Parity Gets $5 Million Grant from the Ethereum Foundation for eWASM, Sharing and Light Wallet
So far, the Ethereum Foundation has financially supported multiple projects that seek to improve the scalability and security of its blockchain network. The latest beneficiary is Parity Technologies, which received $5 million.
The Ethereum Foundation has already released an estimated $18 million in support of projects that improve security, usability, and security of the Ethereum network. This is particularly impressive, given that it has existed for less than a year. Parity Technologies was preferred over other options because its solution covers all of the areas mentioned above. Some of the developments made by Parity include WebAssembly, sharding, and proof-of-stake.
The disbursement of the $5 million will be done in phases. First, Parity will receive a certain amount, followed by smaller chunks depending on their future accomplishments. The set milestones include the completion of eWASM compatibility, development of a light wallet for the Ethereum blockchain and advancement of sharding techniques.
As things stand, Parity is on course to achieve the aforementioned milestones. In the latter stages of 2018, the company delivered the Ethereum light wallet, called the Parity Fether. Users must not possess a node to enjoy the features of this wallet.
Another notable accomplishment made by Parity Technologies is the integration of eWASM onto their Ethereum client. eWASM, commonly known as WebAssembly, is aimed at improving the efficiency of processes on the Ethereum mainnet. This functionality became available on Parity in July 2018.
Sharding is the division of the Ethereum blockchain into smaller side-chains with the objective of improving its ability to scale. In this regard, Parity decided to implement sharding in two phases. The first phase (phase 0) entails the creation of a beacon chain based on the proof-0f-stake consensus. The second phase (Phase 1) runs on a proof-of-concept consensus mechanism.
Other sectors that have benefited from grants by the Ethereum Foundation, albeit in smaller amounts, include education, hackathons, and diversity.