Cryptocurrency giant’s Golem, Maker, Raiden, Omise Go and VC Global Brain are partnering to create a funding project that will fund new projects that seek to expand the ethereum world of cryptocurrency. The project that is being called the Ethereum Community Fund is set to fund projects that are promising and can further widen the space of Ethereum with up to a $100 million in fiat currency of funds. This funding project is actually the first of its kind since the beginning of cryptocurrencies.
The project also has ethereum and Ethereum Foundation creator and co-founder Vitalik Buterin as an advisor. He isn’t the only one as per reports there are other unnamed industry experts also serving as advisors to the Ethereum Community Fund (ECF). The Ethereum Foundation is the parent company that handles the ethereum ether token (cryptocurrency).
One thing to bear in mind is that the project could have other companies or firms join in the funding, and that the funding too could increase at any point in time.
Scope And Manner Of Funding
ethereum project fundingPresently the entire scope or range of the projects that are eligible for funds is still not known, but for starters it has to be a promising one that will expand or operate within the ethereum space to expand it. The funds are however in fiat currency and ill be given out in the form of grants. No official or executive of any of these partnering firms/projects have made public or official statements with regards to the project yet, however some information has been given on the Ethereum Community Fund (ECF) website. It read
“This program will be established as a permanent financial endowment to support and aid projects in building crucial open-source infrastructure, tooling, and applications,”
indicating that the project is here to stay. We still do not know the exact details of how the funding will turn out to be but there are rumors that they would range between $5,000 to $500,000 in size.
Why The Need For A Fund
Buterin has over time stated that the Ethereum network is working on how to improve its transactions to avoid problems that have bee faces in the past because of high number of transactions being sent in at a time. In other terms to increase its capacity for transactions, not that this is the only problem that the network has. This it is rational that the Ethereum Foundation will support a project of such sort, one that could possibly lead to innovations that can help better he network.
The project is also centred on the ethereum network also because it has proven to be a juggernaut in the crypto space, unflinching even when all other cryptos were having a very bearish time. This performance by both the ethereum network and the cryptocurrency itself has led many to believe that Ethereum is actually the cryptocurrency of the future, even though this is just an opinion and debatable to a reasonable extent.
Making Ethereum A Network For The Future
The Ethereum network happens to have firmly grounded itself in the cryptocurrency world even beyond the creator’s expectations and Buterin himself has stated this in multiple public statements a and has often added that “the work is not finished” and that there is still more to be done to keep the network growing.
The ECF could be one of the ways of keeping the network still “active” and great investment avenue. The ECF could also go beyond just giving funds or grants in the future to become a larger community under the ethereum network. Whatever the case might be, this is definitely great news for all those in the crypto circle and those with great start-up ideas to help improve the ethereum network.