Data storage blockchain protocol Arweave announced that it has joined hands with Gitcoin to launch its first Arweave Open Web Incubator. In a Twitter thread posted on Thursday, the company said that it will be investing $100,000 in the best PST-backed permaweb apps developed in the next six months.
Today we are announcing the first Arweave Open Web Incubator with @gitcoin! We will be investing $100,000 in the best PST-backed permaweb apps built in the next 6 weeks. 1/3
— Arweave Team (@ArweaveTeam) June 24, 2020
According to a Medium post, the Arweave Open Web Incubator is an online incubation program for six weeks. Registration for the program, which is free for all, began on June 24, 2020, and will end on August 12, 2020. The incubation for the first batch will begin on July 01.
Apart from the $100,000 in prize money, the participants will get a number of benefits and opportunities from the program. This includes masterclasses from industry experts on various topics, technical support from the Arweave team, a chance to share their ideas with renowned investment companies like Andreessen Horowitz, Multicoin Capital, Union Square Ventures, etc., and much more.
The participants are required to create innovative, engaging, and user-friendly dApps on the Arweave Network by integrating the protocol’s native Profit-Sharing Token (PST) technology. The company further added,