Ethereum’s funding plan for the next year will be disclosed for the first time, ETH or Yingda will rise sharply

Ethereum’s funding plan for the next year will be disclosed for the first time, ETH or Yingda will rise sharply

On May 22nd, the Ethereum Foundation announced the first 12 months of Eita's budget plan through the official blog. With a budget of up to $30 million, it will be used in three major areas.

The Ethereum Foundation said that $19 million in the budget will be used to develop Ethereum 2.0, another $8 million to maintain the existing Ethereum network, and the last $3 million for engineer training and education.

Ethereum’s funding plan for the next year will be disclosed for the first time, ETH or Yingda will rise sharply

The Ethereum Foundation's budget plan for the next year is the right time for the Ethereum Foundation's budget plan.

In May, BTC broke through 6,000, 7,000, and 8,000 consecutive dollars, and the upward trend was obvious. However, after May 16, the BTC power was degraded. After that, it fell below $7,000. Although it quickly stood above $7,500, it is still hovering around $8,000. In contrast, after rising in May, ETH quickly started on May 14 and hit an annual high of $279 on the 17th. On the occasion of the slowdown in BTC's gains, ETH successfully took over and became the market's main force.

At present, BTC is still below $8,000, and ETH is in the middle of power. At a time when the market is hesitant and the second-tier blue-chip currency is accumulating, the Ethereum Foundation's budget plan may become the X factor that activates the market, pushing ETH to break the deadlock first.

Detailed interpretation of the Ethereum Foundation's $30 million budget plan

How will the $30 million budget be allocated in the coming year? The Ethereum Foundation pointed out three directions: the development of Ethereum 2.0, the support of the existing Ethereum network, as well as developer training and community activities.

Part I: $19 million to support Ethereum 2.0 development

The Ethereum Foundation pointed out that as a highly regarded technology project, the development of Ethereum requires a lot of resources. In particular, major projects such as Ethereum 2.0 and the encouragement of the academic community to participate in Ethereum development require special resources.

Specific work to promote Ethereum 2.0 development includes:

Development of ETH 2.0. This part of the budget will be used to support the client team and its research work, including the development and documentation of the desktop virtualization architecture VDF, and will also cover communication expenses.

Research and development of Layer 2. This part of the budget is mainly used for the development of state channels and Plasma expansion technology.

Continue to promote the development of the EWASM virtual machine project eWASM

Promote the development of smart contract languages

Support formal verification, review and specification work

Promote the development of zero-knowledge proof language for ZoKrates

Support Ethereum 2.0 Phase 3 (Phase 3) and subsequent research and development work

Directly cooperate with academic institutions to attract outstanding R&D talents

Part II: $8 million to maintain the existing Ethereum network

In addition to over half of the budget to develop Ethereum 2.0, the Ethereum Foundation also spent $8 million to maintain the existing Ethereum network. The Ethereum Foundation believes that Ethereum is the bottom line of hundreds of DApps and involves billions of dollars in digital assets. It is very important to maintain the current Ethereum network.

The specific work of maintaining an existing Ethernet network includes:

Support for proposals related to "ETH 1.x"

Support for the Geth client. Geth is a multi-purpose command line tool, a must-have development tool for Ethereum smart contract development

Support Solidity smart contract programming language. Solidity is a smart contract high-level programming language that runs on the Ethereum Virtual Machine (EVM)

Support Web3.js, Ethers.js function library. Web3.js is a collection of Ethereum ecosystem-specific libraries; Ethers.js is another Ethereum library that can be used to create Ethereum wallets.

Part III: $3 million to support engineers and developers

The Ethereum Foundation uses $3 million in the budget to support engineering and developers, including maintaining developer relationships and educating and educating developers. The Foundation also emphasized that developer input is more important in Asia because Ethereum has significant development opportunities in Asia.

In addition, the $3 million budget will cover marketing expenses for technology crowds and Ethereum DApp users. The Ethereum Foundation believes that it is also helpful to raise public awareness of Ethereum.

Specific work for support engineers and developers includes:

Developer education and vocational training

Support organizations for developers, such as the largest Ethereum hackathon organization ETHGlobal

Continue to launch the Ethereum Ecology Annual Conference Devcon

Support regional Ethereum community organizations

Developer experience enhancements and developer tools

Attracting outstanding development talents

Encourage browsers and other mass consumer technologies to seamlessly connect with Ethereum to further enhance the user experience

Continue to improve the Ethereum.org website

The Ethereum Foundation has exposed the amount of money and encouraged third-party participants.

According to CoinDesk, the Ethereum Foundation supported a total of 90 different projects in 2018, donating up to $27 million. Among them, the 23 largest donations were used to focus on the expansion of the Ethereum project.

In the blog, the Ethereum Foundation also revealed that it currently holds about 0.6% of the total amount of ETH, about 640,000 ETHs, and the legal currency is about $160 million. In addition, the Ethereum Foundation has also allocated some cash reserves.

Ethereum’s funding plan for the next year will be disclosed for the first time, ETH or Yingda will rise sharply

The Ethereum Foundation says these resources “will decrease over time,” and third-party participants like MolochDAO will play a bigger role in the ecological development of Ethereum.

“These efforts have allowed us to make better use of existing resources and help us build a sustainable path for financial support for important projects in the future.”

ETH may launch the market at any time, and link with the second-line blue-chip currency

"Forbes" launched the "Top 50 Blockchain" list in April this year, selecting the 50 companies with the strongest performance in blockchain applications. Well-known technology and financial companies such as Amazon, Microsoft and Citibank have been on the list. Ethereum is the most used development platform among the 50 companies, accounting for 44%.

Ethereum’s funding plan for the next year will be disclosed for the first time, ETH or Yingda will rise sharply

More than that, Ethereum has recently begun to get more and more companies to use:

EDF (France Power Group), the world's fifth largest electrical company, is using Ethereum DApp iExec for new testing

Bosch (Bosch), the world's largest auto parts manufacturer, is testing prototypes for electric vehicle charging stations based on Ethereum

Microsoft released a suite of development based on the Azure cloud platform that allows customers to build Ethereum applications on Azure

……

Undoubtedly, the adoption of large companies invisibly endorsed Ethereum. Regardless of large companies or individual investors, confidence in Ethereum is constantly improving. Based on this, it is speculated that ETH in the power reserve is expected to break out in the short term and link with other currencies to promote the currency market.

Wei Lan, a veteran crypto-asset trader, believes that since the BTC consolidation, the market has looked bleak, but in reality it has been undercurrent. On May 21, BNB hit a record high, indicating that the market's most active long-term strength has pointed out the direction for the market outlook. The consolidation of BTC provides an opportunity for second-tier blue chips to make up. Among the public chains, Ethereum has the highest popularity and is widely supported by the scientific and technological community. In addition, V God has recently made it clear that the technological breakthrough of Ethereum 2.0 has already come to the fore. For the above reasons, support the ETH midline is optimistic, and may launch the market at any time. Once ETH is launched, the second-line blue chip will move up. (Mars Finance)