On  10 May 2019, at the ConsenSys’ Ethereal Summit, the Executive Director of Ethereum Foundation, Aya Miyaguchi, revealed their plans to support the overall ecosystem development by spending USD 30M on different projects over the course of 12 months.

The funding will be used to improve the current PoW algorithm of Ethereum 1.x, the general core support and development to enhance the overall performance and security of Ethereum. They are also planning to organize hackathons and ensure better development of relations to allure programmers, developers, and the general audience.  The company is also looking to fund an academic approach in Ethereum aiming to attract top academic researchers and organisations.

ConsenSys and the Ethereum Foundation announced that they are going to support MolochDAO by donating 1000 ETH each. In return, MolochDAO seeks to aid the Ethereum Foundation by providing funds for the development of the Ethereum infrastructure. Priority will be given to funding the further development of the highly anticipated version of the blockchain-based platform, Ethereum 2.0. The donation will raise the value of MolochDAO’s funding pool to over USD 1M, as reported by CoinDesk.

Over the last year, the foundation spent about USD 27M for the same cause, seeking to target critical projects to develop the overall ecosystem. The Foundation has been supporting the Ethereum’s development for five years now. It has granted USD 13M for Blockchain scalability since March 2018.

At the ConsenSys on 10 May, the crypto analytics firm’s CEO, Messari asserted that the Ethereum 2.0 proof-of-stake (PoS) transition will not happen before the end of 2021. He believes that the PoW algorithm will sustain for ‘at least two or three years’.

Miyaguchi said that further information about the Foundation’s finances will be disclosed in the weeks to come.

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Image Courtesy: Steve Buissinne from Pixabay
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