The Ethereum Foundation has published its official Spring 2019 update, shedding details on the planned development for the next coming year.
In particular, the report focuses on how the second largest cryptocurrency by market capitalization plans on allocating the $30 million designated for use by the Foundation in further developing the currency. The foundation reports “tremendous progress” being made for the currency over the last twelve months, and congratulates the collective efforts of developers, entrepreneurs and users of ETH. Despite growing competition with TRON (TRX) and EOS, the Foundation also claims Ethereum to be the “de-facto platform for decentralized applications,”–although research has revealed that ETH’s stranglehold on the DApp marketplace is slipping.
Interestingly, the Foundation reports having a shift in attitude towards its mission statement, owing to a refinement in focus. Compared to previous years, the line “Doing what is best for Ethereum” no longer means “trying to do everything for the currency.” Instead, the Foundation claims to be keyed in on affecting change where it can add the most value, while leaving the remainder for developers and innovators more attuned to tackle the problems they are effective in solving. The Ethereum Foundation claims its updated role is now “a resource allocator, a voice in the ecosystem, and an advocate for Ethereum to the world.”
According to the latest report, the Ethereum Foundation is in control of 0.6% of all ETH, in addition to holding cash reserves. However, the group claims that their resources will decline over time, with the largest valuation being invested into “critical work” across the ETH ecosystem. The Foundation also relays to investors that they understand the importance of the capital they command, and intend to use it wisely,
“It is our responsibility to ensure that every last dollar and wei is spent effectively.”
The 2019 update also includes an initiative to grow the Ethereum ecosystem’s funding base beyond the Foundation, which they define as,
“Encouraging other organizations besides the Foundation to support high-priority projects, and supporting innovative mechanisms for funding, including Gitcoin grants and MolochDAO. Efforts like these give us better leverage from our existing resources, and help build a sustainable path for funding vital projects far into the future.”
While cryptocurrency projects tend to tip-toe around the issue of decentralization, the Ethereum Foundation factors itself as a benefit to the currency and potential voice of authority. Writing to investors,
“We understand that many look to the Foundation as a valued voice even as we move to proactively empower others. That voice is a resource that can be used effectively to advance Ethereum. We are able to, for instance, bring attention to important but relatively unknown projects, share valuable information about Ethereum’s progress with the public, and encourage the growth of regional Ethereum communities.”
The Foundation also reports an intention to be a “more active” voice in the Ethereum community moving forward, and has recognized the need to take more initiative in growing the cryptocurrency. The 2019 update outlines increasing on-boarding for developers and improving the developer experience as two potential in-roads for the Ethereum Foundation to tackle in the coming year, particularly as the currency undergoes its massive 2.0 update.