#Open-source project secures tens of millions of dollars in funding.#

Open-source project Merit Systems recently announced the completion of a $10 million seed funding round led by Andreessen Horowitz's crypto fund and Blockchain Capital, with participation from Solana co-founder Toly, Not Boring Capital founder Packy McCormick, and others. The funds will be used to accelerate the development of the open-source economy and address the longstanding “attribution problem” plaguing the open-source community. Merit Systems aims to build a protocol that provides fair attribution and reward mechanisms for open-source developers, allowing users to pay software creators directly. The project, co-founded by Sam Ragsdale, Ryan Sproule, and Mason Hall, is currently valued at $55.5 million and is expected to launch a broader product version by the end of February. The company is headquartered in the Domino Sugar Factory in Brooklyn and plans to add seven new employees in the coming months, creating a team culture centered around in-person collaboration. This funding round demonstrates investor confidence in the future of the open-source economy and signals new growth opportunities for open-source projects.