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…

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