Moloch decentralized autonomous organization (DAO) is being backed by two of the blockchain’s biggest names, Joseph Lubin and Vitalik Buterin.

Ameen Soleimani, creator of MolochDAO, has publicly announced that the project has received the total funds up to $1 million. Specifically, they received $1,000 Ether each from Lubin and Buterin, with 2,000 ETH more from ConsenSys organization and the Ethereum Foundation.

According to the MolochDAO white paper, the development of the next generation of Ethereum blockchain, ethereum 2.0, is the ultimate and immediate mission of the project.

“Our objective is to accelerate the development of public Ethereum infrastructure that many teams need but don’t want to pay for on their own. By pooling our ETH, teams building on Ethereum can collectively fund open-source work we decide is in our common interest,” said Moloch DAO, emphasizing the major goal of the project.

Lubin and Buterin, along with 20 members from ConsenSys and the Ethereum Foundation who have donated, will receive voting rights as members of the decentralized organization. Funding proposals can be submitted by the members and obtained approval by all members based on the internal voting system.

“Moloch is a very innovative structure and I expect it to take off and be a significant factor in helping drive development throughout the ethereum ecosystem,” Lubin, Founder of ConsenSys, answered in an interview at the venture studio’s Ethereal conference in Brooklyn.

Earlier this month, US-based crypto firm ConsenSys was reportedly looking for $200 million to reconstruct its operations. 2018 was a rough year for ConsenSys with just $21 million in revenue and was forced to lay off 13% of its staffs. However, other administrators stay optimistic about the upcoming year, especially on the Ethereum.