Ethereum Community Fund Launched By ICO Startups

Announcements, Blockchain | February 19, 2018 By:

Six initial coin offering (ICO) companies have come together to establish the Ethereum Community Fund (ECF), a vehicle to connect and fund the growth of ethereum infrastructure.

Members include Cosmos co-founder Jae Kwon, Golem founder Julian Zawistowski, OmiseGO founder Jun Hasegawa, Maker founder Rune Christensen, and Global Brain Blockchain Lab CEO and founder Yasuhiko Yurimoto, among others. Advisors include Ethereum founder Vitalik Buterin, Ethereum Foundation executive director Ayako Miyaguchi, and OmiseGO managing director Vansa Chatikavanij.

The ECF aims to provide both funding and connectivity, while shaping the strategic direction of the space towards mainstream adoption through the development of infrastructure and compelling end-user applications.

The beginning basis of the EFC is the Infrastructure Grant program. This program will be established as a permanent financial endowment to support and aid projects in building crucial open-source infrastructure, tooling, and applications.

Financial support will be given in fiat currency, ether token, or any other cryptocurrency received by the fund and will not be given in exchange for tokens or a share in the company. Beneficiaries will not be required to repay as it will be a grant. Details about how much each project can access have not been disclosed.

Buterin said that the ECF will accelerate the development of structure that ethereum needs in order to thrive. “Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished,” he said. “Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help to make that possible.”

Hasegawa said he believes ethereum has incredible promise. But to reach the technology’s full potential, they have to lay a strong foundation. He added that this begins with investment in public infrastructure that is scalable, versatile, and decentralized.

“One project in isolation can create a product to disrupt an industry. But by working together we can create a framework that will change the world,” said Hasegawa.

Zawistowski said they owe ethereum a lot and they feel obliged to support the continuous growth of the ecosystem and its crucial infrastructure.

“Golem’s community is part of the ethereum community and, as a result, part of this endeavor,” said Zawistowski. “We are honored to be a part of this initiative with our prominent partners and look forward to the bright future.”