Status Receives $500k Grant From Ethereum Foundation For The ETH2.0, Nimbus, Research & Development
The Ethereum Foundation recently allocated $500k to Status.im as part of wave 4 funding for its affiliated projects. Status is developed based on the P2P network infrastructure & operates as a mobile Ethereum client. These proceeds allocated to Status are meant for the research & development of ‘Nimbus’, Ethereum’s 2.0 client.
So far, the Ethereum blockchain network has attracted a big portion of the DApps blockchain developers although the platform’s inefficiencies pose a challenge now & in future. Ethereum’s scalability, user satisfaction & interoperability have often been criticized by the crypto community. Furthermore, its orientation is not very friendly to new entrants in the Fin Tech industry. The platform’s main challenge has however been dominantly the scalability issues.
As of press date, the number of transactions per second handled on Ethereum is dependent on every node. Therefore, the result has been a reduced transaction speed to accommodate only 15 per second while Visa is way above the 40,000 mark!
Luckily enough, the Ethereum Foundation has been financially supportive to the teams trying to solve its platform issues. The foundation has given out grants to a couple of players within the blockchain industry through some established initiatives like the Ethereum scalability & development subsidy. Ethereum has been actively scouting potential problem solving teams with the intention to leverage & share knowledge for advancements. Status is amongst the teams that have proven a potential thus the recently awarded grant towards its ‘Nimbus’ milestone.
The move comes as a big boost to the Nimbus project both financially & fundamentally. Looking at it from an investors’ point, Ethereum Foundation is quite optimistic about this project hence the amount allocated to Status. This ongoing development began back in Q1 of 2018 & has since been under its development phase while more research is underway to make improvements. Clearly, the boost by Ethereum foundation to improve the Eth2.0 shows the feasibility of Nimbus.
NIMBUS in Brief
Earlier in the year, Ethereum founder, Vitalik, explained in a blog two approaches of solving the scalability issues in blockchain at the moment. The first approach involves creating enhanced base blockchain protocols while maintaining the aspect of decentralization; this infrastructure is geared towards increasing node functionality.
The Ethereum founder went on to explain the second approach;
“The second involves creating “layer 2” protocols that send most transactions off-chain and only interact with the underlying blockchain in order to enter and exit from the layer-2 system and in the case of attacks on the system.”
The Nimbus project follows the first approach; the milestone is designed to enable sharding by the clients & be part of Ethereum’s next phase tech that will be highly scalable. It is therefore highly probable that this innovation will make the ETH platform cement its smart contract client base as the crypto adoption debate picks up.
Ethereum 2.0 is quite a promising development given its compatibility with a live network. Status has focused on creating Nimbus to be IoT oriented while performing well in today’s devices like smartphones despite their shortcoming in hardware resources. Furthermore, Nimbus will be designed to suit extensions, configurations & also modular. This simply means that the ETH2.0 will be able to accommodate fast iterations based on its modular nature & further scaling developments.
The Nimbus project is developed using Nim; this language is designed to maximize the potential of hardware resources in devices. In addition, a C compiler has been integrated making the network easy to use & secure as well.
Status Future Roadmap
Ethereum’s Foundation boost to Nimbus will enable Status.im to focus on a couple of development areas to realize its scalability goal. The areas that have been highlighted as important include;
- Bringing practicality to the most recent pieces of feasible research done on ETH2.0. So far, the team plans on making RANDAO, BLS signatures & BN curves games a reality to create room for more improvement.
- Check on the fundamental & legality issues surrounding Nimbus in order to deliver a value adding & law compliant milestone.
- Invest in scaling the interoperability of Ethereum by looking at new tech like the mesh network & libp2p.
New Partnership Possibilities
Status will largely benefit from EF’s grant not only financially but also from a networking perspective. The team will link with other beneficiaries of the foundation’s grants & can share impactful knowledge in the process. The Ethereum Foundation has been actively funding over 50 projects working to solve its inefficiencies. While doing so, the approach has been in waves & Status is currently under the Wave 4 funding. Surprisingly, the initiatives have been mostly in the course of 2018 & more than $10 million in grant has been awarded by the EF.
The Ethereum Foundation Grant Series
In its pioneer wave, EF allocated funds to 5 entities who were working on different projects geared towards Ethereum’s scalability. The beneficiaries include; Turbo Geth which received $50k for sharding simulation, $25k Plasma Taiwan Dev for plasma implementation, $50k to Barcelona Supercomputing Center for sharding simulation, $100k to Prysmatic Labs for sharding implementation & $1.5 million to L4 for state channels research.
The EF grant wave 2 was allocated to 6 teams which were mostly working on the plasma implementation milestone of the Ethereum project. These teams that were lucky enough are the likes of; Plasma (by Kyokan), General Computation on Plasma (by Parsec Labs), Sprites Implementation (by Enuma), PISA & Perun. Grants that were directed to these milestones were as much as $250k for Perun & PISA while Sprites Implementation followed closely at $200k.
In the 3rd wave, EF granted Harmony, Force Move Game Framework & StarkWare over $4 million to be used in; minimal sharding, state channels & ETH performance-oriented bounties respectively. The grants conditions include active participation in the ‘ETH2.0 Implementers’ initiative every week & monthly updates until the milestone is completed successfully. Given its open-source nature, Status highly leverages the sharding concept as it looks for strategic partners.