Stacks Foundation and Brink to fund bitcoin development fellowship using stacking rewards
|The pair estimate it will raise $165,000 over one year.
The Stacks Foundation and Brink will fund a new full-time Bitcoin developer fellow position through stacking rewards.
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The foundation will stack 1.32 million stacks tokens (STX) for Brink, which it estimates will yield $165,000 in bitcoin over the course of one year, according to a Stacks blog post. The funds will be paid directly to Brink’s wallet every two weeks.
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The pair have set up a website to track the progress of the stacking process. According to the site, so far they have raised BTC 0.178 ($10,378).
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The Stacks Foundation supports development of Stacks, a network of decentralized apps and smart contracts built on Bitcoin, according to its wesbite. 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.
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Brink is an open-source 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 FTX.
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The year-long fellowship will be stewarded by John Newbery, co-founder of Brink and Bitcoin core developer.
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