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ConsenSys pledges $2.4M annually for MetaMask Grants DAO 8225670622173
ConsenSys, a blockchain technology company, will spend $2.4 Million annually to fund its MetaMask Grants DAO that aims at further developing the Web3 ecosystem.
MetaMask employees will lead the fund and manage the decentralized autonomy organization (DAO).. The DAO will issue grants to developers who are not part of ConsenSys and are creating products or services in MetaMask’s environment and wider Web3 space.
To assess the viability and success of the project, the DAO will first run for 12 months. The DAO will process votes and proposals through SnapShot on Codefi Activate. ConsenSys will contribute $600,000. per quarter to help drive decentralization, adoption and adoption of Web3 mechanisms.
In a statement that was shared with Cointelegraph, Taylor Monahan, MetaMask’s global Product Lead, highlighted the importance of decentralized development as a driver for growth.
“This will not only accelerate growth for cryptocomfortable users but it will also increase adoption for cryptocurious individuals with more ways to participate in.”
The DAO itself is composed of three components. The first component is the employee-led DAO, which is made up of more than 900 ConsenSys employees. These employees can opt in to become Grants DAO members. All of them have equal voting rights.
Similar: The blue Fox: DeFi’s rise, and the birth Metamask Institutional
The second section is a mini-DAO leadership committee made up seven people. This committee will be responsible to identify high-potential projects and create governance proposals. They will also collect feedback and drive improvements for the DAO.
ConsenSys will oversee the final part, which is a multisignature secure wallet that will handle the token contract as well as the treasury. It can also sign transactions to fund disbursement and mint and burn tokens when employees join or leave the company.
The MetaMask Grants DAO leadership committee includes MetaMask’s co-founders, Snaps Studios’ global product lead, senior DAO strategist, and ConsenSys director of strategic initiatives as well as ConsenSys product management director.
Two types of grants will be available for funding the DAO. The Leadership Committee Grant will only be voted upon by its seven members. DAO Grants will then be available for all DAO members to vote on.
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New report uncovers that there are over 1,900 block-producing nodes within the Solana ecosystem.
Solana has released its “Validator Health Report”, which revealed details about its network operators. The report revealed that the network contains over 1,900 block-producing devices, with almost 1,688 (88.14%) being run by independent entities.
Solana believes that the ecosystem’s long-term health depends on the strength and health of its validators. The network was previously subject to criticism for a lack in decentralization as well as expensive validator hardware.
This new report focuses on the 3,400 validators that are spread across six continents.
9/ Distribution across geographies is important. Resilient blockchains can continue to operate through any type of global event.
This is how the stake is distributed on the @Solana network. It also includes a snapshot of Ethereum miner distribution for benchmarking. https://t.co/1jsylk9J3J pic.twitter.com/faepZ4RvYm
— Solana Foundation (@SolanaFndn)
August 10, 2022
The report also shows that activity on the network has increased over the past year. Since June last year, the network has had 95 new consensus nodes and 99 RPC nosdes each month.
It was also noted that Solana’s Nakamoto Coefficient, which is the amount of validator collusion required to censor the network by validators, is 31 and growing. A chart in the report showed Solana having the highest Nakmoto Coefficient relative to other networks like Avalanche Binance and Polygon.
This report is nevertheless a result of the hack last week. The hacker stole $5.2 million from Solana ( SOL). This was done using 8,000 wallets, including Trust, Phantom, Slope and Trust.
The industry was shaken by the news and users were asked to switch to cold storage wallets in order to increase security and guard against scammers.
Related: Is your SOL secure? The Market Report
Investigative efforts into the hacking are ongoing. Experts believe that the compromise was caused by the Slope wallet. Slope is a Web3 provider for a hot wallet that supports the Solana layer-1(L1) blockchain. According to reports, the compromised wallets were “created, imported, or used” at one time in the Slope mobile app.
Expert predicted a 40% price increase in SOL prior to the hack. This was despite the bearish market conditions. The hack caused a drop in cryptocurrency prices of almost 8% and then a rebound of $40 per currency.
SOL is currently at $44 USD per coin.
Solana released its first-ever, "Validator Health Report" which revealed information on its network operators. According to...