Over $2 Million in Funding Grants Awarded by Ethereum Foundation & ConsenSys to Finance Eth2.0 Development

In an official blog released August 26, the Ethereum Foundation has announced funding grants to the tune of $2.46 million in order to finance the development of Ethereum 2.0. (Eth2.0)

The huge funding pot has been divided amongst various companies that make up the development teams for Eth2.0. these firms will be responsible for creating Test Networks in phase 0 (Beacon Chain) that are to be compatible with multiple clients.

The co-funded grant scheme will be split between 9 companies and researchers. The largest chunk of $725,000 goes to Prysmatic Labs  for Prysm client development whilst Sigma Prime have been awarded  $485,000 for its Lighthouse Client development work. Other companies include Status, for Nimbus client development, Harmony for its Beacon Chain development and Whiteblock for its testing and interoperability support.

The blog also highlights further bounty awards available for bug fixes, recommendations and optimizations.

A full roadmap for Eth2.0 was previously published on EthHub which lays out the distinct phases and gradual roll out of Eth2.0. Ethereum researcher Danny Ryan has commented that there are 5 distinct design goals of Eth2.0 which include Decentralization, Resilience, Security, Simplicity and Longevity.

The initial phase is known as ‘Phase 0’ which is the name given to the launch of the Beacon Chain. The Beacon Chain will be responsible for managing the Casper Proof of Stake (POS) protocol for itself and all the shard chains.

Ben Eddington of  Pegasys Protocol Engineering stated that “There are a number of aspects to this: managing validators and their stakes; nominating the chosen block proposer for each shard at each step; organizing validators into committees to vote on the proposed blocks; applying the consensus rules; applying rewards and penalties to validators; and, being an anchor point on which the shards register their states to facilitate cross-shard transactions.”

Eth2.0 goes way beyond ‘Phase 0’, so a $2 million funding pot might be just the tip of the iceberg as the project continues into 2020.

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