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Ethereum Denies It Is Mulling $15 Mln Investment to Develop Verifiable Delay Functions


The Ethereum Foundation has refuted alleged plans to spend $15 million on the development of Verifiable Delay Functions.

The Ethereum Foundation has refuted alleged plans to spend a prospective $15 million on the development of Verifiable Delay Functions (VDFs) for use in its transition to a Proof-of-Stake (PoS) network. The clarification was made by Foundation researcher Justin Drake in private correspondence with Cointelegraph on Feb. 8.

A report from crypto news outlet CoinDesk had purported that the Foundation was considering an investment of $15 million to develop the technology, given its prospective benefit for Ethereum’s future transition to a PoS-based system. Drake however told Cointelegraph in an email that:

“The EF [Ethereum Foundation] is not looking to spend $15m. We are looking to split funds 50/50 with Filecoin or other financial partners.”

VDFs are a type of technology that functions to…



Read Full Story : Cointelegraph.com News

2019-02-08 14:42:00

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