Ethereum to Spend an Eye Popping $30 Million as Price Hits Its Stride
The Ethereum Foundation is earmarking $30 million for select projects in the blockchain ecosystem as it makes the push toward Ethereum 2.0. | Source: Shutterstock
By CCN: The Ethereum Foundation announced it is committing $30 million over 12 months as it continues to build Ethereum 2.0. The nonprofit is spreading the funds “on key projects across the ecosystem” with a focus on Ethereum 2.0 (Plasma), supporting Ethereum 1.0, and developers.
Ethereum 2.0 is no facelift
Ethereum 2.0 is a transformative undertaking involving a great number of partnerships with developers, startups, and academic institutions.
Furthermore, the planned upgrades take an ecosystem-wide view of Ethereum, which is the world’s second-biggest cryptocurrency based on market cap as well as the go-to platform for decentralized smart contracts.
Developers, Developers, Developers
The foundation will apply $19 million of the earmarked funds toward “building the Ethereum of tomorrow” over the next year. Moreover, there will be more smart contract languages for programmers. And R&D into zero-knowledge proofs could make Ethereum 2.0 more private and secure.
Additionally, the foundation will fund research for Ethereum “Phase 3 and Beyond.” Ethereum 2.0 started out as a research project too. It moved into the active engineering stage during last year’s crypto winter.