The Ethereum Foundation has posted in their official blog that they intend to allocate $30 million in funds to the development of various parts of the Ethereum project, including Plasma and the Ethereum 2.0 upgrade.
According to the post, The Ethereum Foundation has changed its focus to match the growth of the Ethereum (ETH) blockchain:
“As the ecosystem has matured, the Ethereum Foundation has refined its focus. ‘Doing what is best for Ethereum’ doesn’t mean trying to do everything — it means focusing on where we can add the most value, and leaving space for others to add value in the areas that they will be the most effective.”
They go on to explain what role the foundation plays in Ethereum’s further development as an allocator of funds and supporter of the project.
“Over the next year, the Ethereum Foundation plans to spend $30 million USD on key projects across the ecosystem. This budget is insulated against downward ETH price movement.”
“To help clarify how we define our highest priorities, we describe below three primary categories of resource allocation: (i) Building the Ethereum of tomorrow, (ii) Supporting the Ethereum of today, and (iii) Developer Growth & Awareness.”
Form the total budget, $19 million will go to the development of the Plasma scaling solution and Ethereum 2.0 upgrades over the course of the following 12 months. Other developments will include smart contract languages, “Ethereum Phase 3 and beyond” and R&D, academic collaborations, research developments, auditing and verification
$8 million will be allocated towards supporting Ethereum 1.0 developments to ensure that the platform remains the world’s top smart contract platform.
$3 million will be reserved and directed to attracts more developers, educate them, support them with tools and “organizing community event organization”.
Ethereum 2.0 is a much-anticipated project, as it is expected to improve network scalability to a global level. The other important update brought by Ethereum 2.0 will be the change to a Proof-of-Stake consensus protocol.
Ethereum co-founder and ConsenSys founder, Joseph Lubin explained that Ethereum 2.0 will improve network scalability 1000 times in the next 2 years.
Featured Image: BeInCrypto
coindoo.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!