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Ethereum Foundation announced a $ 5 million grant for the technology launch Parity Technologies. Parity Technologies is a high-performance member of the largest Ethereum ecosystem and the company is making significant progress on several strategic areas of high focus with respect to Ethereum blockchain network.
The transition from Ethereum Foundation clearly demonstrates that the foundation is serious in collaborating with partners who add value to the Ethereum ecosystem. The grant also shows how the foundation is eager to facilitate and help stakeholders who show demonstrable progress on strategic projects.
To understand the significance of the grant, we must understand the strategic initiatives of Ethereum Foundation and their importance This will help us appreciate value Parity Technologies door on the table.
Public blockchain networks without authorization like Bitcoin is Ethereum provide a high degree of decentralized security, thanks to the "Proof of Work" (POW) consent algorithm. However, POW is hungry for energy because it requires a large amount of computing power.
BitcoinHigh energy consumption continues to attract negative press. At a time when the cryptography market is undergoing a sharp contraction, such negative publicity can further damage the market. Ethereum is planning an ambitious transition to the "Proof of Stake" (PoS) consent algorithm, which does not use excessive energy.
Ethereum Foundation gives a high priority to this transition. parity is making rapid and significant progress on the PoS algorithm, so their priorities align well with the foundations.
The Ethereum the project team is working on their project & # 39;Casper Protocol& # 39; For this transition to the PoS algorithm. It will help to resize the Ethereum network significantly, and is an important project for Ethereum. Equality is giving key contributions to the Casper protocol, this too at a rapid pace.
The shift to PoS will also help the Ethereum project to introduce further scalability improvement measures. Sharding is one of these measures. Sharding involves the horizontal partitioning of the blockchain network.
Nodes in a fragment will only have visibility for data in that fragment, so each node does not load the entire data in the blockchain network. Since the POW algorithm requires the participation of all the nodes in the transaction validation, the sharding can not be implemented together with this algorithm. It requires the PoS algorithm, in which each fragment will have its own set of transaction validators.
Sharding is increasingly an area of interest for the Ethereum project, in particular with the tendency to the prevailing bearish crypto. parity is also making rapid progress in this area, which further aligns their work with the strategy of the Ethereum Foundation.
parity already has their & # 39;Parity Ethereum Client& # 39 ;, Which has the reputation of being fast and very advanced. The company is working on WebAssembly (Wasm) and this project is also progressing rapidly.
Ethereum Foundation supports research, development and education to improve the Ethereum platform and further promote it. The grant a parity It fits well with their mission.
Ethereum Foundation announced the grant in a blog post. parity has its offices in Berlin, Germany. They also have offices in London and Cambridge, in the United Kingdom. Besides being a recognition of work that parity is doing, the grant from the foundation is likely to help the company quickly follow their important projects. Watch this space for more interesting news from parity!
Anujit has over two decades of experience in the IT industry, spanning software development, project management and consulting areas, and has added significant value to the activities of the customers it has supported. Outside of working hours, Anujit is passionate about history and sport.
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