Core Foundation Launches $5M Innovation Fund to Boost Indias Web3 Ecosystem
Core Foundation aims to support Indian developers in building dApps on Core Chain, the first Bitcoin-Aligned EVM-compatible blockchain.
7 March, 2024 Core Foundation has announced a $5 million Innovation Fund to advance Indias dApp ecosystem on Core Chain, the Bitcoin-secured and EVM-compatible blockchain. This fund aims to empower Web3 communities, enhance education, and provide vital support to founders and builders throughout India.
Indias startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments. Our goal is to empower Indian builders, spur dApp growth, and merge Bitcoins security with Ethereums flexibility. This initiative will open new doors and boost Indias crypto economy, with a focus on scaling Bitcoin and unlocking BTCFi, said Shivangi Pandey, Core Contributor.
This entry into the Indian market also includes a roadmap for builder meetups, the Core Ambassador Program, hackathons, and collaborations with Web3 incubators and universities. Core Foundation also plans to launch an accelerator program in partnership with leading Indian Web3 venture capitalists and accelerators, providing essential support to the burgeoning community of Core Chain builders and founders.
Core Chain is the first Bitcoin-aligned EVM blockchain, designed to be Bitcoins complementary and hyper-scalable smart contract platform. Designed to work in conjunction with Nakamoto Consensus, Core Chains Satoshi Plus consensus combines Delegated Proof of Work and Delegated Proof of Stake to incorporate Bitcoin miners and CORE users in Core Chain security.
Core contributors recently released the Unlocking Bitcoin DeFi paper, which proposes a radical expansion of the Bitcoin Network to support DeFi on Core Chain. Non-Custodial BTC Staking is one component, which unlocks ~$1T in passive BTC value to contribute to Core Chains Satoshi Plus consensus. Scaling Bitcoin DeFi on Core Chain is only beginning, particularly with the launch of ecosystem funds in Africa and now India emerging to support Core Chain developers scaling Bitcoin DeFi.
For more information, updates on upcoming activities, and to connect with Core Foundation, visit this link.
About Core Chain
Core Chain is a Bitcoin-powered layer one blockchain for EVM-Compatible smart contracts. It uses a novel Satoshi Plus consensus mechanism, integrating the best aspects of Proof of Work and Proof of Stake. With 50% of Bitcoin mining hash power participating in consensus in exchange for unlocking Bitcoin utility and rewards, Core Chain is becoming the most Bitcoin-aligned EVM chain (BTCfi, Bitcoin staking, and more). This breakthrough has amassed a massive community of 2.2M Twitter followers, 250k Discord members, etc which has translated into millions of CORE holders, over 14M unique addresses, and 225M transactions since its mainnet launch a year ago.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
