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Ethereum Foundation announces $5 million grant to Parity Technologies




Ethereum Foundation announces $5 million grant to Parity Technologies
Source: Unsplash

Ethereum Foundation, the key player behind the development of Ethereum, announced a grant of $5 million to Parity Technologies. The grant is regarding the company’s work pertaining to the scalability, usability and security of Ethereum network, the main aspects of Ethereum 2.0.

Parity has been one of the notable teams working towards the betterment of the Ethereum ecosystem. The team is also responsible for Parity Ethereum, the fastest and most advanced Ethereum client. The Foundation stated that this grant is for the team’s work on Casper, Sharding, light clients, QA, audits, infrastructure improvements, and developer tools.

On their official Medium blog, the Foundation said:

“By all metrics, Parity is a major technical contributor to the Ethereum project, and they’ve notably done so as a self-financed and open-sourced effort since their founding.”

The Foundation stated that the grant program focuses on funding teams and individuals working on scalability, usability and security. The Foundation went on to state this as the reason they “couldn’t think of a more applicable fit for a grant.” This is taking Parity’s work towards new technological advancement and their focus on proof-of-stake, sharding, and WebAssembly, into consideration.

Additionally, the Foundation will not be granting the $5 million to Parity in one go. The Foundation will be awarding grants in four different stages, with the first grant already awarded to Parity. The foundation will be awarding the next grant only after the company marks a new milestone, the completion of eWasm compatibility work. The other two milestones laid down by the Foundation include shipping a light wallet for mainnet and the successful completion of Phase 0 and Phase 1 of sharding.

Dinuxen Sha, a Twitterati said:

“Any advantages to the #ethereum network from this grant ?”

To this, Vitalik Buterin, the creator of Ethereum replied:

“No. The grant will of course only cover development of Parity Bitcoin.”

Eric, another Twitterati said:

“Errrr . So ETH foundation Giving money to founders of Parity Tech whom also worked at ETH Foundation. #cronycapitalism . Just proves how ridiculous, BSing, and greedy ETH types are”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Ethereum 2.0 migration is similar to a hard fork says, Blockstream’s Samson Mow




Ethereum 2.0 migration is similar to a hard fork says, Blockstream's Samson Mow
Source: Pixabay

Ethereum 2.0 project was designed to solve the scalability and consensus problems as Vitalik Buterin , the co-founder of Ethereum said. The much-anticipated rollout features revamp in terms of security, scalability, and decentralization which could not be introduced by means of a hard fork in the existing Ethereum network. According to Samson Mow, the Chief Strategy Officer of Blockstream, “migration of one chain to another, in the case of Ethereum 2.0, is similar to a hard fork”.

In the latest edition of Magical Crypto Friends, hosted by Whale Panda, a prominent figure in the crypto space, took a jibe at the network and stated that Ethereum is basically “dumping Ethereum 1 for Ethereum 2” which would require jumping from one chain to another and “starting from scratch”, and subsequently crop up issues of “potential bugs” on the network.

Responding to which, Mow said,

“You have to expect that everyone is going to give up their old Ethereum or you find a way to migrate it to the new chain. [..] you’re still expecting everyone’s going to migrate right if people don’t migrate then technically you would have the legacy chain alive “

Mow went on draw parallels to the upcoming Ethereum 2.0’s Beacon chain. According to the CSO of the Bitcoin startup firm, the Beacon chain, which is the central blockchain that is responsible for coordinating other Ethereum blockchains, is “similar to Bitcoin main chain”. He further compared the Ethereum’s “shards” to that of Bitcoin’s “side chains”. Following the comparison, Riccardo Spagni, aka Fluffy Pony ridiculed,

“so maybe the dream is to take existing stuff that someone invaded for Bitcoin, rename it, and then that’s how you make it real”

Mow, who is a Bitcoin bull, had earlier singled out Ethereum and said that the blockchain has “no future”.

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