EthereumNews

Vitalik Buterin announces subsidy programs for those committing to solve scalability issue

Ethereum Foundation is inviting developers, companies, and universities to apply for subsidies. Also rewards for committing their resources to expanding Ethereum ecosystem.

According to a blog post by Vitalik Buterin, those who commit their resources to sharding. And thus the second layer protocols can get subsidies between $50,000 and $1 million. The two initiatives are targeting at solving scalability issues in Ethereum and are “complementary with each other.”

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The rewards will be awarded on on merit, alongside the scope, scale, and quality of the project’s impact. The programs will complement the internal scalability methods being implemented on Ethereum.

“These payments are NOT intending to be sources of substantial profit to recipient organizations; they are rather intend to cover some of the costs involved. However, with the understanding that anyone who participates in the scheme will have access to a unique opportunity. It is to participate in Ethereum 2.0 development, with close collaboration with core Ethereum researchers. And be part of the development of one of the first clients that will be available when the sharding mainnet goes live.”

With nearly 1 million transactions per day, Ethereum is using a multi-pronged method to face one of “the single most important key technical challenge” for blockchain to reach mass adoption.

Sharding will eliminate the need for every node to process every transaction. They are looking at having a multi-client ecosystem for sharding.

“In this next step,” Buterin relates to the Ethereum community, “we want you to be involving. We want the Ethereum sharding testnet, and later sharding mainnet. To be a multi-client ecosystem right from the start, with the Ethereum Foundation not supporting any single privileged production implementation.”

The second layer scalability solutions such as Plasma and state channels will act like dumping grounds to offload the main chain of activities and free space on it. Though they are mostly blockchain, they are not standalone, and transactions support on them have to be verified on the base layer.

Also Read: Ethereum completes first full implements of Casper

The subsidy programs will encourage creativity while extending the usability of Ethereum. It is expecting that they will attract creativity on the platform.

“To that end, we are announcing a subsidy scheme for projects that are building scalability and latency-reducing “layer 2″ platforms that live on top of Ethereum, benefitting from the Ethereum blockchain’s security as a base layer and interoperability with the greater Ethereum community and platform.”

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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