The Dogecoin Foundation has announced its new fund for Dogecoin Core developers.
The Foundation has allocated 5 million DOGE worth approximately $360,000 for the development of the ecosystem.
Dogecoin Foundation Supports Developers
The foundation has announced a new fund for Dogecoin Core developers with the aim of furthering the Dogecoin ecosystem in the new year.
The foundation announced that it has allocated 5 million DOGE on December 31 to support the development of the platform.
According to the Dogecoin foundation, this fund will be held in a member-managed multi-signature wallet. Dogecoin Core developers Chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicell will be leading the movement of funds. Although three of these names have signed, the funds can be transferred out. These individuals will not have any access rights other than to release the funds.
For each release of Dogecoin Core, 500,000 DOGE rewards will be distributed among the developers who contributed to the release. In order to ensure transparency, the team also published the wallet address where the fund is kept. The Dogecoin Core team will publish blog posts for all spends and developments will be announced via social media channels.
However, Dogecoin developers have denied rumors that the network will switch to proof-of-stake.
