Despite Rumors, Ethereum Is Not Spending $15 Million on the Development of Verifiable Delay Functions (VDFs)


On February 7, Coindesk published a piece stating that the Ethereum Foundation was considering investing $15 million to develop Verifiable Delay Functions (VDFs) for use in its transition to a Proof-of-Stake (PoS) network.

However, these alleged plans have since been proven false, as the Foundation notified another crypto news outlet, Cointelegraph, that this was not the case.

Justin Drake, a researcher at the Ethereum Foundation stated in an email:

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

Last November, Filecoin (FIL) tentatively agreed to split costs for a VDF viability study, but has not fully committed, as it’s not certain that Filecoin needs a VDF. Therefore, the Ethereum Foundation may be splitting funds with another blockchain project if Filecoin doesn’t pull through.

What Are Verifiable Delay Functions (VDFs)?

Verifiable Delay Functions (VDFs) are technological…



Read More

You May Also Like

About the Author: Blockchain Stats

Leave a Reply

Your email address will not be published. Required fields are marked *