Ethereum is not just decentralized computing platform, but a revolution in computing as it aims to pool most of the computing resources available across the world to power the applications running on the platform. Ethereum is what we can now refer to as perpetual computing. As long as we have computers connected to the network, the platform can never do down.
Ethereum has been in works for a while and now people can buy Ethereum tokens from selected exchanges using bitcoin. The foundation had earlier crowdfunded its operations by pre-selling Ethereum. The proceeds of which was used to fund the project. Bitcoin prices have gone down since then, thereby reducing the amount of funds available for further development and operations.
Recently Vitalik Buterin, the inventor of Ethereum wrote in a blog post that the foundation is exploring ways to bring in revenues. He mentions that the foundation and its subsidiaries are done with most of the development work, with four different compatible versions of Ethereum currently out there. With the platform almost ready and operational, it is time for the foundation to focus on community building.
The fall in bitcoin prices has resulted on Ethereum foundation losing as much as $9 million in potential capital. He goes on to mention the further development of ‘web 3.0’ followed by a list of startups that have already taken up Ethereum and developing their products over it. In order to maintain the momentum and ensure further development and support, the foundation has to be self-sustainable.
Vitalik mentions the foundations collaboration with other for-profit and non-profit entities to ensure constant inflow of revenue. One such venture is a collaboration with Wanxiang Blockchain Research Institute and Fund in Shanghai, a result of his trip to Shanghai recently. The agreement involves the institute buying 416000 ETH, organizing an Ethereum conference this month and creating a nonprofit blockchain research institute along with a $50 million venture capital fund for blockchain related innovations.
There are more such ventures to come and these will ensure that the Ethereum platform will have sustainable capital and a great pool of developers and companies making use of the platform to create wonderful products.