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Reading: Dogecoin Foundation launches developer fund
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Cryptocurrency

Dogecoin Foundation launches developer fund

A new fund for Dogecoin Core developers has been launched by the Dogecoin Foundation with the intention of raising awareness of the Dogecoin...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief January 02, 2023
Updated January 2, 2023 at 2:20 PM
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Dogecoin Foundation launches developer fund
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Dogecoin Foundation launches developer fund

A new fund for Dogecoin Core developers has been launched by the Dogecoin Foundation with the intention of raising awareness of the Dogecoin ecosystem in the upcoming year.

To support the development of the Dogecoin platform, the foundation declared on December 31 that it will contribute 5 million Dogecoins (DOGE), or around $360,000 as of this writing, to the new fund.

The new multi-signature wallet run by the Dogecoin foundation requires three out of five signatures from chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll to access the money. These trustees will not be entitled to the funds other than to manage the release. The DOGE housed in this wallet will distribute incentives to Dogecoin Core developers for work on all contributions, no matter how big or little, according to a blog post.

The developers that contributed to each Dogecoin Core version each receive 500,000 DOGE. In the interest of complete openness, the team has shared the wallet address where the money is kept. Additionally, the custodians will blog about each transaction and post on social media about how much money the Dogecoin core team spends.

The developers of Dogecoin recently refuted rumours that the network might immediately transition to a proof-of-stake (PoS) consensus method. Contrary to earlier reports, the developers have said they won't reveal any code pertaining to this problem but would instead publish a suggestion. The important individuals who circulated the rumour were publicly called out by one of the developers, Lumin, who said that they did not have the "inside scoop" on Dogecoin.

On September 16, Ethereum switched to proof-of-stake (PoS), and Dogecoin surpassed it as the second-largest cryptocurrency based on proof-of-work.

Tags: Cryptocurrency

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