Parity Receives 5$ Million from Ethereum Towards Building “Serenity” Phase

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Parity Receives 5$ Million from Ethereum Towards Building the Scalable “Serenity” Phase

Parity Technologies, one of the teams working on Ethereum 2.0, has received by far the biggest reward from Ethereum foundation, announcing a 5-million-dollar grant for the purpose of building Serenity – the next phase of Ethereum network, also known as Ethereum 2.0. 

Parity by far got “only” a half of the grant, while the other half is granted only in case Parity fulfills the agreement and reaches a series of technical milestones concerning the development of the next stage of Ethereum platform.

The Head of Public Affairs at Parity Technologies, Peter Mauric, stated for press regarding the latest announcement that the grant from Ethereum foundation represents the “utmost trust” that the foundation has placed in Parity for developing one of the most significant updates in the roadmap of Ethereum.

Parity Gets a Multi-million Grant for Developing Ethereum 2.0

Ethereum 2.0 will arrive with improved scalability and is set to represent one of the most important updates for the network as Ethereum will be transitioning from Proof of Work to Proof of Stake protocol, also working on enabling faster transactions and faster networking time.

Parity Technologies first gained their recognition from the wider circle of Ethereum holders and supporters back in 2017 when Parity discovered an exploited vulnerability in their ETH client.

The vulnerability resulted in freezing over 513,000 ETH units across 600 different wallets.

The wallets were deployed through Parity’s multi-signature library, and as the team already announced a while back, Parity will be using their own funds to retrieve all the frozen funds to the affected users.

Mauric stated on this occasion that Parity didn’t get any of the funds from the initial hack, dubbed Devops199, adding that the team is working with the community in order to resolve the issue of returning all funds.

Parity: Upcoming Milestones and What Has Already Been Done

Parity is working on Polkadot protocol for Web 3 Foundation, also simultaneously working on Ethereum 2.0.

Parity Technologies representatives already published a piece on Medium on January 7th where the team had listed what has already been done, also listing the milestones that are yet to be completed.

By far, Parity is known by Parity Ethereum, which is a modular and fast ETH client designed for Dapp developers, miners, service providers and exchanges, representing a crucial part of the network.

Parity already developed their on blockchains based on EVM, as well as developers’ tools for interacting with Ethereum network.

Moreover, the team had built Parity Feather, which is a simple digital wallet, Parity Signer, made for securely signing transactions, Parity Bridge, Light.js, Secret Store, which is a key generator, Parity Light Client, Private Transactions, 007 Bonds, Libp2p, p-Wasm, Kovan test net, and Substrate.

Substrate is actually a framework that will represent the base for Parity as they are working on Serenity phase, so they won’t start building Ethereum 2.0 from scratch.

Substrate was already used back in September 2018 for launching Ethereum 2.0 Beacon Client, while Parity launched Casper test net during the last summer.

As Parity will continue to contribute to Ethereum network, working on Serenity as well as on providing new tools for ETH users, the team will get another half of their grant once several milestones are completed.

Parity is thus due to complete eWasm compatibility work, deploy a light wallet and successfully finish Phase 0 and Phase 1 for Sharding.   

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