Ethereum, Coinbase, Vitalik Buterin funded Foundation Secures $15M

While web3 is still a developing field, many developers are looking to find the most suitable blockchain for building a truly decentralized space.

To achieve this and establish Ethereum as the settlement layer for web3 multiple big names of the crypto space have extended their support to Nomic Foundation.

What Is Nomic Foundation?

As described in the announcement, the creators behind Hardhat, one of the principal development suites for Ethereum are now transitioning into the Nomic Foundation. The Nomic Foundation is basically a nonprofit organization and now plans on expanding the capabilities of Hardhat using funding from donors.

Out of their $30 million goal, the organization already received half of their target, as the likes of Ethereum Foundation, Vitalik Buterin, Coinbase, Consensys, The Graph, Polygon, Chainlink, Gnosis, a16z, a_capital, and Kaszek Ventures cumulatively donated about $15 million.

The purpose of this funding was stated as,

“The new foundation will expand the Hardhat suite of tools and, most importantly, build long-term infrastructure to catalyze organic growth in the tooling ecosystem, decreasing Ethereum’s dependence on any one organization to build and maintain core components.”

In order to achieve the same, the foundation already talked about its 4 strategic pillars of the ecosystem which will be enhanced.

The first of which will be a new Solidity development compiler – Slang. The new compiler will provide all the support needed that any tool handling Solidity code would need.

The other pillar is Rethnet which will enable cheaper and more effective builds for the ecosystem using any EVM compatible language.

The other two pillars include a local development environment that will enable developers to build powerful extensions which they can then share as plugins with the rest of the ecosystem.

As well as an Ethereum connection library called the web3.js which will be revamped to turn into a lasting source of value capable of providing better troubleshooting, faster developer training, more reusable code.

Vitalik Supports web3?

From funding the Nomic Foundation to his recent comments on the web3, it becomes apparent that the Ethereum co-founder is in absolute support of the future of the internet.

Recently Vitalik spoke against the CEO of Signal, Moxie Marlinspike after he called web3 “a gold rush” and inefficient.

Vitalik responded by saying that the blockchain ecosystem hasn’t reached the state of web3 and that Marlinspike was commenting on the current state of the ecosystem.

He added that due to limited technical resources and funding, web3 hasn’t reached its true potential and since Ethereum is the current home of most web3 projects he stated,

“I think the properly authenticated decentralized blockchain world is coming, and is much closer to being here than many people think. Of course, it’s always possible that all this tech will get built and many people will not care. But I’m more optimistic.”