Nervos launched a fund of $5 million to fund DeFi projects – Bits Media

Chinese project Nervos launched a fund size $5 Milln to support cryptocurrency firms and decentralized financing projects (DeFi).

Nervos management reported, that the fund was created to provide grants to firms, working with financial technologies and blockchain. In particular, Nervos intends to provide material support to developers, creating decentralized exchanges, Platforms for the release of synthetic assets and decisions for lending. Priority will be given to those projects, who strive for interaction with several blockchains. Recipients of grants, Using the Nervos blockchain, will have the right to technical support from the main team of project developers.

Nervos was founded in 2018 year by the creators of the mining pool of the Ethereum Spark Pool. The project is an open source blockchain, aimed at solving security problems and scalability due to the two -level structure, as well as the creation of a "universal public network, a similar Internet ". Nervos management said, that the fund was created as a “response” to recent disagreements, related to the centralized financial sector.

We are talking about the situation with the shares of the American retail network Gamestop, which cannot be purchased by retail investors, while hedge funds can freely trade. This caused the indignation of politicians, regulators and ordinary users. Co -founder Nervos Kevin van (Kevin Wang) considers, that centralized financial systems have long been outdated, Therefore, the calculations are already ineffective. He said:

“People are increasingly interested in blockchain and cryptocurrencies due to numerous barriers in traditional finance. Users should be able to easily make transactions in the blockchain, And this space needs to be scaled ".

In the fall, Nervos has submitted its own standard for creating tokens, Simple User Defined Token (Sudt), To compete with the ERC-20 standard in the Defi industry. Besides, A few months ago, Nervos and Cardano began to conduct research on increasing the safety of smart contracts by improving the system of unused transaction outputs (UTXO).