With incredibly ambitious projects in the pipeline, the Ethereum Foundation has released its spring update, on May 21, 2019, to provide insight as to how the money will be spent and which functional areas will be targeted. The Ethereum Foundation is the resource allocator that helps smaller teams come together to build various parts of the Ethereum ecosystem.
Important Rollouts and Updates
As of 2018, the research into ETH 2.0 has finally blossomed into a full scale engineering effort, with several teams working on carrying out the implementation. Nimbus, Prysm, Sigma Prime have been working on Lighthouse testnets which finally launched over the last few months.
In order to formally specify the new Beacon chain, the Foundation is scaling resource allocation to implementing runtime verification for contract verification. This will be a huge improvement in creating a reliable and secure Ethereum.
Barry Whitehat and Matter Labs have been working on a rollout of Zero Knowledge (ZK) transactions. Though this is not yet mature enough to integrate into Ethereum, the development is smooth and steady.
Ethereum has been working with Microsoft’s Azure team to support Ethereum developing through Visual Code Studio on the new Azure release. The Foundation is also working with HTC and Opera to encourage them in supporting Ethereum based applications.
Experimentation and Funding
With Plasma, Sharding, and zero-knowledge proofs promised to come to the platform by 2020-21, the scale of experimentation on Ethereum has never been this high. Zilliqa has implemented transactional sharding, which shards transactions and connects them later via blocks; Ethereum speaks of sharding the entire state of blockchain – an incredibly ambitious move.
Of the total $30 million in funding to be disbursed by the Ethereum Foundation, $8 million and $3 million will go into optimizing the current Ethereum state and getting new developers on board respectively. $18 million will be disbursed to various teams working on ETH 2.0 implementations and research.
Bitcoin Cash got Schnorr signatures in their latest hard fork and Ethereum will get zero knowledge transactions in the future – both of these are privacy inducing signatures and may be viewed negatively by authorities and regulatory agencies.
The focus of the Foundation is moving into an avant-garde direction, and it’s quite exciting to see how it’s going to pan out in the future. With competent developers and historic successes with experimental implementations, most would have no doubt Ethereum developers can pull it off if they set their minds to it.
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