Startups create fund to boost the Ethereum ecosystem

OmiseGo, Cosmos, Golem, Maker and Raiden and VC Global Brain have partnered to form the Ethereum Community Fund, the first of its kind.

Several startups have come together to create the Ethereum Community Fund (EFC), the first of its kind, to connect and finance the growth of Ethereum's ecosystem and infrastructure (ETH).

What is the Ethereum and what does it offer regarding other cryptocurrencies?
While the [Bitcoin] (https://hipertextual.com/2013/12/que-son-bitcoins) is on everyone's lips due to the overwhelming success it is having as a value in recent months, another cryptocurrency has begun to take hold and the humming begins to be constant.
Hipertextual Luis Del Barco 20 Dec. 2017
The fund is made up of OmiseGo, Cosmos, Golem, Maker, Raiden and Global Brain, but the door is open for other projects and companies that want to join. So far, they have already collected more than 100 million in Fiat, Ether and other tokens for the EFC.

"Blockchains, crypto-assets and decentralized applications are the most transformative innovations of our generation, although they are ready for substantial growth in the coming years, their widespread adoption remains at an early stage, and adequate public infrastructure to support thousands. of millions of users is still a matter of deep research and development, "the EFC explains on its website, adding:

The aim of the Ethereum Community Fund is to provide both funds and connectivity, while configuring the strategic direction of the space towards generalized adoption through the development of infrastructure and attractive applications for the end user.

EFC will support with grants to projects, services or businesses that it considers enriching for the Ethereum ecosystem

The capital for these projects, services or businesses that are considered enriching for the Ethereum community will be deployed through grants, that is, not in exchange for capital or tokens. The support will be provided through the Infrastructure Grant program that will be established as a permanent financial allocation to help them build infrastructure, tools and crucial open source applications.

The EFC has not given more details about the grants. However, sources familiar with the fund's plans told TechCrunch that grants could range from 50,000 to 500,000 depending on the potential size of the tracking funds (grants) to allow for progress.

The Infrastructure Subsidy program is only a "first step to support the growth of the Ethereum ecosystem", highlights the EFC on its website, since there is the potential that in the future there will be an investment element for profit of the organization, which has thrown a clue that not only focus on subsidies.

Vitalik Buterin, co-founder of Ethereum, will serve as fund advisor.

Vitalik Buterin, co-founder of Ethereum, will serve as advisor to the fund along with other industry figures such as Ayako Miyaguchi, executive director of the Ethereum Foundation, and Vansa Chatikavanij, general manager of OmiseGo, said Jun Hasegawa, founder of OmiseGO, in medium Medium .

"Ethereum has grown beyond my expectations in recent years, but the work is clearly not finished, delivering value that coincides with the exaggeration should be the 2018 mantra, efforts like the EFC that help to organize ecosystem development will help that this is possible, "Buterin said in a statement.

In fact, the Ethereum Foundation itself had already run a grant program before and, last month, announced its own renewed effort to hand out checks of 50,000 to one million for projects that can help Ethereum's scalability.

The EFC is also not the first global initiative based on Ethereum created to develop the Ethereum infrastructure. The Enterprise Ethereum Alliance (EEA), launched this February, is so far Blockchain's largest open source initiative in the world, with more than 200 organizations, including financial institutions such as JPMorgan, Santander, Mastercard and Intel. The objective of this non-profit organization is to provide privacy, scalability and security to the development of Ether and the Ethereum blockchain.