Yearn Finance, a blockchain project that seeks to develop the ultimate smart contracts system through active community collaboration, has announced an interesting project to automate the distribution of monthly grants. The initiative has been named Coordinape, and it works as a social data layer that taps into the governance system in order to determine how to disburse $40,000 each month among developers who work to advance the blockchain network.

Unlike many cryptocurrency projects that rely on a decentralized blockchain platform, Yearn had to start off with a system providing central control; nonetheless, the core development team has always intended to reach a point where the blockchain could become fully decentralized. Coordinape is one step in this direction, and it has been developed by the community thanks to monthly monetary. The time to automate the grants process has arrived, and this is where Coordinape comes into play.

In essence, Coordinape consists of a points system that members of the community can grant to the developers they work with. Points are allocated by means of interactions and project management milestones. The system is coded to determine the weight of the workload provided by contributors, and this is how the monthly $40,000 will be disbursed on a monthly basis from now on.

Coordinape is not necessarily unique; existing protocols such as Colony can be used for the purpose of distributing grants with fairness and equality in mind. Instead of implementing Colony and configuring it in a manner that serves the interests of Yearn, the core development team decided that the community should build its own system. The Yearn platform is supposed to be community-driven in every regard, and this explains why Coordinape had to be developed in-house.

As with any open-source software project developed by a community of contributors, not everyone is happy with Coordinape. Some Yearn collaborators believe that it would be easy to trick or game the system so that grant money is distributed only within certain circles. Despite this concern, the project was only approved after community members had a chance to test the system and vote on its implementation.