The IOST Foundation is offering a $100 million incentive fund to attract Ethereum Virtual Machine (EVM) developers to its ecosystem.
The $100 million will be split between two funds: the New Ecosystem Fund, which will be used to build IOST’s apps and mainnet infrastructure, and the Accelerator Fund, which will provide funding and incentive bonuses to development teams.
The Ethereum Virtual Machine (EVM) is a software framework that allows developers to create decentralized apps on the Ethereum network. Through participating Ethereum nodes, they can be accessed from anywhere in the world.
This project is being funded by the Foundation’s institutional investment partners, with Big Candle Capital (BCC) spearheading the charge. BCC focuses on decentralized finance (DeFi), non-fungible tokens (NFTs), GameFi, Web 3, and the metaverse as areas of interest.
The fund is part of IOST’s larger Project Entroverse, which was announced in late March and intends to “create a fast-developing, interoperable, and interconnected blockchain network,” according to the Foundation.
IOST stands for “internet of services token” and aims to provide a fast and scalable blockchain with a target of 100,000 transactions per second (TPS). To put things in perspective, Ethereum’s TPS is presently 12-15.
