Ethereum gains help from all directions. Previously DOGE and now six large-scale Blockchain projects like OmiseGo, Cosmos, Golem, Maker and Raiden, that have completed successful multi-million dollar initial coin offerings (ICOs) last year, along with Japanese venture capital firm Global Brain have created the Ethereum Community Fund (ECF), to fund projects and businesses within the Ethereum ecosystem.
The ECF will begin with $100 mln. Some members of the Ethereum Foundation including Ethereum creator Vitalik Buterin plan to advise the fund. Buterin told TechCrunch:
“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.”
Buterin’s personal goal of funding open-source projects is to improve the Ethereum protocol. In September 2017, Buterin revealed that his advisor shares from $1.8 bln project OmiseGo and $370 mln decentralized cryptocurrency exchange Kyber Network will be allocated in a private fund to finance open-source projects building innovative technologies such as scaling solutions for the Ethereum Blockchain network.
The Ethereum network struggles with scaling issues and the network is currently processing just over a million transactions per day. Coinbase co-founder Fred Ehrsam also noted that the Ethereum network would have to improve by 100-fold in order to support decentralized applications with millions of users.
Ethereum could evolve into a better platform for decentralized apps after increasing the capacity of its network through funds and grant systems like ECF.