Ethereum Foundation To Spend $30M USD On Network Development

Announcements, News | May 22, 2019 By:

The Ethereum Foundation, a non-profit organization focused on supporting the ethereum project, is planning to allocate $30 million over the next 12 months to fund key projects across the ethereum ecosystem.

In an online post, the foundation said that the $30 million budget, which is insulated against downward ETH price movement, will be allocated in three primary categories – (i) Building the Ethereum of tomorrow, (ii) Supporting the Ethereum of today, and (iii) Developer Growth & Awareness.

According to the post, $19 million will be allocated towards research and development (R&D) that will realize the Ethereum community’s ambitions, including ongoing work on ETH 2.0, smart contract languages, layer 2 projects like Plasma, Ethereum “Phase 3 and Beyond” R&D, as well as working with academic institutions and attracting exceptional research talent.

The foundation will apply $8 million of the earmarked funds toward “Supporting the Ethereum of today” over the next year. The funds will support several ETH 1.0 projects, including a command line tool for developers, a programming language to write smart contracts on Ethereum and other blockchains, and the Ethers.js code library for Ethereum developers.

The remaining $3 million will go towards developer growth and awareness. This includes focus on developer education & on-boarding, community event organizations focused on developers, supporting regional Ethereum community organizations, developer experience improvements and developer tooling, attracting exceptional developer talent, and continued improvements to, among others.

Earlier this month, Ethereum co-founders Vitalik Buterin and Joseph Lubin revealed they had donated 1,000 ETH each to support further growth and development of ethereum-related projects. In total, both ethereum co-founders donated 2,000 ETH to the Moloch decentralized autonomous organization (DAO). The main goal of the Moloch DAO project is to raise funds which will support the ethereum ecosystem.