Dogecoin Foundation Reveals Launch of New Fund for Core Developers

The Dogecoin Foundation has announced a new fund for Dogecoin Core developers to better promote the Dogecoin ecosystem in the coming year. The foundation announced on December 31 that it is contributing 5 million Dogecoin, which is approximately $360,000 at the time of writing, to the new fund to assist in the development of the Dogecoin platform.

The money, according to the Dogecoin foundation, will be housed in a new multi-signature wallet administered by its members and will require three of five signatures from Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. Apart from supervising the release, these custodians will have no rights to the funds. The team wrote:

“The DOGE held in this wallet will disburse rewards to developers of Dogecoin Core for work on all contributions, no matter how big or small.”

For each Dogecoin Core release, 500,000 DOGE will be distributed to developers that contributed to the release. To ensure openness, the team disclosed the wallet address where the funds are stored. The Dogecoin core team will also create blog posts for all expenditures, which will be publicized by the custodians via social media networks.

Similarly, Dogecoin developers recently dismissed speculations that the network might switch to a proof-of-stake (PoS) consensus mechanism right away. The developers stressed that they simply want to issue a proposal on the subject. One of the developers, Lumin, chastised influencers who spread the notion and stated that they do not have the “inside scoop” on Dogecoin.

On September 16, Dogecoin overtook Bitcoin as the second-largest proof-of-work (PoW) cryptocurrency. After the Ethereum network moved to PoS consensus, the update was released. Some feel that Bitcoin’s proof-of-work consensus should be justified in light of the current development.

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