- The Polkadot Pioneers Prize program is set to announce its first set of challenges.
- The program is aimed to cultivate technical innovation in the Polkadot network.
- Winners can bring back as much as 993286.08 DOT in prizes – worth roughly $18 million.
Polkadot is gearing up to announce the first challenges of its Polkadot Pioneers Prize. This is an incentive prize program containing a series of challenges aimed to cultivate technical innovation on the Polkadot network. As a result, participants will compete to solve some of the biggest challenges facing Polkadot and Web3.
The Pioneers Prize aims to model how Polkadot’s community can achieve greater agency by having creative ways to direct on-chain treasury funds. Therefore, Polkadot is attracting participants ‘to solve big challenges for the biggest bounties in blockchain’.
Meanwhile, the total prize winnings available at launch will be divided between the first two challenge categories. The winners have a chance to take back up to a project amount of 993286.08 DOT in prizes– worth roughly $18 million.
Polkadot will distribute the prizes in a completely decentralized way via Polkadot’s on-chain treasury. Polkadot network’s token holders manage its on-chain treasury via the company’s on-chain governance system. The treasury currently contains over 20 million DOT tokens and is designed to fund projects that improve the Polkadot ecosystem.
The Polkadot Treasury represents a fresh new model where decentralized networks have financial agencies similar to centralized organizations. An elected curator, Polkadot’s on-chain treasury council, Parity technologies, the Web3 Foundation, and other external ecosystem partners will likely gather to manage the Pioneers Prize.
Polkadot will release a full rundown of the Pioneers Prize first challenges alongside its prize amounts in early 2022. The first two challenges will cover categories related to zero-knowledge research and Polkadot infrastructure improvements.