Ethereum Foundation reveals an annual financing programme for the development of the project

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The Executive Director of the Ethereum Foundation, Aya Miyaguchi on Ethereal Summit ConsenSys told about the plans to support the development of ecosystems and the financing of various projects that the Foundation intends to spend $30 million within 12 months.

Funding will be used to improve the current PoW algorithm in Ethereum and the total base support development, to improve the performance and security of Ethereum. The Foundation also plans to organize a hackathon to attract programmers, developers and other specialists in the ecosystem. The company also seeks to support academic development, with the aim of attracting the best researchers and organizations.

Support is critical to project development

Earlier ConsenSys and Ethereum Foundation announced that they are going to support the start MolochDAO sacrificing ETH 1000 each. In turn, MolochDAO will help Ethereum Foundation, in the development of infrastructure Ethereum. Priority will be given to funding further development of the long-awaited version of the Ethereum blockchain 2.0. As reported, the investment will increase the funding MolochDAO to more than $1 million.

Last year the Fund spent about $27 million, in an effort to target critically important projects for the development of the overall ecosystem. March 2018 Ethereum Foundation has allocated $13 million for projects at the scale of the blockchain.

A few days ago the Director-General cryptanalytic company Messari declared that the transition to proof of PoS in Ethereum 2.0 will not happen before the end of 2021. He believes that the PoW algorithm will work at least two or three years.

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Tags: Ethereum Foundation

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