Cryptocurrencies

Ethereum project MolochDAO gets major donation boost

Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organisations ConsenSys and the Ethereum Foundation are each donating 1,000 ether (ETH) to the Moloch decentralised autonomous organisation (DAO).

Lubin made the announcement on Twitter.

MolochDAO is headed up by Ameen Soleimani, CEO of SpankChain, a decentralised payment solution for the adult industry. It launched earlier this year as a crowdsourced funding initiative to support Ethereum infrastructure projects. It started life with 22 founding members, each depositing 100 ETH into the decentralised and autonomous grants system.

The aforementioned donations will raise the valuation of MolochDAO’s funding pool to over $1 million.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.