As reported by Cointelegraph, blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly announced MetaMask Grants DAO, which aims to further develop the Web3.0 ecosystem.
According to Cointelegraph, the fund will be led by MetaMask employees who handle decentralized autonomous organizations (DAOs). The DAO is expected to be responsible for issuing grants to developers working outside of ConsenSys with the aim of building products and services within the Metamask ecosystem and his Web3.0 space. Initially, the project will work for 12 months to assess its viability and success, while the DAO will publicly process votes and proposals through a snapshot of the Codefi Activate platform.
MetaMask Global Product Lead Taylor Monahan emphasizes:
According to Cointelegraph information, DAO consists of three components. First, an employee-based he-DAO consisting of over 900 full-time he-ConsenSys employees can opt-in to become a Grant DAO member. The second component is a leadership committee, or mini– The DAO consists of 7 members and is responsible for identifying high potential projects. The final part is a secure multi-sig her wallet overseen by ConsenSys, which is expected to manage token contracts and treasury and sign transactions for fund disbursements.
Additionally, Cointelegraph notes that the MetaMask Grants DAO leadership board consists of MetaMask Co-Founder, Global Product Lead, Snaps Studios Lead, Senior DAO Strategist, and ConsenSys Director of Strategic Initiatives and Director of Product Management. It pointed out. The DAO funding is reportedly thought to feature two types of grants, such as the Leadership Committee grant voted on by seven members, but the DAO grants are assigned to vote.
(Including insights from Cointelegraph)