Connect with us

Hi, what are you looking for?

ELEVENEWS

Ethereum

Ethereum Foundation announces how its spending $30 mln to develop network

The Ethereum Foundation announced in a recent blogpost on May 21, their plan for spending $30 million to develop the Ethereum network further over the next year.

The $30 million being spent is going to be allocated for three different categories. $19 million is set to be spent on future projects, $8 million is set to be spent on current projects, and $3 million is set to be spent on developer support.

The bulk of the $30 million, which is set to be spent on future projects, is set to include various projects to scale the network. These projects have been dubbed Ethereum 2.0 projects and include client teams, research, documentation and communication, and layer 2 projects like Plasma.

Plasma is set to enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the blogpost. The first mention of Plasma was proposed by Vitalik Buterin and Joseph Poon in 2017.

The blogpost also laid out the main reason to scale the platform over the next year in the blogpost:

“Ethereum is used in production today to secure billions of dollars of assets and as a base layer for many hundreds of live applications. We believe that it is vital to continue supporting these efforts to ensure that “Ethereum 1.0” continues to be the world’s dominant smart-contract platform.”

Source.chepicap

Advertisement

Copyright © 2020 Elevenews