Ethereum Foundation Releases Account Abstraction Grant Program
The Ethereum Foundation(EF) has announced a new grant program, Account Abstraction, to bridge the education, technology, and macroeconomics gaps. The application for the grant program runs from February 27 to March 31. According to the February 28 report, the grant program targets developers majoring in the Account Abstraction sector. The report revealed that Ethereum Foundation funds would be at most $300000.
Purpose of Account Abstraction Grant
The 2023 Account Abstraction grant program was launched on February 28 by the Ethereum Foundation. During the launch, the Ethereum team announced the grant program would support startups developing innovative devices, such as smart contract digital wallets, to improve payment methods.
Also, the team revealed that Account Abstraction (AA) development aims at replacing the traditional user private keys with a smart contract system. The advancement will reduce transaction costs and improve the account validation mechanism.
Interestingly, the need to transform the Account Abstraction sector has inspired the Ethereum Foundation to invest in providing an innovative solution using multi-sig digital wallets.
Beyond this, interested individuals are encouraged to send their grant proposal before March 31. The grant program will accept applications from Account Abstraction enthusiasts across the globe.
Besides the grant, Ethereum Foundation affirmed to extend their technical support to the grantee in the quest to improve the Account Abstraction sector. The team encouraged the diverse group in the community to actively participate in the program by submitting their proposal.
The applicants are urged to formulate a well-detailed grant proposal, including suitability, need report, budget and project goals. They are encouraged to maintain a clear and concise tone throughout the document.
Grant Application Requirement
After submitting the proposal, the Ethereum team will proceed to the reviewing stage. The proposal will be grouped according to the type of the project and the amount of capital required. The team will have regular meetings to discuss the suitability of the selected projects. The selection criteria of the proposal will be based on the relevancy of projects and the social impact.
Significance of the Grant
Nevertheless, the Ethereum team reveals plans to equip the successful applicants with useful resources necessary to commence the Account Abstraction project. The report revealed that the company would support grantees with innovative ideas required to create peer-to-peer messaging, and remote procedure calls (RPC) technologies, among others.
The team behind the second largest crypto exchange Ethereum (ETH), confirmed to provide the grantees with technical know-how support by supplying them with educational materials. The foundation plans to undertake the projects using the step-by-step approach. This implies the project will start from scratch and proceed to multiple stages until completion.
The Ethereum Foundation has replicated the efforts made by traditional non-profit organizations toward improving the crypto world. Recently the global humanitarian firm UNICEF collaborated with Giga to launch a grant program for blockchain developers to improve the community’s well-being. In 2022, the Chainlink Community made a move to create funding opportunities for crypto developers and researchers in an attempt to solve real-world problems.
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