ethereum Virtual Machine (EVM). This innovative upgrade for Gravity is designed to enhance its performance. What sets Grevm apart is its development using the Rust programming language, which delivers a streamlined and more efficient experience compared to traditional EVMs.

The Grevm 1.0 seeks to provide a better foundation for developers compared to existing solutions.

On the Gravity network, you’ll find remarkable technological strengths that stand out. For instance, it can handle an astounding 1 gigabyte per second of data transfer, ensures transaction conclusions in less than a second, and provides strong Proof-of-Stake (PoS) security for robustness.

In August of 2024, the protocol officially unveiled its Alpha Mainnet, signifying a significant move towards decentralization by departing from centralized systems. Throughout this transition process, Galaxe transferred key applications like Passport, Quest, Compass, and Identity Protocol to be blockchain-based.

Galeal offers developers a decentralized foundation to create and expand their projects autonomously. The mainnet is set to be launched in the coming year. (Maintaining the original meaning while using simpler and more conversational language.)

A Vision for Interconnected Innovation

Gravity’s system allows smooth collaboration between 70 interlinked blockchain networks, giving developers the ability to construct apps suitable for numerous situations. Furthermore, its built-in token, G, streamlines transaction fees by ensuring consistent payment across these systems, thereby enhancing user experiences and increasing overall accessibility.

The blockchain is equipped with its very own development kit called “Gravity SDK,” which is still being worked on. As per GalaXE, this open-source toolkit aims to empower developers by offering a smooth structure for building decentralized apps, simplifying the process significantly.

Xia expresses lofty goals for the Software Development Kit (SDK), emphasizing that it’s being designed to surpass current options such as the Cosmos SDK. The reason behind this is that it will provide a higher level of adaptability and productivity.

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2024-12-10 13:34