Notable ethereum stakeholders are joining forces to create a fund for projects building on the world's second-largest blockchain.
Called the Ethereum Community Fund (ECF), the effort is the result of a collaboration between Cosmos, Golem, Global Brain Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint, with those involved agreeing to work to connect ethereum projects with companies that could benefit from the blockchain services they offer.
It will also support the projects in the form of a grant program that will function as "a permanent financial endowment" for selected projects, according to a release.
Perhaps most notably, however, the fund boasts the involvement of ethereum creator Vitalik Buterin, who confirmed he is an advisor in an email to CoinDesk..
"Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished," Buterin said in a statement.
More broadly, the ECF is not the only project of late to seek to bolster the ethereum blockchain and its surrounding ecosystem.
The Ethereum Foundation, the non-profit that oversees the platform's development, announced two subsidy programs in January which will serve to incentivize developers to implement scaling solutions. Likewise, the Enterprise Ethereum Alliance provides resources to businesses hoping to adopt ethereum and links Fortune 500 enterprises with startups.
As such, those involved in ECF expressed optimism their project would encourage others to join what they see as a wider effort.
"One project in isolation can create a product to disrupt an industry," Jun Hasegawa, founder of OmiseGO said, "but by working together we can create a framework that will change the world."
Ethereum image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.