Ethereum Foundation not mulling over spending $15 million on VDFs
In a development that might surprise a few, the Ethereum Foundation has put to rest all the rumors surrounding the alleged plans to spend $15 million on the development of Verifiable Delay Functions (VDFs) for use in its transition to a Proof-of-Stake (PoS) network. The latest announcement was made by Justin Drake in a private correspondence with Cointelegraph on Thursday.
As per a report by CoinDesk some days ago, the Foundation was looking to spend nearly $15 million in order to develop VDFs for future use in Ethereum’s PoS network. But all the speculation was put to rest as Justin Drake refuted all such claims in a mail to Cointelegraph.
The mail read:
“The Ethereum Foundation is not looking to spend $15m. We are looking to split funds 50/50 with Filecoin or other financial partners.”
The most important aspect of a function such as a VDF in a blockchain that uses PoS consensus algorithm is the fact that it will not allow participants to influence randomness associated with the election of validators.
Earlier this month, developer Paul Hauner announced that Phase 0 of Ethereum 2.0, the beacon chain, is on track to launch its testnet. Paul Hauner said that “All implementing teams are aiming for a testnet in March, and I see no reason why we can’t achieve that.”
The Beacon chain is the system chain that forms the acore of Ethereum 2.0. The chain helps to store and manage the registry of validators. Beacon chain is also the base of the sharding system. Sharding helps improve the scalability of the blockchain. In layman terms, sharding helps to increase the number of transactions that happen on a blockchain.
Hauner also stressed the fact that 6 of his 12 CPU cores are operating at maximum capacity which means that the beacon chain is in advanced stage of development.
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