Categories: Ethereum

Ethereum Foundation to Allocate $30 Million to Blockchain Development in Coming Year

Click here to view original web page at

The Ethereum Foundation, a Bern, Switzerland-based non-profit organization focused on supporting the Ethereum (ETH) project, the world’s largest platform for building decentralized applications (dApps), is planning to allocate $30 million over the next year to fund the smart contract platform’s ongoing development.

This, according to Aya Miyaguchi, the Executive Director at the Ethereum Foundation, who also revealed during ConsenSys’ Ethereal Summit, held in New York on May 11, 2019, that the Foundation has already issued $27 million in grants in the past year. The grants are reportedly being used to fund the development of critical projects, which will support the evolving Ethereum ecosystem.

Focusing On Projects “Producing Second-Order Effects”

When questioned about the specific criteria the Ethereum Foundation has when issuing grants to various blockchain projects, Miyaguchi said the non-profit’s management evaluates “how important the problem is that the team is working on.”

Miyaguchi, an MBA Marketing graduate from San Francisco State University, also noted that projects are issued grants based on whether the Foundation believes they will “produce second-order effects” - meaning projects may receive funding if they can potentially benefit the larger cryptoasset and FinTech industry.

Projects Solving “Urgent” Problems To Receive Funding

The former high school teacher also said that certain projects may be allocated grant money based on whether they can solve an “urgent” problem. She revealed that last year’s grants had been released in five phases, with the initial disbursement made in March 2018. In total, the Ethereum Foundation issued $2.5 million in grants to around 13 crypto projects.

Established in July 2014 by Ethereum co-founders Vitalik Buterin, Gavin Wood, Joseph Lubin (among others), the Ethereum Foundation has supported several projects, including those related to decentralized finance (DeFi), which have been centered around developing use cases for the world’s largest smart contract platform.

$13 Million Allocated To Scalability Projects

According to Miyaguchi, Ethereum-related projects which focus on enhancing blockchain scalability have received the highest amount of funding. Around 90 different distributed ledger technology (DLT)-based projects have received grant money from the Ethereum Foundation in the past few years. To date, $13 million in funding has been allocated to projects specifically involved in increasing the throughput (scalability) of blockchain applications.

On May 11, 2019, Buterin and Lubin revealed they had donated 1,000 ETH (each) to support further growth and development of Ethereum-related projects. In total, both Ethereum co-founders donated 2,000 ETH ($380,000 at current prices) to the Moloch decentralized autonomous organization (DAO). The main goal of the Moloch DAO project is to raise funds which will support the Ethereum ecosystem.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

4 hours ago

Are Whales Behing Bitcoin’s Latest Dips?

A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved… Read More

4 hours ago

Bitcoin Drops Below $10,000 as Support Wears Thin

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that has provided little… Read More

4 hours ago

Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks.… Read More

4 hours ago

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

As many of our readers probably know, Cointelegraph has a number of non-English branches, each covering news from different parts… Read More

4 hours ago

VeChain Attends Shanghai International Blockchain Week 2019

SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More