Ethereum Leaders Make $700,000 Donation to MolochDAO

A new funding initiative from the CEO of SpankChain is currently getting an important boost from two large names in the blockchain ecosystems. Joseph Lubin and Vitalik Buterinhave made a 1,000 ETH donation each to MolochDAO.

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At the same time, they have received 2,000 ETH from other individuals from ConsenSys and the Ethereum Foundation.

MolochDAO Receives $700k Donation

The founder of ConsenSys, Joseph Lubin, explained during a recent conversation with CoinDesk, that Moloch is a very innovative structure and it could be taking off in the near future.

MolochDAO was launched publicly back in March ad an initiative to support Ethereum infrastructure projects that are very needed for the network. There were 22 founding members that deposited 100 ETH each into the decentralized and autonomous grants system.

As they explained, the intention is to provide funding for the upcoming Ethereum 2.0 release and network update. Although there are many things to do yet for it to be ready, the community is already prepared for it and it is working into this direction.

Lubin, Buterin and the other individuals from ConsenSys and the Ethereum Foundation that donated to the project will now be working as members that can submit funding proposals to the platform and have them approved with a majority vote from members in the system.

Ameen Soleimani, the CEO of SpankChain and the creator of MolochDAO, commented about it:

“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.”

The funding pool of MolocDAO will now have a valuation of $1 million when it was just valued close to $400,000.