Ethereum Foundation announces details of planned use of $30 million in network development funds

Ethereum Foundation announces details of planned use of $30 million in network development funds

In an official blog post on May 21st, the Ethereum Foundation announced a three-step plan detailing how to spend $30 million on Ethereum network development.

The classification of these three types of projects is: $19 million for future projects, $8 million for current projects, and $3 million for developers. Most of the funds will be used for the Ethereum 2.0 project, including customer teams, research, documentation and communications, and second-tier projects such as Plasma.

Introduced by Vitalik Buterin and Joseph Poon in 2017, Plasma is providing an expansion solution for networks with autonomous smart contracts. According to the white paper, Plasma is said to make "blockchains represent a large number of fragmented financial applications around the world."

On May 10, the Ethereum Foundation announced its first budget of $30 million. Executive Director Aya Miyaguchi subsequently stated that the Foundation intends to introduce academic participation to Ethereum, which is said to attract top researchers and developers, and in turn to provide funding for academic teams and organizations.

As Cointelegraph previously reported, the Ethereum Foundation announced the “re-release” of its community site at the end of April, which claims to be a repository of community-created Ethereum content, such as documents and tutorials using Ethereum tools.

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.