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Ethereum Foundation reveals its development plans for the next year

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The Ethereum Foundation announced the achievements made over the last year and how it plans to allocate its resources over the next 12 months.

Changes from the Ethereum Foundation

The Ethereum Foundation has redefined its strategy to do what is best for the ecosystem focusing on where the most value can be added and allowing others to add value based on their expertise.

Under the philosophy of “subtraction,” the Foundation is moving away from “growing and accumulating value within themselves.” Instead, they have been 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 Ethereum Foundation is a resource allocator and understands its responsibility to ensure that every dollar is spent properly. Around 0.6 percent of all the ether tokens are owned by the Foundation as well as other cash reserves. These funds will be decreasing over time as new investments are made effectively towards improving the network. Other funding sources include Gitcoin grants and MolochDAO, which are investing their own resources to help build vital projects on top of the protocol.

Over the last year, significant progress has been made to upgrade the entire Ethereum protocol. Different client teams including Nimbus, Prysm, Sigma Prime and Substrate Shasper have been working in the major upgrade, dubbed ETH 2.0. To ease the transition into the new protocol, for instance, ETH 1.x will improve Ethereum’s short term scalability and sustainability while ZK-rollup will enable hundreds of transactions per second. A considerable amount of effort by research, development, and security teams has been directed into ETH 2.0 as more resources shift into testing and audits.

Plans for the next year

The Ethereum community continues to grow over time. Prominent organizations such as Microsoft, HTC, and Opera have shown their interest in developing new technologies on top of the protocol. As a result, the Ethereum Foundation has come to realize that it does not matter whether a project is internal or external, but the importance relies on the effectiveness of the capital spent to achieve Ethereum’s goals.

Over the next 12 months, the Foundation plans to spend $30 million on projects that pose a great significance to the ecosystem.

Research and development is the most important pillars of Ethereum’s framework. Thus, $19 million will be allocated into ongoing engineering projects such as ETH 2.0, state channels and Plasma, eWASM, and smart-contract languages. These projects rely on active and critical work that maintains and improves the network.

Another $8 million will be used to support the current protocol, “ETH 1.0,” that is used by a significant number of companies to deploy their tokens. Since billions of dollars of assets are being created using the Ethereum blockchain, it is very important to continue improving different technologies such as Geth, Solidity, and Web3.js as well as Ethers.js.

The Foundation will invest the remaining $3 million in growing the Ethereum community to ensure its success. It will focus on supporting developers education and onboarding as well as community events and yearly gatherings to attract new talent.

Related: Ethereum’s Hard Fork Constantinople: What You Need to Know Before January 16th

Ethereum appears to be making steady progress. As the world’s leading smart-contract blockchain, it continues to make improvements on its protocol to continue to be the number one choice for new ventures to develop their digital tokens on.

A big number of companies such as EOS and TRON have joined the space creating their own smart-contract blockchains which could pose a threat to Ethereum. However, the Ethereum Foundation has been working on effectively deploying its resources to empower the community and make significant steps towards improving the ecosystem.

Earlier this year, Ethereum went through major upgrades implemented as hard-forks known as Constantinople and St. Petersburg that reduced the block reward from 3 to 2 ETH. Now it remains to be seen the different features that ETH 2.0 will bring.

Filed Under: Ethereum, Technology

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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