Stacks Foundation, Brink to Fund Bitcoin Development Fellowship Using ‘Stacking’ Rewards

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.

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Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

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