High-performance layer 1 blockchain, Telos announced the launch of its Telos Ignite initiative on Monday this week. The initiative aims to fund developers working on Web3 applications on Solidity, Vyper, and Native C++ smart contracts and help build projects that “spur the growth of the Telos ecosystem”, the statement reads. The Telos Ignite initiative will receive 12 million TLOS tokens ( ~$15 million) from the Telos Foundation over the next four years to boost development on the platform.
“The Telos team has worked hard to create the most powerful and accessible smart contract platform in existence,” Douglas Horn, Telos Chief Architect, said speaking on the latest funding. “This grant program will help attract new, innovative dApps to the platform, allowing it to reach its full potential.”
According to the statement, the initiative aims to fund innovation from ‘passionate teams building on Telos’ and those that aim to further the role of Web 3 ecosystems in the world today. The project will mainly focus on three main projects including full blockchain ecosystems, tools, and infrastructure developers, and projects focused on Environmental, Social, Governance (ESG) sustainability.
Developers who will be accepted for the Telos Ignite Initiative will benefit from more than just the funding provided by the Telos Foundation. Additionally, developers in the grant program will be provided with developer tools and resources to help facilitate a streamlined development process, gain mentorship and direct support from members of the Telos development team, end to end support starting from the building process to the technical and commercial strategy, and recognition on their social pages as a Telos Ignite Initiative winner.
“Telos Ignite enables us to bring in projects which show off the network’s speed and performance at a scale we haven’t seen before. 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,” said Justin Giudici, Acting CEO at Telos Foundation.
Telos launched in 2018 aiming to challenge and solve the scalability issues and high gas fees experienced on Ethereum, Bitcoin, and other legacy blockchains. Boasting as a third-generational layer 1 blockchain, Telos supports both Ethereum Virtual Machine, Solidity, and fee-less native C++ smart contract platforms. This allows developers on Ethereum to easily migrate their projects and applications on the Telos Network using familiar developer tools.
The platform also offers extremely fast transactional times (under 0.5 seconds per tx), reaching millions of transactions on its sustainable and stable platform. Additionally, the platform employs a fixed transaction fee model (independent of the coin) – under 10 cents – to reduce the cases of maximal extractable value (MEV) and front running, plus a fully decentralized block producer network.
The Telos Ignite application process is already open and you can submit your project here. The team believes the initiative will allow more developments to take place on the Telos blockchain increasing the user acquisition rates on the platform.
“We’re incredibly excited to be announcing Telos Ignite and can’t wait to see all of the amazing projects that the developer community brings to the table,” said AJ Dinger, Head of Business Development at Telos Foundation.
