The foundation has allocated 5 million Dogecoin, worth approximately $360,000 at the time of writing, to the new fund. The funds will be held in a new multi-signature wallet managed by five Dogecoin Core developers, who will act as custodians with no rights to the funds aside from managing their release.
For every release of Dogecoin Core, 500,000 Dogecoin will be distributed among developers who contributed to the release. To ensure transparency, the wallet address where the fund is held has been released, and all expenditures will be announced through social media channels and published in blog posts.
Dogecoin Developers Deny Rumors of Immediate Move to Proof-of-Stake
Dogecoin developers have denied rumors that the network immediately moves to a proof-of-stake (PoS) consensus mechanism. The developers have clarified that they only plan to release a proposal on the issue. One of the engineers, Michi Lumin, reprimanded influencers who circulated the rumor and emphasized that they do not have the “inside scoop” on Dogecoin.
On September 16, Dogecoin became the second-largest proof-of-work (PoW) cryptocurrency after the Ethereum network switched to PoS consensus. This shift has led some to believe Bitcoin should justify its use of the PoW system in the long term.