The Tezos Foundation announced a new grant-making process on July 13th, saying it will hold a formal call for proposals in August.

In a press release, the foundation explained that it has three initial targeting key areas: research that will extend the Tezos protocol, development of tools that will support Tezos and resolutions to grow the Tezos community.

With this initiative, the Foundation is going to invite community members, institutions, developers, and other parties which would be interested in applying for grants. All proposed projects should relate to one of the three grantmaking categories and will be reviewed on a monthly basis and evaluated by the Tezos Foundation Board.

Earlier last month Tezos launched its beta network, calling the move an “inflection point” for the project. From that point on, users can begin validating blocks or “baking” after the first seven cycles which they estimate to be in about three weeks after the launch.

Tezos, a blockchain governance protocol, launched the beta version of its blockchain live at the end of June but is still facing several class-action lawsuits. The foundation also just underwent a shakeup of its governing board following a protracted legal battle between the foundation and the token's developers, Arthur and Kathleen Breitman.

Their website says betanet is being launched in anticipation of a broader main network launch in the near future. The Swiss-based blockchain project raised more than $232 million for its initial coin offering (ICO), a record-high token sale at the time.

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