Ethereum News Update
Although Ethereum prices moved sideways on Friday morning, a new fund endorsed by Ethereum co-founder Vitalik Buterin has the crypto poised for some massive gains.
The secretive project is the brainchild of an Avengers-like cast of Ethereum power players, including Cosmos, Golem, Maker, Global Blockchain Labs, OmiseGo, Raiden, and Tendermint. (Source: “Vitalik Buterin Hopes New Ethereum Fund Will Deliver on Hype,” CoinDesk, February 16, 2018.)
All these companies are developing decentralized applications on Ethereum’s platform, which, in a sense, makes them competitors.
However, they have a shared interest in strengthening the Ethereum ecosystem, because the stronger that ecosystem, the better its chances against rival blockchains.
Ethereum Price Chart
With this in mind, they created the Ethereum Community Fund (ECF). In a broad sense, it opens the lines of communication between disparate projects on the Ethereum blockchain. But more specifically, it creates a grant program for financing select projects.
“Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished,” Buterin said in a statement to CoinDesk.
He added, “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 make that possible.”
For years, I’ve said that Ethereum has a leadership edge over most other cryptocurrencies. This is proof. Buterin is continuously pushing the industry forward. At times, this has meant confronting self-congratulatory behavior or silliness in the Ethereum community. And at other times, it means building institutions that help guide the community forward.
What this does is make Ethereum greater than the sum of its parts. How many other blockchains can boast of anything comparable? It’s slim pickings, dear reader.
Of course, this information has not yet penetrated the market. ETH prices rose a tepid 0.49% against the U.S. dollar, bringing the Ethereum to USD rate to $934.39.
However, investors will eventually notice the fruits of this labor. At that point, we could see ETH prices accelerate toward our $1,500 Ethereum price forecast for Q2.