Waves sets up $3M grant fund to promote cross-chain interoperability

It's not just for projects building on Waves though.

The Waves Association announced on Wednesday a new grant program for cross-chain interoperability development.

The pool consists of one million WAVES tokens, worth approximately $3 million as of press time.

Projects will be eligible for grants up to 300,000 WAVES to develop solutions for interoperability and cross-chain communication.

"For the open grant category, the grants are open to a wide variety of interoperability projects, that don't necessarily have to be connected to Waves. We're looking for creative solutions to connect existing blockchains and dApps."

The latter two types of grants will have to adhere to certain requirements, which makes it likely that the Waves blockchain will be involved in some form.

"Waves Association aims to support independent developers working on interoperability solutions - especially those thinking outside the box. Solving interoperability by adding a dedicated blockchain and native token as an additional layer would only lead to more complexity, undercutting the potential of the proposed solution."

Grants will be stipulated and decided on by members of the Waves Association, though the disbursement of funds will be automated through a DApp.

Waves is a smart contract-enabled blockchain platform competing with the likes of Ethereum and EOS. Its developers have often criticized the mainstream approaches to certain tenets of blockchain technology, notably misleading claims of transactional capacity.

The Waves blockchain was recently used with apparent success in a Russian local election, following a disappointing performance by a similar system developed by BitFury.