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Ethereum Foundation Revels its Achievements and Plans for Next 1 Year

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Aya Miyaguchi, the executive director of ethereum, announced the plan at the ConsenSys-organized Ethereal Summit in Brooklyn on Friday, May 24th.

While the affection of fidelity for Bitcoin is boosting Cryptocurrency, ethereum is rolling out its development plan, as it plans to boost and enhance the growth and development of the Cryptocurrency industry. Aya Miyaguchi, the executive director of ethereum, announced the plan at the ConsenSys-organized Ethereal Summit in Brooklyn on Friday.

The development plan features a redefinition of strategy to offer what is best for its ecosystem, with a focus on where the most value can be added and allowing others to contribute value based on their expertise. This is being projected under a new philosophy of “subtraction.” This will see a move away from growing and accumulating value within themselves to distributing opportunities to the community, pushing resources out to teams across the ecosystem, and encouraging other organizations to improve the Ethereum blockchain so that it can become more decentralized and sustainable.

The patronage of the ethereum community by prominent firms such as Microsoft, HTC, and Opera to develop new technologies on top of the protocol has shown that it does not matter whether a project is internal or external. This indicates that what matters more is the effectiveness of the capital spent to achieve Ethereum’s goals.

In pursuit of the new strategy of the ethereum foundation, the firm will be spending $30 million on projects that pose a great significance to the ecosystem in the next 12 months. $19 Million of the budgeted amount will be allocated to ongoing engineering projects such as ETH 2.0, state channels and Plasma, eWASM, and smart-contract languages. $8 Million of the fund will be utilized to support the current protocol, “ETH 1.0,” that is used by a significant number of companies to deploy their tokens.

Lastly, the remaining $3 million will go into growing the Ethereum community to ensure its success. This will focus on supporting developers education and onboarding as well as community events and yearly gatherings to attract new talent.

Ethereum is making considerable efforts towards maintaining its status as the top smart contract platform in the world. Healthy competition from EOS, Tron, among others is stimulating new invention and improvement.

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Written by Layla Harding

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