Yale, Columbia Researchers Receives Grant from Ethereum Foundation

Ethereum (ETH) is the largest altcoin in the market. The blockchain project provides a platform for developers to create and deploy decentralized apps. At the moment, Ethereum is still the largest Dapp platform. However, it faces strong competition as more Dapps platforms are emerging. The position of Ethereum is currently being threatened, and it’s doing all it can to retain its position.

The Ethereum Foundation runs a grant program. In the program, the Foundation supports individuals, startups, and firms that are working to improve the blockchain. They developer Dapps and smart contracts on the blockchain, increasing the usability of Ethereum. As such, the Foundation supports them financially. This program runs periodically.

Researchers at Yale and Columbia Universities Received a Grant from Ethereum Foundation

Recently, the grant program of Ethereum was extended to Yale and Columbia. Yale and Columbia universities’ researchers are working on a new smart contracts language. They are compiling the smart contract programming language into the Ethereum Virtual Machine.

The Ethereum Foundation is supporting the team financially. This was revealed in a press release on the 6th of March. The smart contract R&D project, which is the beneficiary of the grant, is dubbed DeepSea. Professor Ronghui Gu is the head of the project. He is an assistance computer science professor at Columbia, in partnership with Yale’s researchers. The professor is also the founder of CertiK – a blockchain security firm.

The Ethereum Foundation granted its fourth wave financing last year. The grant given to this team is part of the fifth wave financing of the Foundation. The Ethereum Foundation Grants Programs is aimed at supporting Ethereum 2.0 and Layer 2 scaling efforts. The team is doing its best to bring more developers to the blockchain and to boost ETH price.

Smart contracts are permanent

According to the professor, the language was initially devoted to system software implementation. However, he noted that the risks around the vulnerabilities of smart contracts have resulted in the impetus to extend the ‘protective features’ of DeepSea to that area.

Gu added that: “Smart contracts are permanent and self-executable. As a result, it is extremely vital that these contracts perform only as they are programmed to. The language of DeepSea will enable programmers to add safeguards. This is to make sure that the code does only what it is intended to do, using Formal Verification.”

The process of using mathematical proofs to verify the correctness of an implemented code is known as Formal Verification. According to reports, it was first implemented in the NASA Mars Rover as well as other hardware systems. The use of the process is now being extended to software systems, according to reports.

The process can be used to prevent the chances of introducing bugs during the compilation of DeepSea into the Ethereum Virtual Machine. Gu’s lab reportedly received huge financial support from Qtum last year. The blockchain project gave Gu a grant of $400k to support DeepSea development.

Ethereum (ETH) Price Today – ETH / USD

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ETH to USD has been in the green over the past day. The price is currently up by 2 percent over the past twenty-four hours. Ethereum live price is $140, after starting the week below the $130 level. ETH currently has a market cap of 14.56 billion and its trading volume over the past twenty-four hours is $4.89 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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