Ethereum co-founder, Vitalik Buterin donates 1,000 ETH to three startups


  • Vitalik Buterin sends $300,000 to three startups within the Ethereum network.
  • Ethereum developers are working on Ethereum 2.0; the Constantinople upgrade is expected in January 2019.

The co-founder of the world’s third largest cryptocurrency, Ethereum is reported to have given $300,000 to three startups in the blockchain arena. According to a report by CoinDesk, a news outlet, Prysmatic Labs, ChainSafe Systems and Sigma Prime are the startups that have benefited from the 1,000 ETH donation.

All the above startups are working within the Ethereum ecosystem. The main purpose is to come up with a properly working Ethereum 2.0. For instance, Sigma Prime is creating Lighthouse, an Ethereum 2.0 client, Prysmatic is concentrating on the scalability of Ethereum network while Chainsafe is also creating an Ethereum 2.0 client.

The donation comes following a discussion that spiked on Twitter where core developers within the network cited lack of funding; a situation that is slowing down the development pace. One of the co-founders of Prysmatic Labs, Preston Van Loon stated that the currently grants are “hardly enough to take the whole team full time with significant pay cuts and it’s certainly not even for us to scale the team to where we need it.”

In response to the discussion, Vitalik tweeted:

“Just sent 1000 eth. Yolo [you only live once].”

These developments have sparked discussions with some market participants noting that Ethereum does not have proper leadership. The CEO of SpankChain Ameen Solaimani reckoned:

“Ethereum has taken its lead for granted for too long (2 years). Needs increased focus and urgency on scalability to reclaim its narrative. Move fast or die slow.”

All the three startups have been given grants before. Although it is clear that the grants have not been enough. For example, CoinDesk note that Prysmatic Labs received $500,000 as grant in October while earlier in the year it had been awarded $100,000.

Ethereum is trading at $106 following a 3.6% rise in the on the day. According to the rates table provided by FXStreet, the trend is still bullish.

Read More:

Ethereum price reclaims $100 support: Investors eagerly wait for more

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP