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Ethereum Foundation Awards $5 Million Grant to Parity Technologies for Ethereum 2.0

Ethereum Foundation Awards  Million Grant to Parity Technologies for Ethereum 2.0

In a blog post by the Ethereum Foundation yesterday, the non-profit arm of the Ethereum development network announced a grant of USD 5 million awarded to UK-based Parity Technologies.

It would seem the grant was given to Parity Technologies to fund developments of Ethereum 2.0 in the areas of scalability, usability, and security. Specific areas of interest highlighted included Parity’s efforts on Casper, sharding, lightweight clients and other development activities.

According to the blog post, Parity Technologies had contributed immensely to the furtherance of the Ethereum network by being a major technical contributor. More so, the Foundation considers them as an “invaluable member” in terms of “leadership in core development efforts”.

Parity is famous for its Ethereum software client used by exchanges, miners, Dapp developers, and service providers to facilitate infrastructural processing on the Ethereum network.

Some of its notable efforts include development strategizing towards a more scalable and usable Ethereum network. They have been described as a committed team with “pinpointed focus on the next generation advancements like proof-of-stake, sharding, and WebAssembly“.

The Foundation has informed that the grant will be released in parts according to milestone achievements, such as the completion of eWasm compatibility work, shipping a light wallet for mainnet, and the successful completion of Phase 0 and Phase 1 of sharding.

The Foundation’s past is filled with the trail of such types of funds called DEVGRANTS, although comparatively lower, they also concerned the funding of public works which facilitate the development of the Ethereum ecosystem. Such development includes MetaMask DApp support in standard browsers, Snappy Ubuntu Core, Syng Ethereum for mobile devices, and EthEmbedded Ethereum for embedded devices.

Binance also announced last December that it would be hosting its first SAFU hackathon in Singapore during the Binance Blockchain Week slated for 19 – 20 January 2019. The aim of the hackathon is to explore security concerns in crypto.

 

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