With knowledge being a flywheel for Ethereum (ETH), the Ethereum Foundation has deemed it fit to explore the network’s potential through academic research by releaseing a new wave of grants worth $750,000.
Per the announcement:
“This grants round aims to support formal research on Ethereum and related domains while bringing more actors into the ecosystem. The more knowledge and research is shared among the global community; the more Ethereum can evolve to make a greater and positive impact.”
This decision was reached because the Ethereum Foundation noted that the academic community should advance the ETH ecosystem.
Therefore, the foundation has asked all those interested in ETH research, such as PhD students, research centres, and academics, to submit project proposals because this approach is seen as a stepping stone towards solving major problems.
Furthermore, the funds will be channelled towards systemic, scientific, and formal research, as well as open-source content aimed at Ethereum.
The Ethereum ecosystem has evolved tremendously, transforming arts and culture and changing the economics and finance context. For instance, it is one of the sought-after blockchains in the booming non-fungible tokens (NFTs) and decentralized finance (DeFi) sectors.
The Ethereum Foundation has been revamping the ecosystem, given that it recently rebranded Ethereum 2.0 to the consensus layer so that a broader audience could comprehend its content because it previously triggered an inaccurate representation.
The advancement of the Ethereum network calls for more measures beyond protocol development, like a critical shift in terminologies used, the foundation added.
The consensus layer continues to gain steam because validators recently hit the 300,000 mark. It is seen as a game-changer that will transition the current proof of work (PoW) framework to a proof of stake (PoS) consensus mechanism, deemed more cost-effective and environmentally friendly.