Ethereum Foundation Earmarks $30 Million for Ecosystem Innovations
The Ethereum Foundation will move into the governance and development of the network, aiming to bring in the innovations of Ethereum 2.0.
The Ethereum Foundation, the non-profit organization promoting the development of the Ethereum (ETH) network, has earmarked $30 million worth of ETH to boost development. With multiple improvements in the pipeline, the Foundation will become more active in governance and guiding the code’s development.
“Over the next year, the Ethereum Foundation plans to spend $30 million USD on key projects across the ecosystem. This budget is insulated against downward ETH price movement,” the Foundation stated in a blog post.
Vitalik Buterin, co-founder of Ethereum, also stated that the 2019 plan does not mean code will be created, as most of the Ethereum 2.0 breakthroughs have been achieved and are awaiting testing and implementation. Recently, Ethereum opened a testnet for staking, inviting a limited number of users to try the effects of moving away from mining.
The 2019 roadmap arrives at a time when ETH prices have reawakened, moving up from recent lows. ETH trades at around $257.20 on Wednesday, as the asset sees significant inflows from both Bitcoin (BTC) and Tether (USDT) trading. ETH climbed as high as $275.39 on May 16, and has kept most of its gains in the recent rally. ETH is yet to make larger gains against BTC, as it hovers around 0.03 BTC.
Of the sum allocated by the foundation, the bulk will go toward supporting Ethereum 2.0 in the next 12 months. This will include new clients, Plasma technology, privacy solutions, as well as academic outreach. To support Ethereum 1.0 in its current state and make improvements, the Foundation will spend $8 million in the coming year. To encourage developers to join the network, the Foundation has set aside $3 million.
Despite the competition, Ethereum remains one of the most active platforms for smart contracts and distributed apps. The asset is also instrumental to multiple altcoin trading pairs, and is seen surpassing the $500 level if the market rally continues in 2019.
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