The Dogecoin Foundation – a non-profit organization supporting the development of the first memecoin – has announced a new development fund of 5,000,000 DOGE. The funds are allocated to developers who contribute to the development of the token ecosystem.
The group has promised to transfer 5 million Dogecoins (currently worth about $360,000) into a “segregated multi-signature wallet” and use the funds to fund core developers to promote and grow the Dogecoin ecosystem reward. Dogecoin Foundation members will manage the wallet, while the following five custodians will keep it safe: chromatic (Dogecoin core developers), Marshall Hayner, Patrick Lodder, Michi Lumin, and Ross Nicoll.
The fund distributes 500,000 DOGE to developers after each minor or major improvement of Dogecoin Core, but the size of the reward depends on the behavior of each contributor. It will be fully transparent and will announce any distribution across social media platforms.
The Rebirth of the Dogecoin Foundation
Founded in 2014, the organization went dormant for years before being reborn in 2021 with a new advisory board. Notable figures in the sector include Ethereum’s Vitalik Buterin, Dogecoin founder Billy Markus (Satoshi Nakamoto), and Jared Birchall (a key figure in Elon Musk’s inner circle).
The Dogecoin Foundation partnered with Buterin in late 2021 to create a Proof-of-Stake (PoS)-based “community staking” system, suggesting that Memecoin will be powered by a Proof-of-Work (PoW) consensus mechanism.
The team announced at the time that the foundation was also working with Vitalik (the founder of the Ethereum blockchain) to develop a unique DOGE proposal for a “community staking” version of PoS that would benefit everyone, not just the big gamers , would allow them to participate in one of the ways to reward them for their contribution to running the network while also giving back to the community in general through philanthropy.
However, Michi Lumin recently denied these rumors, stating that DOGE has no plans to copy Ethereum’s move. Vitalik Buterin’s brainchild remains the only crypto protocol to move from PoW to PoS. The upgrade, the more popular “Fusion,” finally completed last September.
