$10 million has been set aside by Algorand in the latest incentive program to make the Ethereum Virtual Machine network interoperable to attract app developers.

According to a Thursday evening statement by Algorand Foundation CEO Staci Warden at the ETHDenver conference, Algorand is putting up $20 million in cash to accelerate development in its ecosystem.

Officials from the Foundation said that $10 million in awards would be awarded to developers who can deliver solutions for Ethereum Virtual Machine (EVM) interoperability, a critical element for developing networks wanting to woo existing projects. EVM compatibility for Algorand means that apps built on Ethereum or other Ethereum-compatible chains can also run on Algorand.

 

The news comes as token-rich blockchain projects increasingly rely on funding incentives to entice developers to join their ecosystems.

According to a Thursday evening statement by Algorand Foundation CEO Staci Warden at the ETHDenver conference, Algorand is putting up $20 million in cash to accelerate development in its ecosystem.

Officials from the Foundation said that $10 million in awards would be awarded to developers who can deliver solutions for Ethereum Virtual Machine (EVM) interoperability, a critical element for developing networks wanting to woo existing projects. EVM compatibility for Algorand means that apps built on Ethereum or other Ethereum-compatible chains can also run on Algorand.

 

The news comes as token-rich blockchain projects increasingly rely on funding incentives to entice developers to join their ecosystems.

Also, Read – Ethereum Price Forecast: $7,609 in 2022, $26,338 in 2030

Algorand Foundation CEO Staci Warden said, “We’re inspired by the depth of talent and activity in the Ethereum network.”

The remaining $10 million, Warden told, will go into projects that will produce sophisticated developer tools for Algorand. Developer Tools, including compilers and debuggers, are a collection of items that make developing Algorand programs easier.

“We’re not going to dictate what the solutions are,” said Warden. “Our goal is to get the best minds working on this.”

These two schemes are projected to boost the chain’s number of projects. The twin goals would allow Algorand to connect to the existing Ethereum-based development community while attracting new developers by making it easier to build on Algorand.

“The pitch is the tech,” said Warden. When asked about Algorand’s appeal versus a sea of other blockchain layers competing for developer talent, Warden stated, “We simply have the best tech.”

Algorand claims to process 10,000 transactions per second at the cost of fractions of a cent per. Last year, when Ethereum users grumbled about high transaction costs, there was a surge of interest in cheap and quick layer 1s.

Algorand is also pushing “state proof” technology, which allows developers to take a snapshot of a blockchain in time, according to Warden. The image, also known as a “state proof,” would serve as a source of truth, allowing transactions to be completed using a smart contract rather than a consensus bridge.

“In the medium term, our goal is to be the layer one that can enable financial inclusion,” said Warden. “We believe in a multichain world, but if there’s only one settlement chain, it’ll be Algorand for sure.”

Algorand is one of the top 30 blockchains, according to Messari, with a market capitalization of almost $6 billion.