Ethereum Foundation Discloses ETH Holdings Being Over $160M Worth, Looks To Add Value To Ecosystem
In A Recent Update, Ethereum Foundation Reveals To Be Holding Around $163 Million In Ethereum
A few days back Ethereum Foundation released its update for Spring 2019 which gives the road map for the organization for this year.
The Foundation aims to allocate $30 million for the cryptocurrency development to keep up with the “tremendous progress” made by Ethereum over the past year and focus on its strongest values. The foundation controls 0.6% of all ETH coins. Still, the group says that their reserves are set to shrink over time, which means that they should use it wisely.
“These resources are intended to decrease over time, as they are invested in critical work across the ecosystem. These are significant amounts of capital but they are not infinite. It is our responsibility to ensure that every last dollar and is spent effectively.”
For Ethereum 1.x, the Foundation expressed itself as follows:
“Efforts we’ve funded include Alexey Akhunov’s research into stateless clients and state fees and Andrew Ashikhmin’s research into sync protocol improvements. Work continues on essential projects like Geth and Solidity as well, and regular updates from all supported teams are on the way.”
In addition, a sum of $30 million has been allocated to “key projects for the entire ecosystem” over the next 12 months. Particularly, 19 million dollars is the amount allocated for future Ethereum projects such as ETH 2.0 and Zero-knowledge. Projects working on the current version of Ethereum have received $8 million.
The blog continues:
“We understand that many look to the Foundation as a valued voice even as we move to proactively empower others. That voice is a resource that can be used effectively to advance Ethereum. We are able to, for instance, bring attention to important but relatively unknown projects, share valuable information about Ethereum’s progress with the public, and encourage the growth of regional Ethereum communities.”