Open source non-profit IOTA this week launched a $2 million fund intended to foster growth of its distributed ledger technology, a derivative of blockchain technology aimed at the internet of things.
Dubbed the IOTA Ecosystem Fund, the idea is to incentivize expanding and shaping the IOTA ecosystem through use cases, libraries, tools and hackathons.
“Every great open source project has a great ecosystem surrounding it, in many ways it is the defining characteristic that separates a mediocre project from a great one,” David Sonstebo, founder at IOTA, said in a statement Monday. “A thriving ecosystem is a prerequisite for long-term success. The IOTA Ecosystem Fund is backed by over $2 million to open up a world of possibilities for developers and researchers to take the IOTA ecosystem even further.”