As Rumors Fly, Ethereum Foundation Insists $15 Million Will Not Go To Verifiable Delay Function Development
As Rumors Fly, Ethereum Foundation Insists That $15 Million Will Not Go To Verifiable Delay Function Development
CoinDesk is a crypto news outlet that often reports on the new developments in the industry with great accuracy. However, according to the Ethereum Foundation, a recent report was entirely inaccurate of their upcoming plans. While CoinDesk reported that a $15 million allotment is meant to help with the development of the Verifiable Delay Function (VDF), which the Ethereum Foundation is now denying.
The report showed that the Foundation was considering the use of VDFs in the move from their current system to a proof-of-stake (PoS) network, as CoinDesk reported their consideration of a $15 million investment. However, as Ethereum Foundation researcher Justin Drake wrote to Cointelegraph, this report is not entirely true.
Drake stated, “The EF [Ethereum Foundation] is not looking to spend $15m. We are looking to split funds 50/50 with Filecoin or other financial partners.”
The VDF technology uses the creation of random values on a network to protect a network from attack. In relation to a blockchain with a PoS consensus algorithm implemented, this type of function can stop any participant from manipulating or influencing the randomness. Through the protocol, leaders and validators are elected.
The transition for Ethereum will come with the final upgrade, which has been referred to as both Serenity and Ethereum 2.0. It is the fourth and final stage that Ethereum originally described in their roadmap. The other stages have already been completed, and the network is presently running in the third stage, which is called Metropolis. Metropolis involves two hard forks that impact the entire system – Byzantium and Constantinople.
Essentially, the overall goal of Serenity is to help fix some of the issues that Ethereum has been plagued with, including scalability, security, mining centralization, and economic finality, according to Cointelegraph.
The pre-release of phase zero in the transition to this next upgrade was announced earlier this month. Ethereum co-founder Vitalik Buterin said that the pre-release was “*basically* feature complete for Casper.” Casper is a hybrid consensus model that is based on a PoS-Proof-Of-Work algorithm that the Foundation is working on.