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Ethereum Foundation grants $5 Mln For Network Infrastructure Improvement

09 January 2019 12:30, UTC
Ethereum Foundation grants $5 Mln For Network Infrastructure Improvement

The Ethereum Foundation has granted $5 mln to Parity Technologies for the development of the blockchain network’s next iteration which is called “ethereum 2.0.” The organization recently announced that the funding is a “scalability, usability and security” grant which is focused on Casper, a PoS protocol upgrade, and the sharding scaling solution. Moreover, the funding is also aimed at light clients, developer tools, audits and infrastructure improvements.

According to the foundation's statement, the grant will be provided in several stages. The first part is already allocated, the remaining parts will be completed as certain iterations are performed. These include completing eWasm compatibility work, creating a lightweight wallet for the core network and completing the first two phases of the sharding work.

Parity is an infrastructure blockchain startup co-founded by Jutta STEINER, the former head of the security department of the Ethereum Foundation. The startup is known for its software client, Parity Ethereum, which claims to be “the fastest and most advanced.” The startup is also known for several tools development. For example, there is Substrate, a service that allows users to customize blockchains for decentralized applications.

In a statement, representatives of the Ethereum Foundation stated that their goal is to finance teams and people who create a common network infrastructure. Back in October, the foundation provided nearly $3 mln to a number of startups and developers.

Image courtesy of RTTNews.com



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