Ethereum Project MolochDAO Receives Major Funding

Asia Blockchain Review
May 23, 2019

Ameen Soleimani, CEO of the blockchain-based payment solution SpankChain, has made a major announcement regarding an Ethereum funding initiative, with two of the biggest names in blockchain providing huge funds for the current round.

Ethereum is an open-source, blockchain-based computing platform facilitating smart contracts.

As reported by Hiptoro, Canadian entrepreneur Joseph Lubin and Russian-Canadian programmer Vitalik Buterin each contributed 1,000 ETH (approx. US$244,410 at the time of writing) to the initiative.

Lubin has founded and co-founded several companies, among them a Brooklyn-based software production studio. Meanwhile, Buterin, 25, is the co-founder of Ethereum, as well as the co-founder of Bitcoin Magazine.

In addition to their donations, another 2,000 ETH has been donated from a group of individuals at ConsenSys and the Ethereum Foundation for a total of 4,000 ETH.

The recipient of the funding was Moloch Decentralized Autonomous Organization (MolochDAO), which was created by Soleimani and launched in March 2019 as a crowdsourced funding initiative for supporting Ethereum infrastructure projects.

The initiative began with 22 members, who altogether deposited 100 ETH in donations.

According to the MolochDAO white paper, the immediate aim of the initiative was to fund further development of the next major iteration of the Ethereum blockchain.

Soleimani said in an interview that it was “inspiring” to see the leads of the Ethereum community come together to try out new coordination mechanisms and move the ecosystem forward.

The donations are expected to be a major boost for the funding initiative, which had been introduced to support infrastructure projects.


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