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The Ethereum Foundation hands out another round of grants for development of Ethereum 2.0

ethereum price analysis 20 august

The Ethereum Foundation hands out another round of grants to help the blockchain network for its upgrade to Ethereum 2.0. The foundation awarded two million dollars ($2mn) as grants to right projects within the ecosystem. The foundation also established three bounties offering at least fifteen thousand dollars for security-related challenges.

The main objective behind the current round of grants seems to make the network ready to scale before Ethereum 2.0 is launched. Etherum has been known to have a scalability issue for quite some time now, and hence, it needs focusing on.

Moreover, Ethereum co-founder Vitalik Buterin stated that the blockchain was” almost full,” a sign that its development needs to progress fast.

The company awarded the largest grant of over seven hundred thousand dollars ($725,000) to Prysmatic Labs for improving the scaling of the network. Prysmatic Labs are led by former Google employee Preston Van Loon as well as Raul Jordan, a research partner at Token Daily.

The labs’ objective is to establish a proof-of-stake (PoS) protocol that would allow the blockchain to function without a need for exhaustive mining. Moreover, Prysmatic Labs is researching sharding a method to increase the blockchain’s handling capacity.

The next largest grant of almost half-a-million dollars ($485,000) went to Sigma Prime. The Australian company is to assist Ethereum in its development of Lighthouse. Lighthouse is a version of Ethereum 2.0 written in programming language Rust. The objective is to make Ethereum more open to developers that dont speak its native programming language called Solidity.

The three bounties are offered to help fix bugs or make improvements to the network. The foundation will pay five ether (worth $940 at current trading price) or a thousand dollars in stablecoin DAI whichever is worth more at that time.

Other grants awarded include crypto wallet provider Status, Harmony, and Chainsafe.

Recent Ethereum price analysis covered by Cryptopolitan can be viewed here.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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