Dogecoin Foundation announces new fund for core developers

The Dogecoin ( $0.000 ) Foundation announced a new fund for Dogecoin ( $0.000 ) Core developers to promote the Dogecoin ( $0.000 ) ecosystem further in the new year. 

On Dec. 31, the foundation stated that it is allocating 5 million Dogecoin ( $0.000 ) (DOGE), which is around $360,000 at the time of writing, to the new fund to support the development of the Dogecoin ( $0.000 ) platform.

According to the Dogecoin ( $0.000 ) foundation, the fund will be held in a new multisignature wallet managed by its members and needs three out of five signatures from Dogecoin ( $0.000 ) 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 wrote:

“The DOGE held in this wallet will disburse rewards to developers of Dogecoin ( $0.000 ) Core for work on all contributions, no matter how big or small.”

For every release of Dogecoin ( $0.000 ) 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 ( $0.000 ) 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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Meanwhile, Dogecoin ( $0.000 ) developers have recently denied rumors that the network is immediately moving over 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 ( $0.000 ) .

On Sept. 16, Dogecoin ( $0.000 ) became the second-largest proof-of-work cryptocurrency after Ethereum ( $2,616.49 ) switched over to PoS.