Parity Technologies Receives a $5M Grant from the Ethereum Foundation for Supporting the Ethereum Ecosystem

Parity Technologies Team

A recent announcement on the Ethereum Foundation Blog stated that the Foundation has issued a grant worth $5million to a blockchain infrastructure firm called Parity Technologies. The grant was issued as a reward for their unwavering support towards the growth of the Ethereum ecosystem and an incentive to bolster their commitment towards the ongoing projects for Ethereum 2.0.

Parity Technologies is known for its unrelenting contributions to the Ethereum ecosystem and the cryptoverse as a whole. A notable contribution is the creation of Parity Ethereum which is currently the fastest and most used Ethereum client. The firm is also responsible for creating free open-source tools to enable developers to interact with the Ethereum network. Some of these tools include Parity Bridge, Libp2p, Parity Light Client, oo7 Bonds, Parity Fether, Substrate, Parity Singer, Secret Store, Light.js, p-Wasm, Kovan testnet, and Private Transactions.

The Ethereum foundation acknowledged their efforts for providing these tools and others which have proven to be key to the development of a new Ethereum dubbed Ethereum 2.0 The grant will enable the firm to perfect their ongoing projects for the scalability, security, and usability of the current Ethereum ecosystem and the new Ethereum 2.0.

The Ethereum Foundation also stated in the blog post that they are committed to financing teams and individuals who are focused on creating common infrastructures around scalability, usability, and security. And in their best judgment, there exists no other firm besides Parity Technologies which satisfies these qualities. As such, they are all game in funding the firm throughout the project.

Asserting that the Foundation operates a milestone-based grant system, the 5million USD grant would be awarded to Parity Technologies in tranches. The first tranche, awarded on Jan. 7, is for the development that the firm has completed already. The other tranches would be attached to different milestones. Upon completion of the task, the firm would be in full custody of the $5million grant. Until then, the firm is expected to continue their work on Casper, sharding, light clients, QA, audits, developer tools, and infrastructure improvements. The milestones stated in the blog post include the completion of eWasm compatibility work, shipping of a light wallet for mainnet, and completion of Phase 0 and Phase 1 of sharding.

The Foundation further appreciated Parity Technologies for their genuine thirst and passion for next-generation advancements such as WebAssembly and proof-of-stake and other contributions towards the growth of the Ethereum ecosystem. The Foundation also admonished Parity Technologies to continue their good works and hope that the grant assures them of an exciting future.