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Ethereum Foundation’s refusal to disclose funds granted raises questions in the community

Priya

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Ethereum Foundation's refusal to disclose funds granted raises questions among the community
Source: Unsplash

Ethereum Foundation, one of the main powerhouses behind Ethereum [ETH], the second largest cryptocurrency in terms of market cap and leading smart contract platform, released details regarding its first grant for 2019. This announcement has raised some questions within the community itself.

The Foundation’s main purpose is to support and promote Ethereum and base layer research. Along with this, the Foundation also encourages development and education that leads to the inception of decentralized protocol and tools. In order to serve this purpose, the Ethereum Foundation introduced a grants system, under which the Foundation funds programs that facilitate the development of the Ethereum ecosystem.

In a recent announcement with respect to this year’s initial grant, the Foundation stated that the program is an “ongoing and continually improving experiment into how the Ethereum Foundation can best invest the Ethereum community’s resources for the highest long-term impact on the Ethereum ecosystem.”

The main focus of the program at the beginning was Ethereum’s scalability. This list grew over time with the addition of security, usability, privacy and education as key focus areas. However, according to the Foundation’s latest announcement, scalability will be the core focus for this year, in light of the upcoming Ethereum 2.0 and Level 2 scaling.

A total of nine projects received a grant from the Ethereum Foundation, including The Matter, LeapDAO, Py-libp2p, Ethereum on ARM, Goerli Testnet, Shadow Lands and DeepSEA.

However, the Foundation refusing to reveal the amount being granted resulted in several members of the community questioning its claims of being an Open Source community. The Foundation claimed that the reason for the same is that the Foundation does not want “applications to be prejudiced by previous wish-lists and award amounts. Instead […] seek innovative ideas & detailed budgets.”

Bitcoin1776, a Redditor said,



“I am very disheartened to see the EF moving away from participation in the “Open Source” community and moving toward a Privatized Ownership. The increased obfuscation, and the repeated representations that the EF is not a charity and is not open and is seemingly not bound to support ETH, aside the good graces of the Signing members (VB, et al), creates significant public confusion.”

He further added,

“Is the EF part of the Open Community or a Privatized Club? From the representation of their management, it is clear. But the general public, sadly, still thinks of them as Open and part of Ethereum. This to me is going the way of Ripple, and not the inclusive direction I would have preferred for Ethereum, but c’est la vie: it’s private property, they can do with it what they want.”

The Foundation had previously granted $5 million to Parity Technologies for its work on scalability, usability and security of the Ethereum network, with respect to Ethereum 2.0. The Foundation, citing Parity’s contribution to technological advancements for Proof-of-Stake, Sharding, and Web Assembly had stated that they could not “think of a more applicable fit for a grant.”





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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.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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