• The Dogecoin Foundation has announced a 5,000,000 DOGE ($360,000) development fund for developers contributing to the ecosystem.
• The funds will be run by members of the foundation and a reward of 500,000 DOGE will be distributed to developers after the Dogecoin Core records a minor or major advancement.
• Custodians have no right to access the money in the wallet, and in case of a custodian’s absence for at least three months, the others shall initiate a replacement process.
The Dogecoin Foundation has recently announced a 5,000,000 DOGE ($360,000) development fund dedicated to developers who contribute to the Dogecoin ecosystem. The fund is meant to promote the growth of the Dogecoin Core and reward developers with a 500,000 DOGE payout after the Core records a minor or major advancement.
The funds have been moved to a „segregated multi-signature wallet,“ which will be run by members of the foundation. These custodians, which include chromatic (Dogecoin Core developer), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll, will be responsible for the security of the wallet. Custodians have no right to access the money in the wallet either as individuals or as a group. In the event of a custodian needing to step down, they cannot nominate a successor and must instead request secession for their slot. The remaining custodians must then publicly nominate a replacement and unanimously agree on the appointment. If a custodian is not available without notice for at least three months, the others shall initiate a replacement process.
The introduction of this development fund is a major step forward for the Dogecoin project and the cryptocurrency community in general. The Dogecoin Foundation is confident that this new initiative will help to promote the growth of the Dogecoin Core and help developers to continue creating innovative products. In addition, this fund also provides a much-needed incentive for developers to continue contributing to the Dogecoin project. With the development fund in place, the Dogecoin Foundation is sure to see an influx of new developers and projects in the coming months.