What Is Nomic Foundation?
As described in the announcement, the creators behind Hardhat, one of the principal development suites for Ethereum are now transitioning into the Nomic Foundation. The Nomic Foundation is basically a nonprofit organization and now plans on expanding the capabilities of Hardhat using funding from donors.
Out of their $30 million goal, the organization already received half of their target, as the likes of Ethereum Foundation, Vitalik Buterin, Coinbase, Consensys, The Graph, Polygon, Chainlink, Gnosis, a16z, a_capital, and Kaszek Ventures cumulatively donated about $15 million.
The purpose of this funding was stated as,
“The new foundation will expand the Hardhat suite of tools and, most importantly, build long-term infrastructure to catalyze organic growth in the tooling ecosystem, decreasing Ethereum’s dependence on any one organization to build and maintain core components.”
In order to achieve the same, the foundation already talked about its 4 strategic pillars of the ecosystem which will be enhanced.
The first of which will be a new Solidity development compiler – Slang. The new compiler will provide all the support needed that any tool handling Solidity code would need.
The other pillar is Rethnet which will enable cheaper and more effective builds for the ecosystem using any EVM compatible language.
The other two pillars include a local development environment that will enable developers to build powerful extensions which they can then share as plugins with the rest of the ecosystem.
As well as an Ethereum connection library called the web3.js which will be revamped to turn into a lasting source of value capable of providing better troubleshooting, faster developer training, more reusable code.
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