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Parity Technologies, based in London, won a $ 5 million grant from Ethereum Foundation to finance its work on improving the Ethereum blockchain, like developments in Casper, sharding, light clients, development tools, audits and general infrastructure.
Equality of receiving funding in Tranches
The foundation announced the grant via a blog post on January 7, explaining that the funding will be provided in "different tranches" to Parity. The first tranche should cover the costs incurred during the development of protocols that have been completed, while the remaining tranches are scheduled for delivery upon completion of a main network light wallet, compatibility work on eWasm assembly standard and phase 0 and phase 1 of sharding.
Providing financing in a tranche structure is an absent feature of crypto-markets, losing the favor of lump-sum capital generated through ICO. However, granting grants for the completion of each individual project is a farsighted move by the foundation, ensuring that the prizes are equally distributed while the team does not fall into the trap of a financial "comfort zone".
Parity's products are a significant part of the blockchain ecosystem. The company boasts of developing "Parity Ethereum", a client for the execution of protocol nodes and complete nodes. Substrate, a tool for creating customizable blockchains and Polkadot, a messaging protocol and inter-blockchain data transfer.
In last year's Substrate advertising move, Parity founder Gavin Wood demonstrated the creation of a 15-minute blockchain, even ripping off the bubble of a brand-new laptop in the process to demonstrate protocol speed.
Meanwhile, the parity was not less than controversy. In November 2017, a parity wallet the user blocked over $ 280 million of ETHs after exploiting a vulnerability in the underlying of the product smart contracts.
The issue was re-visited in April of last year, when the tokens were worth nearly $ 360 million, in a one-week voting procedure that aimed to reverse the accident based on majority consent. 55% of the participants voted against an inversion, leaving the funds locked inside the wallet.
Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money in the trade of cryptocurrencies.
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After extracting its first bitcoins in 2012, there were no retrospectives for Shaurya Malwa. After graduating in economics from the University of Wolverhampton, Shaurya ventured directly into the world of cryptocurrency and blockchain. Using an incisive approach to writing articles and encryption, he finds his true self in the world of decentralized ideologies. When he does not write, Shaurya builds his culinary skills and trades the three great cryptocurrencies.
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