Ethereum to Spend an Eye Popping $30 Million as Price Hits Its Stride

Wes Messamore
The Ethereum Foundation is earmarking $30 million for select projects in the blockchain ecosystem as it makes the push toward Ethereum 2.0. | Source: Shutterstock

By CCN: The Ethereum Foundation announced it is committing $30 million over 12 months as it continues to build Ethereum 2.0. The nonprofit is spreading the funds “on key projects across the ecosystem” with a focus on Ethereum 2.0 (Plasma), supporting Ethereum 1.0, and developers.

The foundation holds 0.6% of all ETH in addition to cash on hand. The Ethereum price took the baton from bitcoin and surged to an eight-month high last week. ETH is up approximately 50% in May alone.

Ethereum chart

The Ethereum price is up approximately 50% this month so far. | Source: CoinMarketCap

Ethereum 2.0 is no facelift

Ethereum 2.0 is a transformative undertaking involving a great number of partnerships with developers, startups, and academic institutions.

Furthermore, the planned upgrades take an ecosystem-wide view of Ethereum, which is the world’s second-biggest cryptocurrency based on market cap as well as the go-to platform for decentralized smart contracts.

Developers, Developers, Developers

The foundation will apply $19 million of the earmarked funds toward “building the Ethereum of tomorrow” over the next year. Moreover, there will be more smart contract languages for programmers. And R&D into zero-knowledge proofs could make Ethereum 2.0 more private and secure.

Read the full story on CCN.com.