According to the blockchain startup, the Harmony Foundation will commit over $ 300 million in ONE token over the next four years to attract projects.
The Palo Alto, California-based team said Thursday that the initiative, part of what it calls a “comprehensive ecosystem strategy,” aims to support 10,000 start-ups with bounty, grants and other support funds. This is due to the fact that competing baselines like Avalanche, Fantom and others are investing heavily in projects in an increasingly fiercely competitive environment.
“We believe Harmony has the right vision for co-creating wealth, having the infrastructure and a platform to do so,” said Harmony founder Stephen Tse.
The company will provide $ 180 million over the next year, of which $ 50 million will go to 100 Decentralized Autonomous Organizations (DAOs), which can then decide how to use the capital, including supporting small projects. An additional $ 30 million will be allocated to partner organizations that are deployed on Harmony and can reach end users.
The fund will distribute most of the remaining funds that it has accumulated in the reserve fund from investors and current network members through grants of various sizes, awards and investments. Small groups of network participants will vote on individual projects.