Interchain Foundation allocates $40M budget for Cosmos development

02/21/2023 09:34 • Crypto & Markets • 90 views

It is reported that the Interchain Foundation (ICF), a foundation that supports the cross-chain project Cosmos development and ecological construction, released its expenditure budget for 2023. It is estimated that it will spend about $40 million in 2023 to fund different engineering teams to develop and maintain the core stack of Interchain, including supporting projects that promote adoption and use cases. Key funding areas in 2023 include consensus, interoperability, App framework and client, Cosmos Hub, security and testing framework, DevRel, communication and growth. ICF is currently in the final stage of finalizing key contracts in 2023.

Cosmos Ecological Foundation ICF plans to provide about US $40 million to fund the project team this year

Interpretation of the news:

The Interchain Foundation (ICF) has recently released its expenditure budget for 2023, which has seen a significant allocation of $40 million towards cross-chain project Cosmos development and ecological construction. This move by the foundation further underscores its commitment to bridging the gap between various blockchain networks by improving interoperability.

The ICF plans to fund different engineering teams in 2023 to develop and maintain the core stack of Interchain, which includes supporting projects that promote adoption and use cases. There are several key funding areas for 2023 that include consensus, interoperability, App framework and client, Cosmos Hub, security and testing framework, DevRel, communication, and growth.

It is worth noting that the ICF’s expenditure budget also includes the addition of new members to its engineering teams. These experts are expected to play a critical role in driving new developments and implementations within the Cosmos ecosystem.

The fundamental goal of the ICF is to ensure that the Cosmos network continues to leverage cross-chain protocols to create a more connected and efficient blockchain environment. By committing such a significant amount of funds towards the improvement of Cosmos, the ICF is setting the standard for other institutions and blockchain-based projects to follow.

In conclusion, the allocation of $40 million towards Cosmos development highlights the importance of interoperability in creating a more connected blockchain ecosystem. The ICF’s decision to commit such a significant amount of funds towards Cosmos research also ensures that the blockchain network remains at the forefront of innovations in the field of blockchain technology.

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Interchain Foundation allocates $40M budget for Cosmos development

Cosmos Ecological Foundation ICF plans to provide about US $40 million to fund the project team this year

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