The Dogecoin Foundation has announced a new funding initiative to support the development of the Dogecoin ecosystem.
The foundation has allocated 5 million Dogecoin (DOGE), worth approximately $360,000 at the time of writing, to a new multisignature wallet managed by its members. This wallet will require three out of five signatures from Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll in order to release any funds. These custodians will not have any rights to the funds beyond managing the release. The Dogecoin Foundation aims to use this new fund to further promote and advance the Dogecoin platform in the coming year.
“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 Dogecoin Foundation has announced a new initiative to support the development of the Dogecoin ecosystem. As part of this initiative, the foundation will allocate 500,000 Dogecoin (DOGE) to developers who contribute to each release of Dogecoin Core. The funds will be held in a transparent, multisignature wallet managed by the foundation’s members. To ensure accountability, the Dogecoin core team will publish blog posts detailing all expenditures and will announce them through social media channels. The wallet address for the fund will also be made publicly available. The Dogecoin Foundation aims to use this new fund to further promote and advance the Dogecoin platform in the coming year.
Despite recent rumors, Dogecoin developers have denied that the network is immediately transitioning to a proof-of-stake (PoS) consensus mechanism. Instead, the developers have stated that they are simply releasing a proposal on the matter. Michi Lumin, one of the Dogecoin engineers, has reprimanded influencers who circulated the false rumor and stated that they do not have any inside knowledge of the Dogecoin network.
On September 16, Dogecoin became the second-largest proof-of-work (PoW) cryptocurrency, following Ethereum’s transition to a PoS consensus mechanism. Some experts believe that this shift puts pressure on Bitcoin to justify its use of the PoW system in the long term. Lachlan Feeney, CEO of Labrys, has stated that ‘the pressure is on’ for Bitcoin to prove the efficacy of the PoW system.”