Core Foundation announced a $5 million Innovation Fund to advance India’s decentralized application ecosystem on Core Chain, the Bitcoin-secured and EVM-compatible blockchain.
This fund aims to empower Web3 communities, enhance education, and provide vital support to founders and builders throughout India.
Shivangi Pandey, Core Contributor, said:
“India’s startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments. Our goal is to empower Indian builders, spur dapp growth, and merge Bitcoin’s security with Ethereum’s flexibility. This initiative will open new doors and boost India’s crypto economy, with a focus on scaling Bitcoin and unlocking BTCFi.”
This entry into the Indian market also “includes a roadmap for builder meetups, the Core Ambassador Program, hackathons, and collaborations with Web3 incubators and universities.”
Core Foundation also plans to “launch an accelerator program in partnership with leading Indian Web3 venture capitalists and accelerators, providing essential support to the burgeoning community of Core Chain builders and founders.”
Core Chain is described as being “the first Bitcoin-aligned EVM blockchain, designed to be Bitcoin’s complementary and hyper-scalable smart contract platform. Designed to work in conjunction with Nakamoto Consensus,”
Core Chain’s Satoshi Plus consensus combines Delegated Proof of Work and Delegated Proof of Stake to “incorporate Bitcoin miners and CORE users in Core Chain security.”
Core contributors recently released “the ‘Unlocking Bitcoin DeFi’ paper, which proposes a radical expansion of the Bitcoin Network to support DeFi on Core Chain. Non-Custodial BTC Staking is one component, which unlocks ~$1T in passive BTC value to contribute to Core Chain’s Satoshi Plus consensus.”
Scaling Bitcoin DeFi on Core Chain is only “beginning, particularly with the launch of ecosystem funds in Africa and now India emerging to support Core Chain developers scaling Bitcoin DeFi.”
As noted in the update, Core Chain is a Bitcoin-powered layer one blockchain for EVM-Compatible smart contracts.
It uses a novel Satoshi Plus consensus mechanism, “integrating the best aspects of Proof of Work and Proof of Stake.”
With 50% of Bitcoin mining hash power participating in consensus “in exchange for unlocking Bitcoin utility and rewards, Core Chain is becoming the most Bitcoin-aligned EVM chain (BTCfi, Bitcoin staking, and more).”
