Ethereum Foundation said in a statement, the Ethereum network Proof of Stake system to be used in the development of a $ 15 million investment in the VDF reported that the news does not reflect the truth, said.
CoinDesk reports that the Ethereum foundation has allocated a $ 15 million resource to develop the VDF, and that this technology is intended to improve the Proof of Stake system. But Ethereum Foundation manager Justin Drake, who made a statement on the subject, said that the claims of such an investment budget did not reflect the truth.
Drake said in his statements:
”The Ethereum foundation's claims of $ 15 million are not true.”
The VDF system serves as a technology aimed at protecting any system from manipulation and attacks.
Blockchain also states that the VDF system is very important for security.
With the completion of the transition to the PoS system, Ethereum's four-way road map will be completed. The last leg of the map will be completed by what is known as Ethereum 2.0 or Serenity. Currently the Ethereum system is in the third stage of the 4-footed path. Both Byzantium and Constantinople are required to be a critical intermediary in the transition to Ethereum 2.0.
Together with the transition to the PoS system, Ethereum aims at scalability, centralization of mining, and resolution of economic and financial security issues and to bring them to the full extent.
Let's see, what developments will be waiting for us at this point in the coming days?
Ethereum Foundation, Responses to Claims Concerning the VDF System, has been prepared by Nihat Emre KOCAASLAN and published on koinbulteni.com.