- The Dogecoin Foundation has announced a 5,000,000 DOGE ($360,000) development fund meant for developers.
- As part of the process, the foundation would distribute 500,000 DOGE to the developers after the Dogecoin Core records a minor or major advancement.
The Dogecoin Foundation has announced a 5,000,000 DOGE ($360,000) development fund meant for developers who contribute to the ecosystem. According to reports, the funds would first be moved to a “segregated multi-signature wallet,” and would be run by members of the foundation. “chromatic (Dogecoin Core developer), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll” would reportedly be in charge of its security.
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.
As part of the process, the foundation would distribute 500,000 DOGE to the developers after the Dogecoin Core records a minor or major advancement. However, the actions of each contributor would determine the reward size, and the process would be completely transparent.
The announcement further clarifies that custodians have no right to access the money in the wallet either as individuals or as a group. Also, a custodian cannot nominate their successor, but can only request secession for their slot.
The remaining custodians shall publicly nominate a replacement and unanimously agree on the appointment of the successor. When this process is completed in full and a successor is appointed, the custodian is relieved of all duties.
In a situation where a custodian is not available without notice for at least three months, the others shall initiate a succession process. The affected custodian can only return to active duty after the succession process has been completed.
Dogecoin Foundation welcomes Marshal Hayner to the Board of Directors
As part of the announcement, Marshal Hayner has been added to the Board of Directors.
We would also like to welcome Marshall Hayner to the Dogecoin Foundation board of directors at this time, his consistent commitment to the Dogecoin community and the development of Dogecoin has inspired many. Marshall brings executive and technical leadership experience to the Dogecoin Foundation and has been instrumental in creating this Core development fund.
The Dogecoin Foundation came back to life in 2021 after years of inactivity. The new advisory board was formed with the likes of Ethereum’s Vitalik Buterin, and Dogecoin’s Founder Billy Markus (Shibetoshi Nakamoto) forming part of the unit.
In 2021, the Dogecoin Foundation collaborated with Vitalik Buterin to come up with a Proof-of-Stake-based community system. This triggered speculation that the ecosystem could be moving to the Proof-of-Work mechanism.
The Foundation is also working with Vitalik (Founder of the Ethereum blockchain) on crafting a uniquely DOGE proposal for a ‘Community Staking’ version of PoS that will allow everyone, not just the big players, to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes.
Michi Lumin has, however, clarified that this is just a rumor, as the foundation has no plans to follow in the footsteps of Ethereum.
The Doge community has shown some positive sentiments following the announcement with the price currently trading at $0.071. Regardless, it is still 90 percent down from its all-time high.
