Last week, Dogecoin Foundation announced that it is allocating 5 million DOGE into a new fund to support the development of Dogecoin ecosystem in the future. Although the current value of this fund is not high, only about 360,000 USD, this is a remarkable effort from the Dogecoin Foundation.
Anyway, Dogecoin Foundation is just a non-profit organization that was established in 2014 by the creators of Dogecoin to support the project. However, the organization was shut down until 2021 when it was revived by members of the original core team and experienced advisors like Vitalik Buterin and the representative of Elon Musk. Recently, Vitalik Buterin also silently donated 20 million DOGE to the Dogecoin Foundation.
The new fund will be held in a multisignature wallet managed by members and needs three out of five signatures from Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder and Ross Nicoll. These custodians will not have any rights to the funds aside from managing the release.
“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”, the team confirmed.
For each release, 500,000 DOGE will be distributed among developers who have contributed significantly. To ensure transparency, the team has published the wallet address where the fund is held, and will also publish blog posts for all expenditures.
Besides, developer Michi Lumin also denied rumors that the Dogecoin network is moving over to a Proof-of-Stake (PoS) consensus mechanism. Ethereum completed The Merge in September 2022, and then Gnosis Chain – one of the first sidechains of Ether, also migrated from a PoA consensus to a PoS consensus. However, DOGE now has no plans to imitate Ethereum’s move.
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