Ethereum Foundation Invests $30 million In Various Projects

Ethereum Foundation Invests $30 million In Various Projects

The Ethereum Foundation is by far the largest and most prominent blockchain entity in the world. It is led by the genius of Vitalik Buterin, Patrick Storchenegger, and Jeffrey Wilcke.

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The Ethereum Foundation is by far the largest and most prominent blockchain entity in the world. It is led by the genius of Vitalik Buterin, Patrick Storchenegger, and Jeffrey Wilcke. The executive director of the Ethereum Foundation, Aya Miyaguchi, participated in the annual ConsenSys Ethereal Summit on May 10, where she announced the current plans of the blockchain hub.

More precisely, the Ethereum Foundation plans to boost the development of its entire ecosystem. In order to do so, it will invest as much as $30 million in its projects in the following 12 months or so. The Ethereum ecosystem needs many improvements if it is to remain the top blockchain platform in the world. The funds will be primarily used to improve the entire performance of Ethereum, its overall security, and its general development.

As every crypto geek knows, developers are currently working on Ethereum 1.x. The network is expected to soon change its operational algorithm to proof-of-work. This is exactly where the investments are going. However, Miyaguchi noted that they will be used for what everyone else would call marketing. The Ethereum Foundation will organize hackathons in an effort to “raise awareness”. Put simply, Miyaguchi and Co. are desperate to pump up the Ethereum hype by attracting talent, throwing events, and networking.

Notably, the Foundation is keen on having academics in its lines. Researchers and developers are welcome to join the academic teams and organizations and hop on board. Obviously, this is a smart move since blockchain technologies are poorly understood these days. The academic involvement would shed light on distributed ledgers and hopefully educate the public. This would further boost technology development on one hand and enhance the authority of the Ethereum Foundation on the other. Another key statement by Miyaguchi referred to “small investments in high potential”.

The Ethereum Foundation is also supporting MolochDAO. This highly experimental decentralized network is supposedly trying to raise funds for the entire Ethereum infrastructure. In related news, she mentioned that the next Ethereum Devcon (Devcon 5) will take place in Osaka – October 8-11.

In other news, Ryan Selkis pointed out that Ethereum 2.0 proof-of-stake is not taking place until at least 2021.