$30m Being Spent on Ethereum Side Projects

$30m Being Spent on Ethereum Side Projects

At the end of last week, during the ConsenSys’ Ethereal Summit, the Executive Director of Ethereum Foundation, Aya Miyaguchi, revealed their plans to support the overall ecosystem development by spending around £30 million on several different projects over the course of 12 months.

This 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.

In addition to this, they are also planning to organise ‘hackathons’ - sprint-like event but for computer programmers - and ensure better development of relations to allure programmers, developers, and the general audience.

With this, in terms of price Ethereum has just experienced a 2.5 percent decrease over the past 24 hours leaving it with a price of $188.55.

As reported by Bitcoin News:

“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.”

As other news outlets have reported, the donation will raise the value of MolochDAO’s funding pool to more than $1 million.

The foundation has spent almost $30 million for the same cause over the past year and is looking to target critical projects to develop the overall ecosystem. The foundation has been supporting the developments occurring on Ethereum for around five years now. On top of this, it has granted $13 million for Blockchain scalability since March last year.

At the ConsenSys event last week, the crypto analytics company, Messari said that the Ethereum 2.0 proof-of-work transition would not happen before the end of 2021. In his eyes, the PoW algorithm will be able to keep going but only for “two or three years”.

The CEO of Messari, Ryan Selkis highlighted some of the major risks associated with Ethereum’s migration from a PoW to a PoS consensus system. Furthermore, he argued that PoS systems aren’t proven to work.

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