Monday, January 30, 2023
HomeNewsParity Technologies Receives $5 Million From Ethereum Foundation

Parity Technologies Receives $5 Million From Ethereum Foundation

The Ethereum Foundation awards $5 million grant to Parity Technologies in order to support the firm’s work on Ethereum’s next iteration, ethereum 2.0. The announcement adds that the funding is a “scalability, usability and security” grant.

The announcement made by the organization on Monday specifies that the grant is particularly aimed to boost work on Casper, a proof-of-stake protocol upgrade, and the scaling solution dubbed sharding, as well as light clients, developer tools, audits, and infrastructure improvements.

Furthermore, the grant will be provided in several phases. The first part is already processed and the rest will be transferred as specific milestones are reached. The tasks include the completion of eWasm compatibility work, shipping a light wallet for mainnet and the completion of the first two phases of the sharding effort.

Parity Technologies

A  blockchain infrastructure startup, Parity is co-founded by former Ethereum Foundation security chief Jutta Steiner. Known for its ethereum software client, Parity Ethereum, which the firm claims to be “the fastest and most advanced.” The startup has also developed several tools, such as Substrate, a service that lets users create customized blockchains for decentralized applications.

The Ethereum Foundation said in its statement that they are committed to funding teams and individuals building common infrastructure around the network. Just recently the co-founder of Ethereum, Vitalik Buterin, donated 1,000 ETH  to three blockchain startups and developers. The foundation said:

“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.”


Most Popular