Ethereum Foundation boosted Parity Technologies with $5 million

A $5 million grant has been announced by the Ethereum Foundation, on their latest blogpost, to U.K.-based company Parity Technologies for its years of contributions in scaling and to support the firm’s work of continuing development of the core infrastructure for Ethereum 2.0.

It is particularly aimed to boost work on Casper, a proof-of-stake protocol upgrade, and the scaling solution dubbed sharding, as well as light clients, developer tools, audits, and infrastructure improvements. This grant will fund Parity’s work on Casper, sharding, light clients, developer tools, QA, audits and infrastructure improvements.

The Ethereum Foundation acknowledged the contribution of Parity Technologies to the Ethereum ecosystem and said:

“The Ethereum Foundation is committed to funding teams and individuals building the common infrastructure around scalability, usability, and security. To that end, we couldn’t think of a more applicable fit for a grant given Parity’s constant push to raise the technical bar and their pinpointed focus on next-generation advancements like proof-of-stake, sharding and WebAssembly.”

Referring to the grant, entrusts Parity Technologies to build out its Ethereum development scaling, security, and usability, and comes in two distinct tranches in which the first tranche has already been awarded and the second will be distributed after reaching specific milestones laid out by the foundation.

The post further mentioned that Funding will be delivered in several tranches, the first of which supports development that Parity has already completed” […] “Others are contingent upon reaching explicit milestones” which includes the completion of eWasm compatibility work, shipping a light wallet for mainnet, and the completion of sharding’s first two phases.

In this regard, Parity Technologies is committed to implementing Ethereum 2.0, as well as continuously contributing further tools for developers to build decentralized applications. This positive development would definitely lift the sense of optimism among the Ethereum enthusiasts.

About Parity:

Founded in 2015, Parity Technologies is an infrastructure startup, co-founded by former Ethereum Foundation security chief Jutta Steiner. It is known for its ethereum software client, Parity Ethereum, which it claims is “the fastest and most advanced and innovation focused company.” It aims to enable businesses and organizations to capitalize on blockchain technology.

One of the notable projects includes the development of blockchain technology for the UN World Food Programme, allowing transfer of cash assistance in a faster, cheaper, and more secure manner.

Link to the original news article can be found here.

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