Altcoin News: Buterin and Lubin Donated $700,000 to MolochDAO’s Ethereum Project

May 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The decentralized autonomous organization MolochDAO received a deferred donation of 4,000 ETH or $700,000 from the co-founders of Ethereum, Joseph Lubin and Vitalik Buterin, and related organizations, ConsenSys and Ethereum Foundation respectively.

MolochDAO attracts financing in order to distribute it in favor of infrastructure projects whose solutions are required for the participants of the Ethereum ecosystem but cannot be created without financial support.

According to the contract launched at the end of February, MolochDAO currently contains 2,277 Wrapped Ether (WETH) or about $375,000. Together with new injections, this amount will exceed $1 million.

Now, 27 existing members of MolochDAO have 7 days to decide on the transfer of these funds to their account, and then on the inclusion in their ranks of Lubin, Buterin, and employees of related companies who have agreed to provide funding. Membership in the organization makes it possible to draw up proposals for the allocation of funds, which can then be approved by a simple majority vote.

One of the recipients of such a grant was researcher Patrick McCorry, who is working on improving the speed and security of Ethereum payment channels.

Author: Marko Vidrih