​Dogecoin Foundation announces new fund for developer

What’s new? On December 31, the Dogecoin Foundation, a non-profit organization, announced the creation of a new community development fund, Dogecoin Core. The initiative aims to promote the ecosystem in the new year further. 5 million Dogecoin (DOGE) tokens will be allocated for the fund. The funds will be stored in a new multi-signature wallet and will be operated by Dogecoin Core developers and members of the Dogecoin Foundation.

Dogecoin Foundation’s Blog

What else is known about the fund? The wallet is secured with “a three out of five signature threshold,” and its custodians are the developer under the alias chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. They will have no rights to the funds other than managing the issue of DOGE.

“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 blog says. To ensure transparency, the team published the address of the wallet where the assets are stored. The Dogecoin Core team will also publish reports on all expenditures, and custodians will announce them via social media.

In addition, the Dogecoin Foundation welcomed Marshall Hayner to the Dogecoin Foundation board of directors. Hayner brings executive and technical leadership experience to the Dogecoin Foundation and has been instrumental in creating the new development fund, according to the blog.

What is known about DOGE? The meme cryptocurrency was created in 2013 by Billy Marcus and Jackson Palmer. The token’s mascot is a Shiba Inu dog. In September, DOGE became the second most capitalized cryptocurrency on the Proof-of-Work (PoW) algorithm. This came after the Ethereum network switched to Proof-of-Stake (PoS). As of January 3, DOGE ranks eighth in the overall cryptocurrency ranking with a capitalization of $10,41 billion. As of 06:45 UTC, the asset is trading at $0,071940, having gained 2,57% overnight, according to Binance.

Earlier, DOGE blockchain core developer Michi Lumin denied rumors that the network may switch from the PoW algorithm to PoS. According to Lumin, this can only happen if the proposal goes through a long discussion stage and is approved by the network’s community.