An ethereum funding initiative from the CEO of SpankChain is receiving a major funding boost from two of the biggest names in the cryptocurrency industry.
Ameen Soleimani said that MolochDAO received a donation of 1,000 ETH each from Vitalik Buterin and Joseph Lubin, as well as an additional 2,000 ETH more from a group of individuals at Ethereum Foundation and ConsenSys.
ConsenSys founder Joseph Lubin said, “Moloch is a very innovative structure and I expect it to take off and be a significant factor in helping drive development throughout the ethereum ecosystem.”
In March, MolochDAO was introduced publicly as a crowdsourced funding effort to back ethereum infrastructure projects. It began with 22 funding members, with each giving 100 ETH (around $17,000 at current price) into the decentralized and autonomous grants system.
According to its white paper, the urgent goal of the project was to support the further development of ethereum 2.0, the next big iteration of the ethereum blockchain.
With the revelation of new funding at Ethereal conference in Brooklyn, Soleimani said he would “love to have more insight from wider groups of people with diverse and complementary viewpoints to help make sure all the blind spots are covered.”
Buterin and Lubin, together with the 20 individuals from Ethereum Foundation and ConsenSys, who have given donations, will be nominated as members of the decentralized autonomous organization. Members are qualified to submit funding proposals to the platform and have them approved through a majority vote from the members.
“It’s inspiring to see the leads of the ethereum community join together and help try out new coordination mechanisms to help move the ethereum ecosystem forward,” Soleimani said.
The new donation will bring MolochDAO’s valuation to more than $1 million, according to Soleimani. It is presently valued at almost $400,000.
“It is an honor to be one of many independent decision makers in Moloch along with many of my ConsenSys colleagues and friends across the ecosystem,” Lubin said.