Six ICO startups have united under the aegis of Ethereum Community Fund (ECF) to support promising projects in the Ethereum space to the tune of over $ 100 million.
Member companies of this Ethereum Community Fund currently include Cosmos, OmiseGo, Maker, Golem, Raiden, and Global Brain, a Japanese Venture Capital. There is room for other companies to join and the fund size can also increase.
With a joint market capitalization well over $2 billion; these companies have a strong financial base to carry on with the funding. They are also not lacking in the technical department, boasting strong technical acumen notably from Raiden and Cosmos.
They also have the support of The Ethereum Foundation and founder Vitalik Buterin, who an advisor from the Initiative. The Initiative has also attracted top personalities in the industry including Ayako Miyaguchi , Vansa Chatikavanij of OmiseGO, alongside the Ethereum founder as advisers.
From the look of things, the fund will be centered on developing the Ethereum infrastructure. Statement on the Fund’s website states that the “program will be established as a permanent financial endowment to support and aid projects in building crucial open-source infrastructure, tooling, and applications.” The program will, therefore, give out grants to projects that improve the Ethereum community.
Improving Ethereum Infrastructure has been a matter of concern in the Ethereum Community with bodies like The Ethereum Foundation and Enterprise Ethereum Alliance already working towards that. Buterin reechoed this when commenting on the ECF. He said “Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished. Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help to make that possible.”
The problem of scaling ranks high on the list of challenges facing he Ethereum ecosystem and Buterin’s Ethereum Foundation has a program to support solutions in that area with up to $1 million.
Financial support issued by the ECF will be given in form fiat currency, ether token or any other cryptocurrency received by the Fund and will not be given in exchange for tokens or a share in the company. Beneficiaries will not be required to repay as it will be a grant. Details about how much each project can access have not been disclosed.