Blockchain technology firm ConsenSys are expected to spend $2.4 million annually on account of funding its newly unveiled MetaMask Grants DAO aimed towards further development of the Web3.0 ecosystem, as reported by Cointelegraph.
According to Cointelegraph, the fund will be led by MetaMask employees who will handle the decentralised autonomous organisation (DAO). The DAO is expected to be responsible for making issuance of grants to developers working outside of ConsenSys which aim to build products and services within Metamask’s ecosystem and the Web3.0 space. Initially, the project will function for 12 months to assess its viability and success, with the DAO processing votes and proposals publicly through SnapShot on the Codefi Activate platform.
“Not only will this accelerate growth for crypto-comfortable users, but this will also boost adoption for crypto-curious individuals with more paths to participate in,” Taylor Monahan, global product lead, MetaMask, highlighted.
On the basis of information by Cointelegraph, the DAO is comprised of three components. The first is the employee-based DAO which comprises of over 900 full-time ConsenSys employees, who will be able to opt-in to be Grant DAO members. The second component is a leadership committee, or mini-DAO, made up of seven individuals, who will be responsible for identification of high-potential projects. The final part is a secure multisignature wallet supervised by ConsenSys that is expected to manage the token contract and treasury, and sign transactions for fund disbursement.
Moreover, Cointelegraph noted that the leadership committee of MetaMask Grants DAO consists of the co-founders of MetaMask, its global product lead, Snaps Studios lead, senior DAO strategist, as well as ConsenSys’ director of strategic initiatives and product management director. Reportedly, the funding of DAO is believed will feature two sorts of grants such as The Leadership Committee Grant voted by seven members, while DAO Grants will be allocated for the entire DAO to vote on.
(With insights from Cointelegraph)
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