Blockchain technology company ConsenSys will spend $2.4 million a year. To fund the newly released MetaMask Grants DAO. The goal is to drive further development of the Web3 ecosystem.
The fund will be led by MetaMask employees, who will manage a decentralized autonomous organization (DAO), who will be responsible for issuing grants to developers working outside of ConsenSys building products and services within the MetaMask ecosystem and the wider Web3 space.
The project will be initially run for 12 months to assess potential and success. Public processing of DAO votes and proposals is carried out through SnapShot on the Codefi Activate platform, with ConsenSys giving $600,000 quarterly to drive decentralization and adoption of the Web3 engine and business model. use
Taylor Monahan, Global Head of Product at MetaMask, emphasizes decentralized development. that it will be a catalyst for further growth
“This will not only accelerate growth for crypto users, it will also increase adoption for those who want to know about crypto with more avenues to participate.”
The DAO itself consists of three components. The first is an employee-led DAO. This includes more than 900 full-time ConsenSys employees, among whom they can elect to become Grants DAO members, all of whom have equal voting rights.
The second part is a leadership board, or mini-DAO, made up of seven individuals. This committee is responsible for identifying high potential projects, creating regulatory proposals, and improving external content. And they will also gather feedback and drive improvements to the DAO.
The last part is a wallet. A secure multisignature supervised by ConsenSys, which handles token and treasury contracts, it will also sign transactions to disburse funds. The same goes for mint and burn coins when employees join or leave the company.
The MetaMask Grants DAO Leadership Board consists of MetaMask Co-Founder, Global Head of Product, Snaps Studios Head, Senior DAO Strategist, and ConsenSys Director of Strategic Initiatives and Director of Product Management.
The post ConsenSys will use $2.4 million a year to fund “MetaMask Grants DAO” for Web3 development appeared first on Bitcoin Addict.