- The Solana Foundation announced a $1 million fund for AI projects on Solana.
- Grants will be awarded to projects that bring innovation at the intersection of AI and blockchain.
- Grands are available to individuals, teams, and organizations of all sizes.
The worlds of blockchain and artificial intelligence (AI) are both experiencing rapid growth. Solana’s latest initiative aims to bring these two technologies together.
On Monday, April 24, The Solana Foundation announced a $1 million fund for projects that find use cases for AI on Solana.
The fund is open for applications with several caveats and criteria that successful applicants need to know.
Solana’s AI Grand Fund Overview
The Solana AI fund aims to promote innovation at the current crossroads of blockchain and artificial intelligence. To that end, the Solana Foundation has set aside $1 million for small grants for new and existing AI projects.
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Individuals, teams, nonprofits, companies, and other organizations can win between $5,000 to $25,000 to develop promising AI applications for Solana.
Solana Foundation hopes these grants will bring more developers into its ecosystem, which is in a good position to benefit from AI use cases.
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In particular, Solana claims its speed and low fees make it an interesting testing ground for decentralized AI applications and for finding further synergies between blockchain and AI.
What Is the Solana Foundation Looking for?
The Solana Foundation is looking for projects that explore the intersection of Solana blockchain and artificial intelligence.
This could include decentralized applications (dApps) that leverage AI for various tasks. For instance, applications like natural language processing, computer vision, and machine learning combine with the Solana blockchain.
The Solana Foundation invited developers to focus on creating applications that leverage both the advantages of AI and those of decentralized technology. On the other hand, they could also look for specific ways AI can help improve the Solana ecosystem.
Solana Foundation will look for projects that create public goods, further decentralization, and promote the growth and security of the Solana network.
How Does the Grant Process Work?
To apply, projects can visit http://solana.org/grants and select the “AI” category in their application. They should clearly outline the project’s goals, how it meets the eligibility criteria, and how it benefits the Solana ecosystem.
Solana Foundation says it will review it on a rolling basis and may request additional information or schedule calls if necessary.
The review process typically takes around two weeks, the Foundation says. Applications get the final decision via email.
What Are the Evaluation Criteria for Solana AI Grants?
The decision on who gets the grants depends on several criteria, the Solana Foundation says. These include open-sourcing the code, clear benefits for Solana, demonstrated ability to deliver, and more.
Firstly, the projects should be built to make the code open source. This is important as open-source projects help foster innovation, collaboration, and transparency within the ecosystem.
Second, there should be a clear connection between the project proposal and the value it generates for the Solana ecosystem. In addition, applicants must demonstrate that their team has the skills and potential to complete the proposed project successfully.
Projects should also be relatively novel and contribute something new to the ecosystem. Finally, applicants should present a clear plan for how the funding will help them achieve their goals.
What Are the Restrictions?
The Solana Foundation clearly states that it will not accept certain types of projects, such as NFT marketing, and projects that would realistically require venture funding to succeed.
Grants are not NFT marketing budgets, Solana Foundation notes. While Solana supports the growth of its NFT ecosystem, grants are not intended for promoting individual NFT drops.
The Foundation also notes that grants are not a substitute for venture funding. While Solana also has a venture fund, grants aim at projects that create public goods for the Solana ecosystem.
Finally, Solana will not fund projects that don’t show a genuine interest in the potential of open-source, decentralized blockchain tech or the Solana network.
On the Flipside
- Solana is not the only crypto project jumping on the AI bandwagon. Since the launch of ChatGPT, hundreds of AI-focused crypto tokens have been launched.
- Solana is also working on its “Web3 phone,” an Android smartphone with crypto integrations.
Why You Should Care
While small in scale, grants like these enable small developers to create applications that contribute to the development ecosystem.
Read more about AI applications in the crypto industry:
AI in the Crypto Market: How to Stay Ahead of the Trends
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