Parity Technologies receive $5 million from Ethereum Foundation

Ethereum network alongside its community is looking forward to the Ethereum 2.0 upgrade. In support for the upgrade, the Ethereum Foundation has grated the Parity Technologies $5 million that will be spent on developing the network’s protocol.

According to the Foundation, the current grant is a “scalability, usability and security” fund that has been put forward in support of the ongoing Casper development, the migration to the proof of stake consensus as well as the much-anticipated sharding technology. Other developments that will benefit from the fund include light clients, the introduction of developer tools as well as general infrastructure improvement.

The network said that the grant was going to be released in several phases. It indicated that the initial phase has already been completed while the next will be released following the accomplishment of certain milestones. Some of the milestones envisioned are the eWasm compatibility work, mainnet light wallet as well as the successful completion of the two initial phases of the sharding implementation.

Ethereum Foundation has refreshed its commitment to funding its development teams as well as the individuals. Another grant of $3 million was released in support of startups back in October.

“We have been delighted to see our ecosystem rally around and support technical merit and value alignment, and we are devoted to using our resources to further this mission too. We do so responsibly through milestone-based grants to projects, both large and small, commensurate with the potential impact of their work,” the foundation said.