Parity Technologies Gets a $5 Million Grant from the Ethereum Foundation

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Parity Technologies Gets a $5 Million Grant from the Ethereum Foundation

Parity Technologies, the company behind one of the fastest Ethereum clients on the market, has secured a $5 million grant from the Ethereum Foundation to increase scalability, usability, and security of their product, the foundation announced on its website on January 7, 2019.

A New Ethereum Foundation Grant Goes to Parity

The Ethereum Foundation has announced a $5 million grant to Parity Technologies that would support the company’s work on the blockchain’s new iteration. According to an official blog post, the foundation said that a large portion of the grant will be used to fund work on Casper, the company’s proof-of-stake (PoS) protocol upgrade.

The grant will go towards funding Parity’s new scaling solution for Ethereum’s blockchain called Sharding, as well as audits, light clients and developer tools. The company will also introduce new infrastructure improvements to its product.

According to the Foundation, the funding will be delivered in several installments. The blog post said that the first installment will fund development that Parity has already completed, but failed to provide other details about the project.

Other installments will be contingent upon reaching previously established milestones, such as the completion of the eWasm compatibility network and shipping a light wallet for the mainnet. The final installment of the funding will be received once Phase 0 and Phase 1 of sharding are completed.

Parity Ethereum

(Source: Parity Technologies)

Parity Latest In Line to Receive Ethereum Grant

In its statement, the Ethereum Foundation said that it was committed to funding teams and individuals that are working on building and maintaining common infrastructure around the Ethereum network.

With the first Ethereum Foundation funds granted almost ten months ago, the company has donated over $17 million towards various startups that have worked on the network. Back in October 2018, the foundation released its fourth wave of grants of the year, awarding just under $3 million to 20 different individuals and businesses.

Prysmatic Labs and Status were among the last to receive the grants in 2018, with each being awarded $500,000 to work on Ethereum 2.0 clients.

The first to receive the grant in 2019, Parity Technologies has been awarded the biggest grant so far. The Ethereum Foundation touched on the issue in the statement, saying that Parity was a major technical contributor to the Ethereum project. The company is also among the few who have contributed to the network as a self-financed and open-sourced effort since its founding.

Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or hacking at a Hackathon.

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