Gnosis Shares Its First Update From OpenEthereum

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A decentralized market solution Gnosis that spun out from Ethereum (ETH) has announced the first update from OpenEthereum to continue the development of the Parity.
  • The company is looking forward to putting its proficiency to work in this initiative and continue further development of OpenEthereum.
  • For managing this venture, Gnosis has received $150,000 from the Ethereum Foundation.

A decentralized market solution Gnosis that spun out from Ethereum (ETH) has announced the first update from OpenEthereum to continue the development of the Parity Ethereum Client.

Gnosis exclusive up-gradation

Since 2015, Parity developed an open-source software solution, Parity Ethereum which is the fastest and advanced Eth client.  In December 2019, Parity announced that they are going for maintenance work on the Parity Ethereum client and will handle it to its client after its further development.

With the new up-gradation, Gnosis is managing this initiative to continue the client as OpenEthereum. However, Gnosis effort was appreciated by Ether on Twitter congratulating on the first update of OpenEthereum.

Further, Gnosis stated in his report that through keeping OpenEthereum competitive, the former will allow the community to legalize popular clients such as Geth and vice versa.

The company is looking forward to putting its proficiency to work in this initiative and continue further development of OpenEthereum.

Ethereum Foundation’s involvement in this initiative

For managing this venture, Gnosis has received $150,000 from the Ethereum Foundation. This made them build the OpenEthereum team. And still there hiring process is going on.

As of now, It have finished in the release of OpenEthereumv3.0, which included

  • Backing eth/64 protocol and Node Discovery v4 Ethereum’s Node Records extension.
  • Elimination of accounts bloom data that will reduce the size of the database.
  • Substantial codebase cleanup, and many more.

Over the years, the scope of prediction markets has extended to various sectors and mainly the financial sector. Gnosis is a leading decentralized prediction platform. Hence offers relevant information about the expected outcome of an upcoming event.

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