Without projects of scaling of Ethereum, it will be stimulated to deal with scale-up problems independently
On February 16, six large-scale the blockchain of the projects OmiseGo, Cosmos, Golem, Maker, Raiden, together with the Japanese venture company Global Brain, was declared the creation of Ethereum Community Fund (ECF or Ethereum Fund) which purpose financing of business and the projects connected to ETH ecosystem is. These companies are already well-known the fact that last year they carried out successful primary placement of coins (ICO) by the total amount of several million dollars. Financing of ECF will begin with 100 million US dollars and will probably be supported by six projects of Blockchain. Some members of Ethereum Fund, including the creator of Ethereum, Vitalik Buterin, plan to advise fund
“Ethereum exceeded all my waitings within the last several years, but operation with it is obviously unfinished. Delivery of value of the equivalent to a hype, shall be a mantra in 2018; such action as ECF creation, can promote the organization of development of an ecosystem of air” — Buterin said in the interview to issuing of TechCrunch.
Buterin’s purpose — financing of projects open source
In September, 2017 Buterin reported that the shares of the adviser of 1,8 billion US dollars from the OmiseGo project and 370 million US dollars from the decentral exchanger of the Kyber Network cryptocurrencies will be transferred to private fund for financing of the projects open source aimed at development of innovative technologies, for example, such as scaling of decisions for an Ethereum network blockchain.
Buterin emphasized that he will not advise any other project a blockchain anymore, except OmiseGo and Kyber Network, and all means which he received a blockchain from these two projects will be used for the improvement of the Ethereum protocol.
“I say that 100% of my shares of the adviser in actions of OmiseGo + Kyber Network will be or are sacrificed on charity (AMF, GiveD, SENS, etc.), or will be used for private financing of infrastructure of the second Ethereum level (public channels, purses with multiple signatures, etc.) or a combination of these two directions” — Buterin said.
Also, Buterin marked that all projects having the right to financing from its private fund shall be completely open and not have diagrams of receiving profit.
“The project shall be with 100% open source code and not contain diagrams of receiving the profit (including ICO tokens), and it shall is really good. Projects of infrastructure open source very much try to receive now financing without the need for carrying out ICO and release of the tokens; I hope, I will be able to help them with it” — Buterin marked.
The support given by Buterin for projects open source will happen under the same conditions as at his private fund. ECF in the amount of 100 million dollars will be a source of financing. TechCrunch also reports that the volume of grants will be from 50000 to 500000 US dollars, and some projects will be able to receive additional financing for completion of long-term operation over a technical solution. The right for receiving grants will be had only by projects open source and without diagrams of receiving arrived.
Shortcoming of the developers working on scaling
Earlier one of founders and co-founders of the venture Circle company Augur, Joy, publicly expressed concern about the absence of the developers and projects open source directed to the extension of the Ethereum network.
“The Ethereum project needs the bigger number of developers working with such problems as fragmentations of data, the proof of possession and plasma, now they are not enough. The project needs also to employ some more people to help to create and organize all this functionality. So, for example, Solidity is officially checked just now” — said to Joy Krug.
Without projects of scaling the Ethereum network will continue to deal with scale-up problems independently as already at the moment the network processes a little more than one million transactions a day. The co-founder of Coinbase Fred Ersham also marked that the Ethereum network shall be improved by 100 times to support decentral applications with millions of users.
Scaling of decisions is necessary for operation of decentral applications (DApps)
For the last several month’s starts of successful decentral applications, such as CryptoKitties, CryptoKribs, Bancor and EtherCraft led the Ethereum network to the real fight against scale-up problems. As decentral applications, such as CryptoKitties, seriously depend on the load of the Ethereum network which processes several transactions every time when the request is executed, the satisfaction of the growing demand requires the effective scaling solution.
The speed of development of the scaling decisions, such as Sharding and Plasma which will allow expanding the transactional capacity of the Ethereum network can accelerate due to financing from external funds and grant systems, such as ECF. And with their help, Ethereum can turn into the best platform for decentral applications.