The Dogecoin Foundation – a non-profit organization supporting the development of the first ever memecoin – has announced a new development fund of 5,000,000 DOGE. The capital will be distributed to developers who contribute to the development of the token ecosystem.
The entity also revealed that Marshall Hainer (one of the trustees of the fund) has joined the board of directors of the Dogecoin Foundation.
incentive for developers
the organization I swear Transfer five million DOGE (worth about $360,000 at the moment) into a “segregated multi-signature wallet” and use the amount to reward core developers for promoting and growing the Dogecoin ecosystem:
“The DOGE in this wallet will reward Dogecoin Core developers for work on all contributions, no matter how big or small.”
Dogecoin Foundation members will manage the wallet, while the following five custodians will ensure its security: Looney (the developer of Dogecoin Core), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll.
The fund gives 500,000 DOGE to developers after each minor or major advancement of Dogecoin Core, but the size of the reward depends on the actions of each contributor. It will be completely transparent and will announce each distribution via social media platforms.
In addition to his role as trustee, the Dogecoin Foundation has added Marshal Hainer to its board of directors.
“Marshall brings executive and technical leadership expertise to the Dogecoin Foundation and was instrumental in creating this core development fund,” the entity added.
Dogecoin Foundation Relaunch
The organization, founded in 2014, remained inactive for several years before being reborn 2021 with a new advisory board. Notable figures included in this entity include Ethereum’s Vitalik Buterin, Dogecoin founder Billy Marcus (Shibitoshi Nakamoto), and Jared Birchall (a key figure in Elon Musk’s inner circle).
The Dogecoin Foundation partnered with Buterin in late 2021 to create a “community staking” system based on Proof-of-Stake (PoS), which suggested that memecoin might change from a Proof-of-Work (PoW) consensus mechanism.
“The foundation is also working with Vitalik (founder of the Ethereum blockchain) to create a unique 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 support the network, while giving back to the community,” the team announced at the time. entirely through charity.
But Michie Lumen recently denied these rumours, Such as DOGE has no plans to mimic the movements of Ethereum. Vitalik Buterin’s idea remains the only crypto protocol to move from PoW to PoS. Upgrade, more popular like “merger”, It was completed last September.
Post-Dogecoin Foundation Introduces New Core Development Fund which debuted on CryptoPotato.