• A $222.5 million fund has been launched by Dfinity Foundation in support of Internet Computer.
• The fund will be utilized in the development of the Internet Computer. Application for the grant has commenced.
• This grant is distinct from the Beacon Fund which is valued at $14 million and launched in September 2020.
• Internet Computer is a decentralized project that is aimed at revolutionizing the internet and providing new ways for the building of tokenized internet services, websites, and industry platforms.

Internet Computer made its debut in the Cryptoverse in a spectacular fashion which catapulted it to the top ten cryptocurrencies by market capitalization. It reached an all-time high of $737.20 and currently trades at $136, placing it tenth.

In order to further the objectives of the project, Dfinity, the foundation behind the project has announced the unveiling of a fund that will be used to support its development. Referred to as The Developer Ecosystem Program, the fund is valued at an impressive $223 million and the window for application has been thrown open.

Internet Computer is armed to the teeth

The community of Internet Computer was overcome with excitement after Dfinity, the foundation behind the project, announced the creation of a fund to promote the growth. The Swiss-based foundation christened the fund The Developer Ecosystem Program and valued it at around $223 million.

The fund is targeted at teams and startups that are building DApps and infrastructure on the blockchain. Speaking on the grant, Dominic Williams the founder of Dfinity noted that the “aim is to support the imagination of all systems and services” on the public blockchain.

This fund is distinct from the Beacon Fund which was announced in September 2020 and valued at $14.5 million. The Beacon Fund is a venture fund that supports innovators that are developing open internet services on the platform.

It seems certain that this new fund will ensure the growth and popularity of the Internet Computer blockchain and bring it one step closer to achieving its ambitious aim of revolutionizing the internet. Olaf Carlson-Wee, the CEO of Polychain Capital whose firm spearheads the Beacon Fund notes that his firm is excited to “fund projects and services that are native to the new system” instead of porting to Web 3.

On the Flipside

• After achieving an all-time high of $737 shortly after launch, Internet Computer values have plummeted by over 81%.
• It currently trades at $141 and has a market capitalization of $16.7 billion.
• The sharp rise and fall of ICP has once again pointed to the highly volatile nature of the crypto market.

Ambitious Project

Dfinity was created by Dominic Williams to achieve the lofty aims of replacing the traditional internet with a blockchain platform that offers users scalability and speeds that are unmatched.

Furthermore, the Internet Computer project seeks to provide a powerful framework for developers through the scaling of smart contract computation and data to create the “complete reimagination of software.”

Since its launch, 100,000 identities have been created on the network in under a month, giving credence to the attainment of their lofty aims. Currently, Internet Computer is ranked among Top15 largest cryptocurrencies, and trading volumes in the last 24 hours fluctuates around an impressive $390 million.

The project has since gone on to raise over $121 million from investors like Andreessen Horowitz, Polychain Capital, Scalar Capital, and ZeroEx among others.