Ethereum Foundation To Invest In UK Based Parity Technologies

This just coming in, the Ethereum Foundation has recently declared that they will be offering a massive grant to the United Kingdom-based company Parity Technologies. The grant amounts to 5 Million Dollars in USD.

The announcement came in the form of a official post on the Ethereum (ETH) blog on Jan. 7. The post outlines the nature of funding and the aim behind this collaboration. The grant is being awarded for scalability, usability and security work. The post explains that this grant

will fund Parity’s work on Casper, sharding, light clients, developer tools, QA, audits and infrastructure improvements.

As for the method of payment, the grant will be offered in “several tranches, the first of which supports development that Parity has already completed.” The next parts will be given out once the following processes have been successfully completed, namely-

the assembly standard eWasm compatibility work, a light wallet for the mainnet and the successful completion of Phase 0 and Phase 1 of sharding.

Parity has always been among the top companies when it comes to working with Ethereum and they have been around for some time now. Their work with the Ethereum blockchain has been noted by top market experts.

Parity has employed some fun ways in the past to demonstrate their prowess in the field of blockchain. Back in October, the company demoed a live blockchain launch in the span of fifteen minutes. The speed of the process was such that the founder of Parity, reportedly tore out of its shrink wrapping.

The about page of the company describes it as a:

a core blockchain infrastructure company. We’re creating an open source creative commons that will enable people to create better institutions through technology.

No wonder it is being awarded this massive fund by the Ethereum Foundation, considering its technologically superior prowess and an advanced team working behind the scenes.