Terraform Labs (TFL), the team behind the algorithmically controlled stablecoin platform Tera, recently announced the launch of a new funding initiative called Project Dawn.
The $150 million fund is supposed to support “critical infrastructure improvements,” with the further development of inter-blockchain connections.
Cosmos Contribution Organization
“Amazing growth The rate demonstrated the need for both core technologies and infrastructure in the Terra ecosystem to scale in line with the exploding ecosystem,” the team explained in the announcement.
1/ TFL announces Project Dawn, a new funding initiative to improve critical infrastructure and core technologies to complement the exponential growth of the Terra ecosystem.
Details: https://t.co/Viv9VkAApT
– Do Kwon 🌖 (stablekwon) September 9, 2021
“The deteriorating user experience during market turmoil (the launch of Anchor, Pylon and TWD) shows that there is still a lot of work to be done to achieve the maturity of Terra’s financial infrastructure,” the team explained the reasons behind the new funding initiative.
5/ We are funding Dawn with a seed capital commitment of $150 million (5 million Luna), and with that money we will do three things:
1. Building a foundation that contributes essential to the universe
2. Investing in the infrastructure of the ecosystem node
3. Diversify the auditor/Oracle infrastructure– Do Kwon 🌖 (stablekwon) September 9, 2021
According to the developers, a “9-digit new capital commitment” will be used, among other things, to build a “kernel Cosmos Contributing org”, charged with the task of providing support to the Cosmos ecosystem.
An in-house engineering team within TFL has been appointed to “add much-needed firepower to the development of Cosmos’ core technology” and contribute to the most centralized technologies “move the Terra blockchain.”
“We are also inviting other projects built on Tendermint & Cosmos to create contributing teams within their organizations,” the announcement read, reflecting the ever-expanding ecosystem.
Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms, such as the Tendermint Consensus, where a myriad of sovereign blockchain applications interact.
By ensuring that every node receives the same guaranteed data, Byzantine Fault Tolerance (BFT) is a consensus protocol, designed to withstand failures in network computing systems, while also resisting corrupt data and malicious attacks.
Node Infrastructure and Validator / Oracle
Additionally, Project Dawn’s funds will be directed towards the ecosystem’s node infrastructure as well as to diversify the oracle’s authentication/support.
“It is imperative that the community and TFL app services running on the Terra chain rely on diverse infrastructures to prevent collateral damage from attacks and produce a better user experience for our users,” the Terra dev team said, adding that more details regarding these partnerships will be announced soon.
On top of 5 million color TFL, which opened at the time of the project’s launch on September 9, committed to unlocking “no more than 3 million LUNAs per month for all operating costs while communicating details about each opening transparently to the community.”
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