Polkadot allocated 993,286 DOT for ecosystem and web3 development

Polkadot has been allocated $21 million for ecosystem development as it emerges as the blockchain network with the smallest carbon footprint. 

Polkadot allocated 993,286 DOT for ecosystem and web3 development

Blockchain protocol Polkadot has been announced the allocation approx $20 million in DOT to stimulate the development of its ecosystem and the highly anticipated Web3 

Polkadot noted the bounty proposal, dubbed the Polkadot Pioneers Prize, is a series of challenges that have been carefully created to push technical innovation on its network. 

The Polkadot infrastructure in the first two challenges will be revealed later this year and will include research and development on zero-knowledge.

The blockchain project has been allocated about 993,286 DOT,  this is a native cryptocurrency worth approx $2.1 million. The funds will be split between the first two challenge categories and subsequent ones. 

Polkadot aims to fund its Pioneers Prize initiative using its on-chain treasury, managed by the network's token holders through on=chain governance. 

The treasury presently holds more than 20 million DOT tokens and it's designed to fund projects that will benefit the Polkadot ecosystem like the Pioneers Prize incentive program. 

The Pioneers Prize target to address the issue of the Polkadot on-chain treasury is underused, considering that there are little to no ambitious ideas on what to do with these funds. The proposal is searching to model how the community can achieve greater agency by directing on-chain treasury funds in new and creative ways. 

The Polkadot Pioneers Prize will be overseen by an elected curator and will contain representatives from the on-chain treasury council, Party Technologies, the Web3 Foundation, and other external ecosystem partners. 

A research report by the Crypto Carbon Rankings Institute (CCRI) has named Polkadot the blockchain network with the lowest electricity consumption and total carbon emissions per year. 

According to CCRI analyzed six blockchain networks that utilize the Proof-of-Stake (PoS) consensus mechanism to determine how much electricity they consume and the level of carbon emissions they produce. Among the blockchain analyzed were Solana, Polkadot, Tezos, Avalanche, Algorand, and Cardano. 

Energy usage by blockchain networks has been a controversial issue. in the last year, Tesla has stopped accepting Bitcoin payments due to energy consumption issues. 

Read: Polkadot unveils $770M development fund ahead of parachain auctions