Blockchain Firm Parity Technologies Receives $5M USD Grant From Ethereum Foundation

Blockchain, News | January 9, 2019 By:

Blockchain infrastructure firm Parity Technologies has received a $5 million grant from the Ethereum Foundation for its years of contributions to the Ethereum ecosystem

Founded in 2015 by Gavin Wood and Jutta Steiner, Parity Technologies is an infrastructure and innovation focused company building platforms and applications that combines cutting-edge cryptography, cellular system, peer-to-peer technology and decentralized consensus architectures. Parity is best known for Parity Ethereum, the company Ethereum client, which is used by exchanges, miners, Dapp developers and service providers as an essential part of Ethereum’s core infrastructure.

The Ethereum Foundation grant entrusts Parity to build out its Ethereum development scaling, security and usability, and comes in two distinct tranches. The first tranche has already been awarded and the second will be distributed after reaching specific milestones laid out by the foundation, including the completion of eWasm compatibility work, shipping a light wallet for mainnet, and the completion of sharding’s first two phases.

“For several years, Parity Technologies has been an invaluable member of the Ethereum ecosystem for their leadership in core development efforts, their Parity Ethereum client and more,” the foundation said. “Their work has continued at a blazing pace. At Devcon4 in Prague, Parity team members presented their plans to develop a Serenity implementation, exampling an exciting direction for the years ahead. 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.”

Beyond Parity Ethereum, Parity has developed free open-source tools for developers to interact with the Ethereum network and launch their own EVM-based blockchains. These include Parity Fether, a simple wallet based on Parity’s light client, and Substrate, a framework for blockchain innovation which will serve as the foundation of Parity’s Serenity client.

“Parity Technologies is committed to implementing Ethereum 2.0, as well as continuously contributing further tools for developers to build decentralized applications,” Parity said.