Ethereum Network Development: The $30 Million Investment In Detail

The Ethereum Foundation is in the latest viral titles on many best cryptocurrency news sites for announcing a three-pronged approach to allocating the $30 million that it has designated for the Ethereum network development which is planned for 2020.

As an official blog post shows, the breakdown for the three categories puts future projects at $19 million, current projects at $8 million and developer supports at $3 million. Much of this funding will go to Ethereum 2.0 projects which include client teams, research, communication and documentation, as well as layer two projects such as Plasma – the Ethereum network development plans show.

“Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets,” the post noted.

Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 – as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper

The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys’ Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum – which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations.

As we previously reported on our crypto news site, the “rerelease” of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.