Ethereum Foundation Awards $5 Million Grant to Parity Technologies

The Ethereum Foundation recently gave a $5 million grant to Parity Technologies. The grant is awarded to the organization for its work on Ethereum 2.0, the blockchain network’s next iteration.

The foundation announced through its blog on Monday that the grant is a “scalability, usability and security” funding. The grant, in particular, is intended to improve work on a proof-of-stake protocol called Casper and the scaling solution called sharding. The project also includes improving developer tools, infrastructure, and audits.

The Ethereum Foundation said that the grant would be given in different phases. The first part is already done and the rest of the funding will be given when specific milestones are completed. These include the fulfillment of the eWasm compatibility work, shipping a light wallet for mainnet, and the execution of the first part of the sharding effort.

Jutta Steiner, the former security chief of Ethereum Foundation, has co-founded Parity Technologies, a blockchain infrastructure startup. The company is popular for Parity Ethereum, its ethereum software client. Parity Ethereum is said to be “the fastest and most advanced.” Substrate, a service that allows users to create customized blockchains for decentralized applications, was also developed by the startup.

The Ethereum Foundation is committed to helping groups and individuals to develop common infrastructure around the ethereum network. The foundation reiterated:

“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.”