Vitalik Buterin, the creator of ethereum, has just donated $300,000 in cryptocurrency to three blockchain startups – apparently making the decision in response to a Twitter thread.
The three projects receiving the 1,000 ETH grants are Prysmatic Labs, ChainSafe Systems and Sigma Prime.
All are projects working to build the blockchain network's next iteration, ethereum 2.0. Sigma Prime is building an ethereum 2.0 client called Lighthouse, Prysmatic Labs is working on ethereum scalability and ChainSafe is also building an ethereum 2.0 client.
The move came in response to a twitter thread in which prominent members of the ethereum community discussed ways in which the technology might be improved, with some citing inadequate funding as a reason for slow development.
Preston Van Loon, co-founder of Prysmatic Labs and a software engineer at Google, tweeted that, even with recent grants, “it’s hardly enough to take the whole team full time with significant pay cuts and it’s certainly not even for us to scale the team to where we need it.”
To that, Buterin replied:
The comments followed a tweet from Ryan Sean Adams, founder of crypto investment firm Mythos Capital, that cited "tough love" comments from VC investor Fred Wilson, and wrote that ethereum is "missing ship dates [and] are lacking basic operational leadership."
Ameen Solaimani, CEO at SpankChain, replied in the thread, stating that: “Ethereum has taken its lead for granted for too long (2 years). Needs increased focus and urgency on scalability to reclaim its narrative. Move fast or die slow.”
The current price of ether, ethereum's native cryptocurrency, is about $103 at press time, as per CoinDesk's price index.
Vitalik Buterin image via Centre for International Governance Innovation/YouTube
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.