The Ethereum Foundation has granted Status blockchain startup a $500K USD grant. The startup is to use the money to accelerate research and development on the Ethereum Client 2.0. The grant comes at a time when the Foundation is looking for ways to accelerate Ethereum’s mass adoption, especially with its scalability constraints.
Blockchain Scalability Debacle
Ethereum’s mass adoption faces a string of hurdles, key among them being a lack of intuitive user experience. Deficiencies when it comes to interoperability, as well as a non-technical target audience, are just some of the other challenges. However, one cannot dispute the fact that scalability remains the single biggest issue to almost all blockchain projects.
Current blockchain designs can only process less than 15 transactions per second (TPS). In contrast, Visa and other money transfer services can process up to 45,000 transactions a second. It is for this reason that the likes of the Ethereum Foundation are teaming up with other projects in a bid to come up with viable solutions.
Solving scalability issues on blockchains essentially involves two main paths. It involves the creation of better designed base-layer blockchain protocols. The protocols must adhere to decentralization principles as well as security properties. The second path involves creating layer 2 protocols that send transactions off-chain. Such protocols only interact with the underlying blockchain in case of system attacks.
Status Scalability Solution
The Ethereum Foundation is in the process of identifying teams that have the potential to address underlying blockchain issues. Status is the latest to see their work noticed by the Foundation. The blockchain platform intends to use the grant to translate the latest Ethereum 2.0 research.
The firm also intends to use the scalability grant to ensure Nimbus design has liberal licensing to enable mass deployment of Ethereum 2.0. Exploring emerging technologies such as libp2p and Mesh Networking is also at the top of the list. By doing so, the firm should be able to broaden Ethereum’s reach to restricted networks.
The scalability research grant is an important milestone as it validates the team’s efforts. The grant also indicates confidence and backing of the Foundation as the team continues to work on blockchain solutions
“The Nimbus team has been working on this Eth2.0 implementation since March of this year, and we are pleased that the work has now reached a stage that warrants such a grant. Ultimately, our goal is in line with that of the Foundation – the mass adoption of Ethereum,” Nimbus notes in a statement.
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