Ethereum Foundation to spend $30 million for network development
Ishan Garg Posted On May 22, 2019 
Ethereum foundation has announced the budget for the development of the Ethereum network. The news was announced on Ethereum’s blog. The foundation aims to allocate a majority of funds in the development of Ethereum 2.0.
Ethereum foundation has broken the budget down into three parts. $19 million is allocated for future projects, $8 million is allocated to current projects and the rest $3 million goes for developer growth & awareness. According to the blog, a majority of $19 million will be spent on layer 2 solutions such as Plasma & State Channels.
The budget was first announced ConsenSys’ Ethereal Summit on May 10. But it has been officially revealed to the public on May 21st.
A lot of focus has been given to the development of Plasma. Plasma is layer 2 scaling solution proposed by Vitalik Buterin and Joesph Poon, which will, in theory, enable Ethereum blockchain to be scaled for billions and enable Ethereum to provide computation for a significant amount of decentralized applications.
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