Blockchain startup Protocol Labs has started a $5 million research grant program

Protocol Labs

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Blockchain developer Protocol Labs which has previously been associated with successful projects Filecoin Coinlist and IPFS has announced request protocols program. The program will attract an initial $5 million for the research initiative. According to the company through their official blog, each successful bidder will receive grants ranging from $5,000 to $200,000.

Protocols Labs stated that:

“The initial RFPs solicit improvement to the components used in Filecoin and a breakthrough probability that may simplify the consensus protocol will include the Filecoin’s Future RFPs will generally fund all the problems across protocols, starting from Multiformats to Filecoin. We have also welcomed problems and suggestions for any work which we may be want to fund.”

As a start, the firm has already listed several projects on Github page for the interested developers to look into. They, however, clarified that because of the open nature of the problem they might end up choosing more than one proposal the problem.

On these problems, the research applications will be judged based on quality, experience and proposed research by the individual or even the team. The team has also said that the solutions must be open source meaning that they must be accessible to the developer community.

In order to ensure that adequate information is passed to all those interested in solving the problems, the team has organized hosting meetings and other events which will help in to facilitate discussion around the problems that should be solved. Protocol labs has stated that if this first phase is successful, they will expand the program in the future to reach more people.

According to them, it’s meant to create a source of income to people who can use technology to solve problems which are affecting the blockchain world. The program might attract some of the best IT brains. The best individuals will end up becoming part of the protocol team.

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