Ethereum Foundation Grants US $5 Million to Parity Technologies

IOT News

Ethereum-Foundation-Grants-US-5-Million-to-Parity-Technologies Ethereum Foundation Grants US $5 Million to Parity TechnologiesThe Ethereum Foundation, in an official blog post on Monday, Jan. 7th 2019, announced a US $5 million grant to Parity Technologies, a blockchain infrastructure startup, based in the UK, to continue its work on Ethereum iteration –Ethereum 2.0.

The official post mentions the grant as scalability, usability, and security grant, to fund the UK-based firm’s work on Casper, a proof-of-stake protocol; sharding, a scaling solution; light clients; developer tools, audits, and infrastructure improvements.

Funding will be released in phases, the first phase funding has already reached Parity, which already completed the supports development. And, with the completion of each standard down the line, i.e. eWasm compatibility work, shipping a light wallet for the mainnet, and the successful completion of first 2 phases of sharding, the funding will reach Parity.

Parity, co-founded by former Ethereum Foundation security chief Jutta Steiner, is known for Parity Ethereum, the fastest and most advanced Ethereum client;

Parity Substrate, a blockchain framework; and Polkadot, a heterogeneous multi-chain technology.

The Ethereum Foundation, which is committed to funding teams and individuals building common infrastructure around the network, back in Oct. last year, awarded nearly $3 million grant to a number of blockchain startups and developers.

The foundation, which is delighted to see the Ethereum ecosystem rally around and support technical merit and value alignment, said that it’ll devote all its resources to further this mission. The foundation also claims that in its will to further the Ethereum mission, it responsibly allots milestone-based grants to projects, both large and small, in commensuration of their work.