The company has decided to donate the leftover funds to Gitcoin as it identified financing of public goods as the next major dispute.
Plasma Group was established in January 2019 with the objective carrying out research on Ethereum scalability solutions based on Plasma technology.
The firm was funded by several institutions including the Ethereum Foundation, Matic Network, ConsenSys, OmiseGo and Gitcoin.
The not for profit organization utilized the funds to carry on research to address pragmatic hurdles of second layer scaling platforms.
The group recognized many of its accomplishments as crucial, including Plasma Cashflow adoption, rolling out comprehensive Plasma parameters and minting Optimistic Rollup.
These fulfilled mainly to turn Plasma sidechains into a complete blockchain backing smart contracts in place of merely restricted money transmission abilities.
After an year of operation, Plasma Group concluded that research initiatives into Plasma scalability are not required, as the theoretical base is adequately sophisticated:
“A year ago, scalability research felt like the most pressing need to us, so we threw everything we had into accelerating it. It is amazing to see the multitude of competent teams pushing production plasma into reality now. This shift from research to implementation means that our mission as a research organization must shift as well.”
While the researchers concede that scalability is still a big issue, they pointed out that financing of public tools, for example open-source software, as a major challenge. Notably, in 2014, Ethereum founder Vitalik Buterin has made a similar statement by saying that it is one of the 16 complex issues in blockchain.
While extensive efforts to divert Plasma Group’s activity are yet to be disclosed, the organization revealed that it would award the total funds raised to Gitcoin, a crowd funding platform concentrating on the world of open-source innovation.
It provides community awarded funds to blockchain endeavors, after having financed Plasma Group in a similar fashion.