Ethereum Specifies $8.04M for Ecosystem Projects in Q3
The Ethereum Foundation has declared the names of the projects that got allocation and funding information in the 3rd quarter of this year. As per the company, sixty-nine communities as well as projects have cumulatively got awards of approximately $8.04 million.
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Ethereum Foundation Spends $8.04M Worth on Ecosystem Projects in 2022’s 3rd-Quarter
The categories of the respective projects take into account the Consensus Layer, Community and Education, Developer Experience and Tools, Cryptography and Zero Knowledge Proof, General Research, Layer 2, Indirect Grans, and so on. Stanford Blockchain Research Center, Kiln, Gitcoin, and others are counted among the projects. Apart from that, Gnosis Chain (sidechain on Ethereum) is set to carry out a Merge on 8th of December.
With this upgrade, it will shift to a proof-of-stake (PoS) beacon chain, leaving the previous proof-of-authority (PoA) mechanism. The Merge is taking place on the achievement of the scheduled Total Terminal Difficulty (TTD). TTD is utilized to adjust the time for proof-of-authority chains’ fork. The respective move is considered to be the 2nd-ever Merge across the entire industry of blockchain technology after the big Merge of the Ethereum blockchain that took place in September.
Gnosis Chain of Ethereum Transforms to PoS, Indicating the 2nd Biggest Merge of the Blockchain Industry
At that time, the network transformed from proof-of-work to the proof-of-stake consensus mechanism. Nonetheless, Gnosis Merge will not be the same as it deals with a conversion from proof-of-authority to proof-of-stake. PoA is utilized by the validators to incorporate blocks into a blockchain by staking the reputation thereof. Consumers require fulfilling some conditions to maintain trust as well as reputation. This mechanism guarantees the integrity of the system by guaranteeing that the contributing validators are reliable and comply with rules.
In addition to this, the authorities specify a stringent pre-approval procedure for the validators to ensure compliance with the requirements before letting them enter the blockchain. With the accomplishment of the PoS Merge, the blockchain developers’ confidence was boosted to carry out their separate Merge.
In this respect, Vitalik Buterin (the co-founder of Ethereum) also encouraged Dogecoin to move to PoS. Gnosis will broaden its span, moving from just twenty validators operating the blockchain to adding 100,000 following the Merge. At the moment, with almost 450,000 validators, the position of Gnosis Chain is that of the top-2nd blockchain that possesses validators in the highest figure.
