Two Ethereum founders, Vitalik Buterin and Joseph Lubin, each donated 1,000 ETH to a little-known crypto project, MolochDAO, which is designed to be a communal source of funds that developers in the Ethereum ecosystem can use to help finance new projects.
An additional 2,000 ETH was also donated by a group of individuals at ConsenSys and the Ethereum Foundation, bring total donations to 4,000 ETH ($770,000 at the time of writing).
Announcing the generous donations was CEO of Spankchain and creator of MolochDAO Ameen Soleimani, who announced the high-profile donations during a presentation at the ConsenSys-sponsored Ethereal Summit on May 10.
Thrilled to finally reveal that myself, @ConsenSys, @VitalikButerin, and the @Ethereum Foundation are all contributing 1k $ETH each to @MolochDAO. Huge thanks to @ameensol helping to redefine how we fund #Ethereum development. GUILD BANK NOW OVER $1M 🤯 #EtherealNY #YearOfTheDAO pic.twitter.com/6pDsLVKCrW
— Joseph Lubin (@ethereumJoseph) May 10, 2019
MolochDAO Will Drive Development in the Ethereum Ecosystem
As reported by Coindesk, Lubin, the founder of ConsenSys, had this to say about the MolochDAO project:
“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.”
MolochDAO is a relatively new crowd-sourced funding initiative that started in March. It’s designed to support Ethereum infrastructure projects and enrich the wider Ethereum ecosystem, and was created by 22 founding members who each donated 100 ETH.
Stated in the MolochDAO whitepaper, the primary goal of the funding initiative is to finance developments towards Ethereum’s next major iteration of its blockchain, Ethereum 2.0.
According to Soleimani, the project’s founding members, along with Buterin and Lubin, can submit funding proposals to the platform, which can then be approved by majority votes from members in the system.
Soleimani also said he would like to have more insights from a wider group of people in the Ethereum community and try out new coordination mechanisms to improve the Ethereum ecosystem and make sure all blind spots are covered.
After its most recent ETH donations, the MolochDAO project is now valued at over $1 million and poised to play a significant role in the development of the Ethereum ecosystem going forward.
Do you think initiatives like the MolochDAO will ensure Ethereum’s development meets proposed deadlines instead of continuing to suffer developmental delays? Let us know what you think in the comment section below.