Dogecoin Foundation Introduces New Fund For Core Developers

The Dogecoin Foundation has announced a new grant for Dogecoin Core developers to help promote the Dogecoin ecosystem in 2018. It announced on December 31 to add 5 million Dogecoin, or around $360K, to the new fund to encourage the growth of the Dogecoin platform.

Exciting news to end 2022 on!https://t.co/6y20WIf5Aj

— Dogecoin Foundation (@DogecoinFdn) December 31, 2022

According to the foundation, the funds will be stored in a new multi-signature wallet administered by its members, which requires three out of five signatures from Dogecoin Core developers chromatic, Michi Lumin, Marshall Hayner, Patrick Loader, and Ross Nicoll. These trustees will have no rights to the funds other than the power to manage the release. The team shared

“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 version of Dogecoin Core, developers contributing to the release will get 500,000 DOGE. The team disclosed the wallet address where the funds are stored to promote openness. The Dogecoin core team will create blog posts for all expenditures and be made public via social media networks.

Meanwhile, Dogecoin developers have recently refuted speculations that the network will immediately switch to a proof-of-stake (PoS) consensus. They indicated that they only want to offer a proposal on the matter. One of the developers, Lumin, reprimanded those who, with no insider information about Dogecoin, spread the myth.

Dogecoin became the second-largest proof-of-work (PoW) crypto on September 16. The upgrade was implemented following the Ethereum network’s transition to PoS consensus. Some argue that Bitcoin should defend its PoW consensus because of the current move. Labrys CEO Lachlan Feeney told Cointelegraph that Bitcoin is under pressure to justify the PoW algorithm over time.