Buterin and Lubin decide to back MolochDAO project

Posted 11 May, 2019

On May 10, two big players in the crypto market, founders of Ethereum Joseph Lubin and Vitalik Buterin followed by the respective companies (ConsenSys and Ethereum Foundation) have expressed intentions to back decentralized autonomous organization Moloch. The announcement was made during the Ethereal Summit held in New York on Friday.

According to the reports, the founders of Ethereum decided to provide financial support to Moloch investing 1,000 ETH each. At the same time, additional 1,000 ETH came from ConsenSys and Ethereum Foundation. With the recent backing, the total funding of the company reportedly reached $1 million.

"Thrilled to finally reveal that myself, @ConsenSys, @VitalikButerin, and the @Ethereum Foundation are all contributing 1k $ETH each to @MolochDAO. Huge thanks to @ameensol helping to redefine how we fund #Ethereum development. GUILD BANK NOW OVER $1M  #EtherealNY #YearOfTheDAO," wrote Joseph Lubin on his Twitter.

For reference, Moloch founded by Ameen Soleimani is designed to lure funding for further allocation for infrastructure projects that are required by Ethereum members but the latter cannot create them for their own.

"Our objective is to accelerate the development of public Ethereum infrastructure that many teams need but don't want to pay for on their own. By pooling our ETH, teams building on Ethereum can collectively fund open-source work we decide is in our common interest," the project document reads.

For now, MolochDAO has 27 members, which is said to have 7 days to decide on depositing the funds on the company's account and providing the supporters with the membership.

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