Ethereum Foundation to spend $30 million for network development

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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