Ethereum Gears Up For Beacon Chain Launch, Unveils $2M Grant and Multiple Bounties

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Ethereum Gears Up For Beacon Chain Launch, Unveils $2M Grant and Multiple Bounties

The Ethereum foundation today unveiled more than $2M of funding targeted at further development of Serenity (ETH2.0). The announcement, which happened on the official Ethereum blog reads, “we are today unveiling over $2M USD in Foundation-led and co-funded grant funding aimed at furthering Serenity (ETH 2.0) development as we move nearer to the launch of the Beacon Chain.”

“The Ethereum Blockchain is Full”- Vitalik

This new round of funding is primarily aimed at providing scaling solutions for the network and ensuring the platform is ready in time for the Beacon Chain launch.  Ethereum’s co-founder Vitalik Buterin talking on the future of the cryptocurrency in an interview earlier this month said Ethereum is almost full. 

“Scalability is a big bottleneck because the Ethereum blockchain is almost full”

The foundation also announced that it has “granted substantial awards to leading client development teams currently tasked with delivering long-standing multi-client test-nets as development approaches the launch of Phase 0”

Recipients of the grant and tasks include Harmony who received $189k for Harmony beacon chain development, Sigma Prime received a $485k grant which was co-funded by the foundation and ConsenSys. Prysmatic Labs was awarded $725k for development of Prysm Client

Status was awarded a total of $650k by the Ethereum Foundation and Protocol Labs. $500k for Nimbus client development and $150k to build a native nim-language implementation of libp2p for Nimbus as well as other development projects. 

Whiteblock also received $184k to continue with Eth2.0’s testing and interoperability support from Ethereum Foundation and ConsenSys. They are also tasked with refining networking specifications and stack. Chainsafe was awarded $217.5k for Lodestar light-client and javascript development. They will also develop libraries and educational resources which will provide support to Eth 2.0’s web-browser ecosystem. 

The foundation as part of efforts to promote research on the Legendre PRF also awarded $10k to a cryptanalyst, Dmitry Khovratovich who will generate a report on how safe the Legendre PRF and proof-of-custody scheme which is to be used in the first phase of Eth 2.0 is. 

Multiple Bounties Up For Grab

The foundation also announced the availability of bounties in three categories which are available to people who are interested in pitching in efforts towards the development of Ethereum.

For the Phase 0 Consensus Category, the foundation has put up 5 ETH or 1000 DAI for suggestions which make it into the phase 0 Eth 2.0 spec. To participate, users can open an issue or PR on Github, describe the issue or recommendation and get paid if it gets accepted. 

There is also a Legendre PRF category bounty of up to $14,000 which is aimed at generating more research into the function which is currently the only way to achieve proof of custody in a shared secret setting. 

The third bounty category is a STARK-Friendly Hash Challenge category which is aimed at “evaluating the security of current proposed SFH candidates.” The challenge is public and has four proposed security levels ranging from low-security to high-security in various scenarios. The first person to solve each challenge will receive ETH directly in their wallets.

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Ethereum Foundation Gears Up For Beacon Chain Launch, Unveils $2M Grant and Multiple Bounties
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Ethereum Foundation Gears Up For Beacon Chain Launch, Unveils $2M Grant and Multiple Bounties
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The Ethereum foundation today unveiled more than $2M of funding targeted at further development of Serenity (ETH2.0).
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Author: Ikpeme Victoria

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She’s interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé. You can catch her on Twitter @veekietoria and LinkedIn or mail her at victoria [at] coingape.com

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Ikpeme Victoria 9 Articles

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She’s interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé. You can catch her on Twitter @veekietoria and LinkedIn or mail her at victoria [at] coingape.com

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