Popular blockchain protocol Polkadot recently announced the allocation of over $20 million in DOT to stimulate the development of its ecosystem and the highly anticipated Web3., Polkadot noted that 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.
So far, the blockchain project has allocated about 993,286 DOT, its native cryptocurrency, worth over $21 million. The funds will be split between the first two challenge categories and subsequent ones.Polkadot intends to fund its Pioneers Prize initiative using its on-chain treasury, managed by the network’s token holders through on-chain governance.
The Polkadot Pioneers Prize will be overseen by an elected curator and will likely contain representatives from the on-chain treasury council, Parity Technologies, the Web3 Foundation, and other external ecosystem partners.by the Crypto Carbon Rankings Institute has named Polkadot the blockchain network with the lowest electricity consumption and total carbon emissions per year.
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