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Ethereum Foundation: $30 million will be spent on key projects within the Ethereum ecosystem

Ethereum-Foundation-executive-director-Aya-Miyaguchi Aya Miyaguchi | Head of Ethereum Foundation

The Ethereum Foundation announced its intention to invest about $ 30 million in the development of key projects in the Ethereum ecosystem.

According to the foundation's statement, over the next 12 months, $ 19 million will be allocated to "create Ethereum of tomorrow". In particular, funds will be directed to the development of Ethereum 2.0, "second-level" scaling solutions such as Plasma, and other research initiatives. In addition, in the coming year it is planned to spend an additional $ 8 million to support the current network of Ethereum through initiatives such as Ethereum 1x.

"Ethereum is used in production today to secure billions of dollars of assets and as a base layer for many hundreds of live applications. We believe that it is vital to continue supporting these efforts to ensure that 'Ethereum 1.0' continues to be the world's dominant smart-contract platform,"

stated by Ethereum Foundation on Tuesday.

As noted in the blog, another $ 3 million will be allocated for training and developer awareness. The funds will be directed to their training, as well as the organization of the annual conference "Devcon", the support of "regional organizations of the Ethereum community" and other similar initiatives.

Note that over the past year, the Ethereum Foundation has already spent a total of $ 27 million, issuing cash grants to 90 different projects. The greatest number of grants - namely, 23 - was aimed at the development of projects focused on solutions for scaling Ethereum.

The Ethereum Foundation owns approximately 0.6% of all Ethers, which is equivalent to approximately $ 160 million, as well as some funds in fiat currencies. According to the blog, resources "must decrease with time," and other third-party organizations, such as MolochDAO, are encouraged to play a more active role in supporting and developing the Ethereum ecosystem.

"Efforts like these give us better leverage from our existing resources, and help build a sustainable path for funding vital projects far into the future," the report says. 

"I understand that many look to the [Ethereum] Foundation as an important voice even if our intention is to empower other important contributors to Ethereum…We'll continue to release many different types of updates, including the latest from more supported teams very soon," 

added the director of the Ethereum Foundation, Aya Miyaguchi.
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