Dogecoin Foundation Launches Core Development Fund
Marshall Hayner, the most recent addition to the DF Board of Directors, is one of the fund’s five custodians.
The first-ever memecoin’s development is supported by the charity Dogecoin Foundation, which recently unveiled a new 5,000,000 DOGE development fund. Developers that advance the ecology of the token will receive a portion of the money.
The organization also disclosed that Marshall Hayner, one of the fund’s custodians, had been elected to the Board of Directors of the Dogecoin Foundation.
Boost for Developers
Five million DOGE, or about $360,000 at the time, will be sent to a “segregated multi-signature wallet,” and the group promised to utilize the funds to reward key developers for advancing and expanding the Dogecoin ecosystem:
“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.”
Dogecoin Foundation members will manage the wallet, and the following five custodians will oversee its security: chromatic (Dogecoin Core developer), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll.
After every small or significant improvement to Dogecoin Core, the fund will provide developers 500,000 DOGE, although the payment amount will depend on each contributor’s activities. Every distribution will be publicly and transparently announced on social media.
Marshal Hayner joined the Dogecoin Foundation’s Board of Directors in addition to his responsibilities as a custodian.
Marshall has contributed significantly to establishing this Core development fund, according to the organization, and he brings expertise to the Dogecoin Foundation in managerial and technical leadership.
The Dogecoin Foundation’s Relaunch
Before its resuscitation in 2021 with a new Advisory Board, the organization, founded in 2014, was dormant for years. The founder of Ethereum, Vitalik Buterin, the creator of Dogecoin, Billy Markus (also known as Shibetoshi Nakamoto), and Jared Birchall (an essential player in Elon Musk’s inner circle) are prominent members of that unit.
It was hinted that the memecoin would move away from the Proof-of-Work (PoW) consensus mechanism when the Dogecoin Foundation and Buterin worked together to develop a “community staking” system based on Proof-of-Stake (PoS) by the end of 2021.
“The Foundation is also working with Vitalik (Founder of the Ethereum blockchain) on crafting a uniquely 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 running the network, and at the same time gives back to the whole community through charitable causes,” the team announced at the time.
Michi Lumin, however, recently refuted the claims, stating that DOGE has no intentions of copying Ethereum’s action. The only cryptographic technique to convert from PoW to PoS is Vitalik Buterin’s invention. The renovation, better known as “The Merge,” was finally finished in September of last year.
