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Stacks Foundation, Brink to Fund Bitcoin Development Fellowship Using ‘Stacking’ Rewards
The organizations estimate they will raise $165,000 over one year.
Updated May 11, 2023, 5:12 p.m. Published Oct 14, 2021, 5:32 p.m.
The Stacks Foundation and crypto organization Brink will fund a new full-time Bitcoin developer fellowship position through “stacking” rewards.
- The foundation will stack 1.32 million stacks tokens (STX) for Brink, which it estimates will yield $165,000 in bitcoin in one year, according to a Stacks blog post. The funds will be paid directly to Brink’s wallet every two weeks.
- The pair have set up a website to track the progress of the stacking process. According to the site, they have raised BTC 0.178 ($10,378) so far.
- The Stacks Foundation supports development of Stacks, a network of decentralized apps and smart contracts built on the Bitcoin blockchain, according to its website. Stacking is similar to Ethereum staking: Users can earn rewards for locking their tokens on the network. On the Stack network, the reward is a 10%-12% annual percentage yield of their funds, and while earning that, they are supporting the security of the blockchain, according to the blog post.
- Brink is an organization that aims to support the Bitcoin’s open-source developers. It has received funding from the Human Rights Foundation, crypto exchange Gemini, lender Nexo and crypto derivatives exchange FTX.
- The yearlong fellowship will be overseen by John Newbery, co-founder of Brink and a Bitcoin core developer.
STORY CONTINUES BELOW
Read more: Square, Human Rights Foundation Back New Bitcoin Open-Source Developer Fund
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