The Ethereum Foundation provides $ 5 million in grants to Parity Technologies

This week, Parity Technologies received a grant from the Ethereum Foundation after being a faithful member of the Ethereum ecosystem for several previous years.

Parity Technologies has been granted the sum of five million dollars for scalability, security and usability. The well-established blockchain company has worked on the Parity Ethereum customer and on the main development efforts in the ecosystem.

Past successes

In the past, Parity has achieved several results but, apart from the work on core developments and the Parity Ethereum customer, the team also presented their goals to develop a Serenity implementation during the Devcon4 event in Prague from the end in October. In addition to this, Parity contributes significantly to the Ethereum project and has been an open and self-financing effort.

Because the Ethereum Foundation is dedicated to supporting individuals and teams working on Ethereum's common infrastructure, the blockchain company received a $ 5 million grant. The Ethereum Foundation commented saying: "To this end, we could not think of a more applicable measure for a grant given Parity's constant push to raise the technical bar and their focus on next-generation advances such as proof-of-stake, sharding and WebAssembly." Beyond that, the Foundation also talked about the efforts of the Ethereum ecosystems to support the alignment of value and technical value.

Furthermore, the foundation said they were "grateful" for the work done by Parity Technologies for the Ethereum project.

And now?

So what now? Well with the five million dollar grant, Parity will be able to work on Casper, sharding, QA, development tools, audits and other structural improvements. It is worth noting that the millions of dollars will not be provided to the blockchain company as a lump sum, but instead in installments. As reported by Blokt, the first installment will be used to support the developments that the Parity team has already completed – "Several tranches, the first of which supports the development that Parity has already completed." The next round of funding will depend entirely on completing the pre-set equality goals.

Back in November of last year, a user of Ethereum's multiple signing portfolio Parity made $ 280 million in an Ethereum incident that was unreachable by using a vulnerable containment in the underlying smart contracts.

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