7 Ethereum Projects Are Getting $175,000 in Grants From ConsenSys

Venture studio Consensys is giving $175,000 to seven different open source software projects on the ethereum network.

Announced on Oct. 10, these projects include a forward-looking ethereum software client called Lighthouse, an oracle network for off-chain data called Tellor, as well as, a mobile decentralized app builder called Alice, among others.

The Consensys Grants program which launched officially this February has received over 150 different applications, according to Blocker.

As announced in September, the third wave of the Consensys Grants program is now open for applications with a remaining $220,000 left to give away in the Consensys grants fund.

As explained by Daniela Osorio, the global marketing director for Consensys, the purpose of this grants program is to support under-resourced areas of development that are integral to the ethereum ecosystem but not necessarily profitable.

While acknowledging the powerful impact of grant funds like the one hosted by Consensys and the Ethereum Foundation, Osorio did admit these funds were not sustainable "As a business because they rely on a benefactor."

Still, Consensys is innovating new technologies to ensure the grant money that does currently exist in the ethereum ecosystem is put to good use.

Consensys-backed ethereum bounties network Gitcoin is currently experimenting with a novel form of grant distribution called Capital-constrained Liberal Radicalism matching.

The basic idea is that the more individual contributions a project gets, the more money that project should receive from a dedicated grants fund.

The more individual contributions that are made to a project, the higher the value of grant money that is distributed to that project.