Nimbus Receives a $650k Grant Courtesy of Ethereum

News / 28.01.2020

On the 28th of January, a press release confirmed that the Ethereum foundation gave a $650k grant to Nimbus. The grant is for Nimbus to continue working on light Ethereum 2.0 clients. The project aims to allow smartphones and other embedded devices to handle smart contract capable nodes.

In March 2018, Status launched Nimbus as an infrastructure project. The Ethereum Foundation and Gitcoin contributed to the project’s funds. Ethereum Foundation also contributed an aggregate of 1.65 million USD. Initially, the project aimed to guarantee access to the Status app on all smartphones, but later, there was an expansion for Ethereum,

More on Nimbus Services

Nimbus allows connection with the imminent Ethereum serenity network, as in available Ethereum (ETH) Clients, including Mist and Parity. It is planning to support other than computers or servers.  Currently, the Ethereum blockchain demands more resources for execution on a smartphone.

There is even a need for a phone-based wallet to connect to an external node. The provision is known as the Simplified Payment Verification (SPV).

What It Is Expected to Deliver

Nimbus will ensure the full connection of weaker devices to the network. Nimbus’s features go beyond replacing an SPV wallet because they will be capable of processing and managing all smart contract transactions.

Other embedded devices, including Raspberry pi and point of sale units, will similarly have the ability to support Ethereum nodes. Nimbus will even-up blockchain usage globally, and offer the technology to the developing countries who cannot access the recent hardware.  Nevertheless, based on the estimate of the Ethereum Foundation, the completion of serenity may take several years, and the implementation of the complete vision of Nimbus may take longer.

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.