Two Blockchain Players Fund Ethereum Project MolochDAO

| Publish date: 05/12/2019
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It seems to be a good day to live for the CEO of SpanChain, thanks to an Ethereum funding initiative. It turns out that the said venture resulted in a major boost from two of the biggest names in the blockchain space.

A Breakdown of the Donation

In an announcement from MolochDAO’s very own Ameen Soleimani, a donation of at least 1,000 ETH each has been made possible courtesy of Canadian entrepreneur Joseph Lubin and Ethereum co-founder Vitalik Buterin. In addition, there will be 2,000 ETH more coming from ConsenSys and the Ethereum Foundation.

According to the founder of Consensys, Lubin, Moloch is without a doubt “a very innovative structure.” As such, he expects it to become an essential factor in promoting development across the Ethereum ecosystem. Lubin expressed his praises during the Ethereal conference, which was held in Brooklyn on Friday.

It is worth noting that MolochDAO became a public entity back March. It launched as a crowdsourced funding initiative with a goal to help build and improve Ethereum infrastructure projects. The decentralized autonomous organization reportedly jumpstarted with only 22 founding members.

Improving the Ethereum Ecosystem

The organization, which is hell-bent on funding Ethereum development, said that its founding members each deposited at least 100 ETH (in today’s price, it is equal to $17,000) into the its very own decentralized and autonomous grants system.

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As per the white paper from MolochDAO, the main goal of the initiative was to deploy funding for the development of a so-called major iteration. Interestingly, the latter refers to the Ethereum 2.0, the titular ETH blockchain.

Soleimani said in an interview that through the additional funding, it is more than possible to obtain insights from a much wider group of individuals. He added that these are people who tend to be diverse and complementary with their viewpoints, ensuring that all loopholes are well-covered.

A Better Future

The executive is inspired to witness the leads of the community, all of which have decided to join together in an attempt to exercise new coordination mechanisms. And by doing so, he is confident that their effort will further move the Ethereum system to a better horizon.

With the recent donation, the valuation of the organization’s funding pool has gone to more than $1 million. As of press time, it is being valued at roughly $400,000. Soleimani expressed that he is honored to be included in Moloch’s independent decision makers.

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