Parity Startup Receives $5 Million Grant From Ethereum Foundation
The Ethereum Foundation supported the Parity Technologies startup by providing a grant totaling $5 million. The respective announcement was made on the company's blog.
Funding is aimed at improving the scaling, security, and ease of use of the Ethereum network.
The allocated funds will help to carry out further work on the Casper protocol, deal with sharding issues, ensure the quality of blockchain, conduct audits, and create infrastructure improvements.
The grant is divided into several stages. The first one provides for the support of the completed developments. The remaining funds will be directed to Parity specialists as they achieve various kinds of success related to the launch of a light client in the Ethereum blockchain, the initial phases of sharding, as well as work on ensuring compatibility of the eWasm mechanism.
The Ethereum Foundation emphasizes Parity's success in implementing the Serenity protocol, which will play an important role in the development of the network. The startup experts told about this at the Devcon4 conference, held in the capital of the Czech Republic.
As previously reported, Parity Technologies announced the launch of the first version of its Substrate solution.