Telos, a high-performance blockchain created with the EOSIO software, announced the launch of its Telos Ignite Initiative, with the Telos Foundation pledging a 12 million $TLOS donation, or ~$15.1 million, over the next four years. The Telos Ignite grant initiative aims to “fund Web3 software development and help build projects that spur the growth of the Telos ecosystem”, the statement from the team reads.
Telos ($TLOS) is built as a layer 1 blockchain compatible with Solidity, Vyper, and Native C++ smart contracts providing users with unmatched speed and scalability to smart contracts for decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and social media. Dubbed as a third-generation blockchain, Telos minimizes the steps required to run existing Solidity smart contracts allowing developers to easily replicate dApps and deploy to Telos using familiar toolsets, including MetaMask, Hardhat, Truffle, Remix, ethers.js, and others.
“The Telos team has worked hard to create the most powerful and accessible smart contract platform in existence. This grant program will help attract new, innovative dApps to the platform, allowing it to reach its full potential,” said Douglas Horn, Telos Chief Architect.
The Telos Ignite grant initiative will focus funding on “passionate” projects and teams that aim to build and innovate in the Web 3 space and improve the Telos ecosystem. At launch, the grant will focus on ecosystem-based projects that offer Telos users a wide range of use cases including those in the DeFi, GameFi, and NFTs ecosystems. These projects will offer useful services and utility to the platform, allowing the blockchain community to experience the full breadth of what blockchain technology has to offer.
Additionally, teams working on tools and infrastructure for the Telos ecosystem will be eligible for the grant. These include teams building development tools including Wallets, Block Explorers, APIs, Component Libraries, and various other tools to support the Telos ecosystem. Finally, the Telos Ignite grant initiative also covers development teams building ESG (Environmental, Social, Governance) initiatives solving issues present in these categories.
Telos token, $TLOS, reached its all-time highs soaring 229% from its January lows of $0.42 to a new high of $1.39 thanks in part to the developments in speed and scalability of the platform. With sub-second block times, a sustainable transaction capacity that is in the hundreds of millions per day, fixed/independent of coin price gas fees (under $0.10 transaction), complete insulation from any Front Running/Mev, plus a fully decentralized block producer network, Telos is growing as one of the most robust Layer 1 crypto solution available to the market today.
“Telos Ignite enables us to bring in the projects which show off the network’s speed and performance at a scale we haven’t seen before,” said Justin Giudici, Acting CEO at Telos Foundation. “We look forward to being able to prove our capabilities in a way that Solana and other projects have been talking a big game about but coming up short. An influx of new applications will enable us to do this.”
According to official reports, Telos also has extended the deadline for the registration for its 2022 EVM hackathon for those looking to innovate, create, and deploy solutions on tEVM, named the Spark Hackathon. Solidity developers will have a chance to show off their skills on a much larger scale, as well as compete for the Telos blockchain’s native token, $TLOS, with over 180,000 $TLOS available. The registration will now close on April 3rd, 2022.
Telos has partnered with Taikai, a dApp built on the Telos blockchain specialized in creating streamlined and efficient hackathons for developers and platforms to guarantee the hackathon’s success. Besides that, Telos has launched the Mentor support team, a group of experts dedicated to making deployment processes on the Telos EVM as simple as possible.
The Spark Hackathon is one of multiple hackathons that will cause an innovation challenge on the world’s fastest EVM (tEVM).