Dogecoin Foundation offers a new fund for core devs
To further advance the Dogecoin ecosystem in the coming year, the Dogecoin Foundation recently unveiled a new fund for Dogecoin Core developers.
To encourage the growth of the Dogecoin platform, the foundation announced on December 31 that it is contributing 5 million Dogecoin, or about $360,000 at the time of writing, towards the new fund.
The fund will be kept in a new multisignature wallet that is maintained by the Dogecoin foundation’s members and requires three of the five signatures from the developers of Dogecoin Core, including chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. Besides controlling the release, these custodians won’t have any other access to the funds.
Every time Dogecoin Core is updated, the developers who worked on the update will each receive 500,000 DOGE. The team disclosed the wallet address in which the fund is stored in order to ensure openness. All expenditures will also be documented by the Dogecoin core group in blog entries, and the custodians will make announcements via social media.
The height of the compensation for each particular contributor will be determined using the formula used for the Dogecoin Core tip jar in order to prevent a repetition of effort. Furthermore, custodians are not given any rights to the funds that are kept in the wallet.
A custodian may only seek replacement for their own position; they are not permitted to name their own successor. The successor shall be chosen by unanimous consent of the remaining caretakers, who shall also publicly recommend a replacement.
Developers of Dogecoin recently refuted speculations that the network is switching over to a proof-of-stake (PoS) consensus process right now. The creators made it clear that they merely intend to publish a proposal on the matter. One of the developers, Lumin, chastised the rumor’s spreaders and claimed they didn’t have the “inside scoop” on Dogecoin.
Dogecoin overtook Bitcoin as the second-largest proof-of-work (PoW) digital currency on September 16. After the Ethereum network adopted PoS consensus, the update was released. Some people think that Bitcoin should defend its PoW consensus given the latest change. According to Labrys CEO Lachlan Feeney, there is long-term pressure on Bitcoin to explain the PoW system.