Dogecoin Foundation announces new fund for core developers
The Dogecoin Foundation has made a special announcement, allocating 5 million Dogecoin (DOGE), which is around $360,000, to a new fund to support the development of the Dogecoin platform.
The fund will be held in a new multisignature wallet managed by its members and requires 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 team stated:
“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 release of Dogecoin Core, 500,000 DOGE will be distributed among developers who contributed to the release. To ensure transparency, the team released the wallet address where the fund is held. The Dogecoin core team will also be publishing blog posts for all expenditures and will be announced through social media channels by the custodians.
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Recently, Dogecoin developers denied rumors that the network is immediately transitioning to a proof-of-stake (PoS) consensus mechanism. The developers clarified that they only plan to release a proposal on the issue. Lumin, one of the engineers, reprimanded influencers who circulated the rumor and said that they do not have the “inside scoop” on Dogecoin.
On Sept. 16, Dogecoin became the second-largest proof-of-work (PoW) cryptocurrency. The update came after the Ethereum network switched over to PoS consensus. Because of the recent shift, some believe that Bitcoin should justify its PoW consensus. Labrys CEO Lachlan Feeney told Cointelegraph that “the pressure is on” Bitcoin to justify the PoW system in the long term.