Ethereum Foundation announces $5 million grant to Parity Technologies

Ethereum Foundation announces $5 million grant to Parity Technologies

Ethereum Foundation, the key player behind the development of Ethereum, announced a grant of $5 million to Parity Technologies. The grant is regarding the company’s work pertaining to the scalability, usability and security of Ethereum network, the main aspects of Ethereum 2.0.

Parity has been one of the notable teams working towards the betterment of the Ethereum ecosystem. The team is also responsible for Parity Ethereum, the fastest and most advanced Ethereum client. The Foundation stated that this grant is for the team’s work on Casper, Sharding, light clients, QA, audits, infrastructure improvements, and developer tools.

On their official Medium blog, the Foundation said:

“By all metrics, Parity is a major technical contributor to the Ethereum project, and they’ve notably done so as a self-financed and open-sourced effort since their founding.”

The Foundation stated that the grant program focuses on funding teams and individuals working on scalability, usability and security. The Foundation went on to state this as the reason they “couldn’t think of a more applicable fir for a grant.” This is taking Parity’s work towards hitting new technological advancement and their focus on proof-of-stake, sharding, and WebAssembly, into consideration.

Additionally, the Foundation will not be granting the $5 million to Parity in one go. The Foundation will be awarding grants in four different stages, with the first grant already awarded to Parity. The foundation will be awarding the next grant only after the company marks a new milestone, the completion of eWasm compatibility work. The other two milestones laid down by the Foundation include shipping a light wallet for mainnet and the successful completion of Phase 0 and Phase 1 of sharding.

Dinuxen Sha, a Twitterati said:

“Any advantages to the #ethereum network from this grant ?”

To this, Vitalik Buterin, the creator of Ethereum replied:

“No. The grant will of course only cover development of Parity Bitcoin.”

Eric, another Twitterati said:

“Errrr . So ETH foundation Giving money to founders of Parity Tech whom also worked at ETH Foundation. #cronycapitalism . Just proves how ridiculous, BSing, and greedy ETH types are”

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