Parity Technologies were awarded a $5 million grant by the Ethereum Foundation in order to support their work in creating the blockchain networks next version, Ethereum 2.0.



Announced on Monday, the Ethereum Foundation stated that this funding is a “scalability, usability and security” grant, aimed at boosting the work on “Casper”, which is a proof-of-stake upgrade, the new scaling solution – sharding, light clients, developer tools, audits and lastly, overall improvements to infrastructure.



The grant will be rolled out in several phases said the Ethereum Foundation, adding that the first phase has already reached completion with the rest being completed as planned out milestones are achieved.



These milestones include the completion of eWasm compatibility, the shipping of a light wallet as well as the completion of the two sharding phases.



For those who don’t know, Parity is a blockchain infrastructure startup which was co-founded by Jutta Steiner, former Ethereum Foundation security chief. Parity is known for their ethereum software client, Parity Ethereum, who claim that they are the “fastest and most advanced.” The startup has, in the past, developed several groundbreaking tools such as Substrate, which is service that allows users to create their own customized blockchains for various decentralized applications.



In a statement released by the Ethereum Foundation, they said that they are committed to the funding of teams as well as individuals who are building common infrastructure within the network. Last year October, they granted nearly $3 million to developers and startups.



Lastly, the foundation said:



“We have been delighted to see our ecosystem rally around and support technical merit and value alignment, and we are devoted to using our resources to further this mission too. We do so responsibly through milestone-based grants to projects, both large and small, commensurate with the potential impact of their work.”



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