By George Ward
MetaMask, the leading Ethereum web browser extension, has announced a $2.4 million yearly commitment to support the launch of MetaMask Grants, a decentralized application (DAO) governance tool.
MetaMask Grants are a new way for users to give back to the Ethereum network. By voting on proposals, they can help make the network more effective and efficient.
These grants will be funded by MetaMask and used to support projects that improve the Ethereum network. Interested users can get started by visiting the MetaMask Grants website and signing up.
Once registered, they can vote on proposals and see how their donations are used.
MetaMask employees will oversee the Decentralized Autonomous Organization (DAO) operations, including funding. In addition, the DAO will take charge of grant distributions to developers building products and services outside of ConsenSys but within MetaMask’s ecosystem and the Web3 satellite.
Initially, this program will run for a year to know if it will be viable and successful. After that, ConsenSys budgets $600,000 per quarter to decentralize and adopt Web3 business models.
The global product lead of MetaMask, Taylor Monahan, commented that the focus on decentralized development is a motivation for more expansion.
This will not only improve growth for crypto-loving users, but it will also stimulate people’s curiosity about crypto and encourage them to participate.
Components of the DAO
The DAO contains three elements. The employees lead the first, consisting of over 900 employees of ConsenSys. Therefore, this element is called the employee-led DAO.
These employees are qualified to be Grant DAO members and have equal voting rights. The second element is a leadership board called mini-DAO.
It consists of seven people who create proposals for governance and update content from outside. Also, they collect responses and promote the DAO in different ways.
The last element is a protected multi-signature wallet that ConsenSys oversees. They manage the token’s contract and treasury.
They also sign the deal to disburse funds and set tokens on fire as employees leave and join the company. In addition to grants, MetaMask will also offer technical support and mentorship to dApps and developer teams.
The committee leadership of MetaMask Grant DAO encompasses top-level executives from MetaMask and Consensys. During the funding of the DAO, two types of grants will feature.
The Leadership Committee Grant and the DAO Grants. The seven leadership committee members will vote for the leadership grant, while the entire DAO will vote for the DAO grants.