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.

  • 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.

  • 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).

  • 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.

  • 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.

  • The year-long fellowship will be stewarded by John Newbery, co-founder of Brink and Bitcoin core developer.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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