Ethereum Foundation announces a grant of $5 million to Parity Technologies

By January 7, 2019Ethereum
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Ethereum

Well, the New Year seems to have made a huge difference to fortunes of the crypto industry. All the coins are trading in the green—including Ethereum [ETH] which is trading above $150 and this bodes well for the upcoming hard fork on January 16, 2019. The scheduled upgrade which is termed as Constantinople may be one of the reasons why the Ethereum is showing resilience and there seems to be positive sentiment around the largest dApp platform.

In a positive development that would definitely lift the sense of optimism among the community is that the Ethereum Foundation has decided to give a scalability, usability and security grant of five million dollars (USD) to Parity Technologies. This news was made public by the Foundation in its blog on Monday.

Parity Technologies has been an able partner and an integral member of the Ethereum ecosystem for quite some time and has been a part of the journey. They have continued to work diligently and at Devcon 4 in Prague, Parity Technologies showcased their plan to develop Serenity implementation.

“The Ethereum Foundation is committed to funding teams and individuals building the common infrastructure around scalability, usability and security. To that end, we couldn’t think of a more applicable fit for a grant given Parity’s constant push to raise the technical bar and their pinpointed focus on next generation advancements like proof-of-stake, sharding and WebAssembly,” the blog adds.

As per the blog, the grant will help Parity to continue its work on Casper, sharding and developer tools. The grant will also help Parity Technologies to improve its infrastructure.

The fund is not going to be allocated in one go. It will be delivered in several batches, the first of which supports development that Parity has already completed. The remaining amount will depend on the milestones reached:

  • The completion of eWasm compatibility work
  • Shipping a light wallet for mainnet
  • The successful completion of Phase 0 and Phase 1 of sharding

Finally, it seems that the members of the open source Ethereum development team have reached a consensus on the activation of the Constantinople upgrade. The upgrade is now scheduled for block #7,080,000 and will take place on January 16. Originally scheduled for November release, Constantinople would bring about a number of changes aimed at streamlining the platform’s code. After the Constantinople upgrade, the PoS Beacon Chain testnet is scheduled to be released in March.

See Also: Ethereum sets January deadline for Constantinople mainnet hard fork

Ethereum’s Constantinople hardfork will be backed by OKEx and Huobi

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