Ethereum Foundation Outlined Detailed Plan for Allocating $30 Million Budget for System Development

By Robin Wong | May 23, 2019
Ethereum Foundation Outlined Detailed Plan for Allocating $30 Million Budget for System Development

The Ethereum Foundation has publicly introduced its detailed plan to allocate the $30 million budget, specifically dedicated to upgrading its system, which will take place over the course of the following year.

Announced via the firm’s official web page on May 21st, Ethereum Foundation has chosen a 3-pronged method to assign the money, with the project break-down showed that $19 million will be allocated towards its future projects, $8 million for on-going ones and the remaining #3 million will be devoted to developer support.

A majority of the fund will be used to advance the development of Ethereum 2.0, including client teams, research, documentation, and communication, along with some projects of layer 2 such as Plasma.

The ongoing projects that were appointed the $8 million fund are ETH 1.x, Solidity, Geth, and Web3.js and Ethers.js.

The remaining $3 million is specifically used for supporting growth and awareness. This means focus on appropriate training and onboarding for developers, conducting developer-focused community events, enhance developer experience and tooling, scouting for exceptionally skilled resources, improving ethereum.org, along with a few other categories.

Plasma – the layer-two project which was the brainchild of Vitalik Buterin and Joseph Poon in 2017 – is a scaling framework that aims to increase transaction throughput, which involved the use of autonomous smart contracts. Plasma will allow “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide”.

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