On January 7th, 2019, Ethereum Foundation posted on its official blog that a grant worth $5 million will be given to the UK based company, Parity Technologies.
Parity Technologies is a well established blockchain infrastructure that serves for the purpose of a decentralized web. The company is most commonly known for its inventions of Parity Ethereum, the most advanced Ethereum client and Polkadot, the next-generation inter-operable blockchain network.
One thing here is for sure that the UK based organization has previously contributed its services in Ethereum, so the grant worth $5 million by Ethereum Foundation does make sense. This grant however is directed towards scalability, usability and security work for the Ethereum community. The Ethereum Foundation has high regard for Parity Technologies for its work in this field of technology, stating on its official blog:
By all metrics, Parity is a major technical contributor to the Ethereum project, and they’ve notably done so as a self-financed and open-sourced effort since their founding.
Parity Technologies has worked hard in making Ethereum a successful project in the world of trade and more importantly has done so as a separate entity. Brave and triumphant.
The Ethereum Foundation commits itself to funding teams and individuals that are working for the Ethereum ecosystem in order to work on the scalability, usability and security of projects. As a major contributor from a very long period of time, Ethereum Foundation could not see any other organization or individual more deserving and fit for the grant than obviously, Parity Technologies, considering its previous contributions.
Parity Technologies is known for its continuous developments in the field of technology, currently working on the next generation advancements such as proof-of-stake, sharding and WebAssembly, for which there is high regard in the world of crypto. As also mentioned in the blog, the grant will help Parity Technologies in its projects, saying:
This grant will fund Parity’s work on Casper, sharding, light clients, developer tools, QA, audits and infrastructure improvements.
The different areas of technology in which the company has begin working on recently will be supported by the Ethereum Foundation through its funding. Furthermore, the blog also highlighted the means through which it intends to deliver the funding that is in “several tranches, the first of which supports development that Parity has already completed.” The remaining of the funding will be subjective to completion of projects and deadlines, given in the blog as:
Others are contingent upon reaching explicit milestones which include:
1. The completion of eWasm compatibility work
2. Shipping a light wallet for main net.
3. The successful completion of Phase 0 and Phase 1 of sharding.
The Ethereum Foundation has expressed great gratitude for the services of Parity Technologies in the Ethereum community and has also called this grant worth of $5 million a reminder that how appreciated the company’s work is in this field. Moreover, the Ethereum Foundation is rooting for greater developments in the coming future, calling the funding “an indicator of an exciting future”.
Ethereum Foundation urged the Ethereum community to join hands with the foundation to greet Parity Technologies on being rewarded with this massive funding for further developments:
Please join us in congratulating Parity Technologies on receiving this major Ethereum Foundation grant.
Hence, Parity Technologies has the constant moral and financial support of the Ethereum community for present and future contributions in this technology as mentioned time and time again in the blog published by the Ethereum Foundation. The company’s notable performances has helped it earn the respect and encouragement of the whole community and greater expectations from the company follow.