A $100 mln grant created by six large-scale Blockchain projects is expected to speed up the development of scaling solutions for the Ethereum Blockchain network. On Feb.
16, six large-scale Blockchain projects OmiseGo, Cosmos, Golem, Maker and Raiden, that have completed successful multi-million dollar initial coin offerings (ICOs) last year, along with Japanese venture capital firm Global Brain have created the Ethereum Community Fund (ECF), to fund projects and businesses within the Ethereum ecosystem. The ECF will begin with $100 mln, likely raised by the six Blockchain projects.
Some members of the Ethereum Foundation including Ethereum creator Vitalik Buterin plan to advise the fund. Buterin told TechCrunch: “Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished.
Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help to make that possible.” In September 2017, Buterin revealed that his advisor shares from $1.8 bln project OmiseGo and $370 mln decentralized cryptocurrency exchange Kyber Network will be allocated in a private fund to finance open-source projects building innovative technologies such as scaling solutions for the Ethereum Blockchain network. Buterin emphasized that he will no longer advise any other Blockchain project apart from OmiseGo and Kyber Network and that all of the incentives he received from the two Blockchain projects will be used to improve the Ethereum protocol.
At the time, Buterin said: “I’m announcing that 100% of my OmiseGo + Kyber Network advisor shares will be either donated to charity (AMF, GiveD, SENS etc) or used to privately fund Ethereum second-layer infrastructure (state channels, multisig wallets etc) or some combination of the two.” But, Buterin noted that all projects eligible to receive financing from his private fund must be completely open-source and have no profit schemes in place. “Must be 100 percent open source, no baked-in profit scheme (including ICO token), must be good,” noted Buterin, emphasizing that open-source projects, especially those focusing on Ethereum scalability, are struggling to obtain funding. Read more from cointelegraph.com…
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