Dogecoin Foundation has declared a new fund for Dogecoin Core developers for promotion of Dogecoin landscape further in this year, as reported by Cointelegraph.
According to Cointelegraph, on December 31, 2022, the foundation mentioned about allocation of five million Dogecoin for supporting the Dogecoin platform’s growth. It is believed that the fund will be contained in a new multisignature wallet handled by its members and required three out of five signatures from Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder and Ross Nicoll.
On the basis of information by Cointelegraph, with every release of Dogecoin Core, 500,000 DOGE will be shared among developers who contributed to the release. For making sure transparency exists, the team unveiled the wallet address where the fund is held. Reportedly, the Dogecoin core team will also be releasing blog posts for all expenditures and will be announced using social media channels by the custodians.
Moreover, Cointelegraph noted that Dogecoin developers have been in denial of rumors that the network is making the immediate transition to a proof-of-stake (PoS) consensus mechanism. It is believed that the developers gave the clarification that they aim to release a proposal regarding the issue. On September 16, 2022, Dogecoin became the second largest proof-of-work (PoW) cryptocurrency after Ethereum’s switch to PoS.
(With insights from Cointelegraph)