Web3 Foundation awards grant to Deep Ink Ventures to boost Polkadot ecosystem

Investing.com - The Web3 Foundation has awarded a decentralized grant to Deep Ink Ventures, a blockchain consultancy and infrastructure builder with a focus on the Polkadot ecosystem. 

According to a press release, the grant reflects the Foundation's support for Deep Ink Ventures' approach to venture development and community engagement within the Polkadot network.

Deep Ink Ventures prioritizes a quick time-to-market, MVP-focused development, and scalable business models within the Polkadot ecosystem. Their approach blends traditional venture development with a decentralized, community-driven model, where the blockchain community votes on projects.

The Web3 Foundation, the development agency for Polkadot, dedicates a prize pool of 10 million DOT tokens, roughly $65 million, to support the rollout of the Join-Accumulate Machine (JAM) upgrade for the Polkadot ecosystem.

The initiative seeks to create a decentralized network capable of handling a wide range of computational tasks within the Polkadot ecosystem. To qualify, participants need to meet specific criteria like importing and producing blocks, meeting performance standards on Kusama and Polkadot, and passing security audits. 

Deep Ink Ventures Studio operates in six-month cycles, launching new ventures every four months. Each cycle begins with a community-driven process where startup ideas are proposed, voted on, and refined. Selected projects are then developed with the appointment of a Founder in Residence, who leads the venture through the initial stages of MVP development, business planning, and investor engagement.

Deep Ink Ventures is also known for its expertise in Substrate development, ink! smart contracts, and the Ethereum Virtual Machine (EVM). Ventures launched through their studio benefit from access to investor networks, partnerships, and proprietary products like Genesis DAO.

Next on its roadmap, Deep Ink Ventures plans to expand into a seed fund and venture builder, supporting blockchain startups by attracting diverse investors, including VCs, angel investors, and businesses. 

Source: Investing.com