Nomic Labs becomes the Nomic Foundation

The Nomic Foundation announced this Wednesday, February 09, via its Twitter account, that Nomic Labs, the team behind Hardhat, is becoming the Nomic Foundation: a non-profit Ethereum public goods organization backed by the Nomic Foundation. Ethereum, Coinbase and others.

Image about the Nomic Foundation post on Twitter

“We are delighted to announce that we are starting an Ethereum public goods organization focused on improving and expanding the Ethereum development platform. We are launching in close collaboration with the Ethereum Foundation and other founding partners who are contributing $15 million in funding. The Nomic Foundation will take over Hardhat and the rest of the open engineering projects and related teams from Nomic Labs. Now that we have announced it publicly, we will be submitting funding proposals to various DAOs to reach a total funding of $30 million”, he told through an article published on the Medium platform.

According to the company, Nomic Labs (creator of Hardhat) is becoming the Nomic Foundation, a non-profit organization dedicated to the Ethereum development platform, with a mission to empower developers to decentralize the world.

Similarly, he explained that the new foundation will extend the Hardhat toolset, and more importantly, build a long-term infrastructure to catalyze organic growth in the tool’s ecosystem, lessening any organization’s reliance on Ethereum to build and maintain the main components.

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The mission of the Nomic Foundation is to empower developers to decentralize the world. When it comes to the developer experience, we know that to achieve world-class results, an engineering organization must prioritize it as a fundamental core value. It is a process that involves an empathic product perspective on user needs applied through an extreme engineering lens, a rare capability that requires a thoughtful approach to instill within an organization. That is why a dedicated organization makes sense, one that is designed and tailored for this purpose, with the right skills, values ​​and culture at its core.

In his view, his goal of supporting the growth of Ethereum to empower developers goes beyond simply supporting the Ethereum development platform: it is also about lessening his reliance on any one organization to build and maintain the core components. “We envision a future where many organizations make significant permissionless contributions to different types of Ethereum public goods. A diverse set of perspectives, core competencies, and organizational dynamics that organically drive Ethereum forward while maintaining and increasing its neutrality, a key aspect when it comes to enabling decentralization”.

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