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Ethereum Foundation to spend $30 million on projects within the Ethereum ecosystem

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The Ethereum Foundation released a blog post revealing how $30 million will be spent by the company on projects within the Ethereum ecosystem.

According to the organization about $19 million has been reserved to ‘build the ethereum of tomorrow’ for the next 12 months, which mainly included a scaling upgrade in Ethereum 2.0  ,“layer 2” scaling projects like Plasma.

The blog post detailed that another $8 million will be spent in the next 12 months which would support the present ethereum mainnet through initiatives like ethereum 1x.

The Ethereum blog post read, 

“Ethereum is used in production today to secure billions of dollars of assets and as a base layer for many hundreds of live applications. We believe that it is vital to continue supporting these efforts to ensure that ‘Ethereum 1.0’ continues to be the world’s dominant smart-contract platform,”

The Foundation has reserved the  last $3 million for the growth and awareness of the developer.According to the blog post,

“The money will be put towards: developer education and on-boarding, organizing the yearly ethereum conference Devcon, supporting regional ethereum community organizations  and the like.”

Ethereum Foundation has reportedly spent a total of $27 million, over the last one year, where most of it was given as monetary grants to 90 different projects and 23 grants went towards ethereum projects which focused on upgrading scalability.

The Ethereum Foundation currently holds about 0.6 percent of all ether which is equal to roughly $160 million. The blog post also suggested that the foundation intends to reduce the other third-party actors, over time.

Aya Miyaguchi ,the Executive director of the Ethereum Foundation said,

“I understand that many look to the [Ethereum] Foundation as an important voice even if our intention is to empower other important contributors to ethereum. We’ll continue to release many different types of updates, including the latest from more supported teams very soon.”

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.