China-based Blockchain Project Finalized 7 Developing Team For $1Mln Award

By Tracy Hannes | April 10, 2020

The China-based Nervos (CKB) public blockchain network will reportedly offer a $1 million reward to a number of establishments, putting in efforts to further develop its system. 

Specifically announced on April 9th, this initiative is the first of many monetary awards, which will add up to $30 million of development funds previously disclosed. 

2 years ago, Nervos has reportedly finalized an ICO sales round, via which the firm has successfully gathered around $100 million. Nervos functions as a 2-tier blockchain. Its base layer, which resembles that of Bitcoin, uses a proof-of-work consensus mechanism to provide security, and the other layer is in charge of scalability features. 

A total of 7 different companies will be the receiver of this first $1 million grant, and they will be tasked with “will contribute to the continued development of Nervos Network and further enhance its usability and interoperability”.

“Our priority is on building infrastructure for the developers because we are aware that our technology is complicated and it’s not easy for developers to build on. We want to foster and enable developments. The grants were split pretty equally between teams with each receiving somewhere between 100 and 350k. One team received two grants for two different projects.” Kim Fournier – global marketing director for Nervos – reportedly remarked regarding the development. 

Per Fournier, the team with the name Summa is putting in efforts to introduce a project with one of the goals to establish interoperability with the Bitcoin network, which attracted much attention from the Nervos community.

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