Privacy Blockchain Findora launches $100M ecosystem fund to develop new applications and infrastructure
Findora, a privacy blockchain project, has announced a $100 million fund to spur the growth and development of the its ecosystem to compete with Zcash and Monero.
As part of a broader community-led commitment to support ecosystem research, development, and infrastructure projects built on Findora's privacy-preserving technology, the ecosystem Fund has been announced.
By staking on Findora Mainnet Beta, stakers can now earn a reward rate of up to 250%. Furthermore, developers can apply for funding via the $100M Ecosystem Fund.
Staking and delegation will be possible on the Findora Mainnet Beta after more than three months of testing, according to Findora.
Findora's leading developer, Warren Paul Anderson of Discreet Labs, stated: "Programmable privacy is particularly game-changing for individual users as they can achieve the same level of privacy that they get with their financial institution but without the centralized risk of having to trust a bank with all their money."
He adds, "But it's also a major unblocking event for traditional financial institutions too, where privacy is at the core of every one of their product offerings. So it appeals to both sides of the aisle… DeFi and TradFi."
With the ecosystem fund, Anderson hopes to see decentralized exchanges, lending protocols, and payment applications on the platform.
Findora plans to create decentralized applications, implement stablecoins, and allow people to create their own tokens based on its blockchain.
It has integrated the Ethereum Virtual Machine for smart contracts back in September, aims to bring the privacy features to a network modeled after Ethereum.
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The network earlier raised eight-figure funding round, including investors like Axia8 Ventures, Allchaineed, Powerscale Capital, Krypital Group, Cabin VC, and Jack Lee among others.
A public blockchain, Findora is a platform for programmable privacy. Originally developed as a university cryptography research project in 2017, the firm uses zero-knowledge proofs and distributed computation technology.
CBW - External Analyst