Vitalik-backed $100m Fund Seeks to “change the world”

Vitalik-backed $100m Fund Seeks to “change the world”

Ethereum co-founder Vitalik Buterin is to act as an advisor on a new $100 million “Ethereum Community Fund” (ECF). Seven projects have joined forces on the ECF, including Global Brain Blockchain Labs, OmiseGo and Raiden.  

In good news for ICOs worried about Ethereum’s scalability issues, the fund’s first priority is improving blockchain infrastructure. Grants will be awarded to ‘“support and aid projects in building crucial open-source infrastructure, tooling, and applications.

Ethereum “clearly not finished”

Buterin will be advising the fund, along with OmiseGo MD Vansa Chatikavanij and executive director of the Ethereum Foundation Ayako Miyaguchi.

In accord with his recent statements on the progress of the Ethereum ecosystem, Buterin said that though Ethereum’s growth has outpaced his expectations, “the work is clearly not finished”.

He added further that 2018 should be about “delivering value that matches the hype” and he sees “efforts such as the ECF which will help organise the development of the ecosystem” as a way to bring that about.

According to the fund’s website, though blockchain and Dapps are “poised for substantial growth over the coming years, mainstream adoption remains at an early stage.” Scaling up to cater for billions of users “is still a matter of deep R&D.”

ECF aims to help midwife the technology into the mainstream by improving both infrastructure and the applications available to end-users. Their “Infrastructure Grant” program will offer “permanent financial endowment” to deserving projects. They are currently accepting applications. 

For OmiseGo, a “strong foundation” is needed if we are “to see this technology reach its full potential”. They argue that the first step is “investment now in public infrastructure that is scalable, versatile, and decentralized“.

Though individuals can do a lot, they say, it is “by working together we can create a framework that will change the world”.