Ethereum Foundation Announces Annual Funding, Next Devcon Location

The Ethereum Foundation is planning to spend $30 million on different projects across the ecosystem over the next 12 months, the company’s executive director Aya Miyaguchi revealed at the ConsenSys’ Ethereal Summit on May 10.

In the course of the next year, the Foundation is going to allocate funds for improvement of Ethereum’s performance and security, which includes working on the current proof-of-work (PoW) algorithm of Ethereum 1.x and general core support and development, raising awareness about the altcoin by organizing hackathons, developing relations, and attracting new talent, among other issues.

The Foundation also intends to make a bid for bringing academic involvement in Ethereum, which would purportedly result in attracting top-tier researchers and developers and grants to academic teams and organizations. Miyaguchi said that the company is also looking to also make small investments into high potential.

Regarding specific projects, Miyaguchi revealed that the Foundation has decided to support MolochDAO, an experimental, decentralized system that seeks to provide funding for the Ethereum infrastructure.

Miyaguchi also announced that the next Ethereum Devcon, Devcon 5, will take place in Osaka, Japan from Oct. 8 –11.

Earlier today, the CEO of crypto analytics firm Messari Ryan Selkis forecasted that the Ethereum 2.0 proof-of-stake (PoS) transition will not take place until 2021. Selkis forecasted that the PoW algorithm will be the status quo for “at least two or three years,” while the Ethereum PoS transition will “take a lot longer than anybody appreciates.”

Selkis also pointed out that Ethereum 1.x is “probably pretty good, and maybe even good enough.” The expert elaborated that the algorithm is well-established, having proven itself in the last decade with bitcoin (BTC), as well as ether (ETH) in the last several years.