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Polkadot Treasury and first proposals submissions by network teams

By Inkarias - 2020-09-21

Since the development of Polkadot back in 2016, the protocol represents a significant step towards Dr. Gavin Wood’s vision of a decentralized internet. Teams building on Polkadot can now submit their projects to be funded by the Polkadot Treasury, which complements the Web3 Foundation Grants Program and aims to expand the community. Teams are now able to fully participate in this network with the treasury system.

The Treasury is a pot of funds collected through transaction fees, slashing and staking inefficiencies. One way of administering these funds is via a spending proposal, which can be initiated by any holder of DOT, Polkadot’s native token. If approved by the Council, which in this sense is in charge of guarding and administering these funds, after a short waiting period, community members can receive funding for the development of projects that give traction to the network. Proposals may consist of (but are not limited to) infrastructure deployment and continued operations, network security operations, ecosystem provisions (collaborations with friendly chains), marketing activities (advertising, paid features, collaborations), community events and outreach, and software development (wallets and wallet integration, clients and client upgrades).

Polkadot’s teams submitting first proposals

The list of participants in this first batch of proposals is limited to some categories and comprises four teams :

  • Redspot, the development environment, testing framework and asset pipeline for pallet-contracts. Redspot aims to simplify testing and interacting with smart contracts on-chain.

  • Centrifuge and the Go Substrate RPC Client (GSRPC) which aims to use treasury funds to maintain the client for the next six months.

  • Polkascan aims to fund the maintenance of their Python Substrate Interface Library, focused on interfacing with Substrate nodes, providing additional convenience methods to deal with the Polkadot infrastructure.

  • Encointer, a platform for self-sovereign identity and local community currencies with self-issued universal basic income. The fundamental element behind it is the unique-proof-of-personhood protocol which leverages the fact that a human can only be in one place at one time.

More information about Polkadot and the treasure system at https://polkadot.network/