Amazement fills the air as Dogecoin Foundation discloses its major fund for the Core development. As a result, DOGE’s price increased by 2% in one hour. On Saturday, the Dogecoin Foundation released some excellent info for the community.
To promote Dogecoin development activities and enrich the whole Dogecoin ecosystem, the Dogecoin foundation has set up a brand-new fund for its Core development. Additionally, the DOGE price rose 2% in one hour, a massive response from the Dogecoin community.
A New Community Development Fund
On December 31st, the Dogecoin Foundation released an official statement regarding creating a new community development fund. Initially, 5 million DOGE was transferred towards the Dogecoin Core development fund by the Foundation.
The present developers and signatory board members of the Foundation oversee developments across the Dogecoin network. The primary purpose is for the Dogecoin ecosystem to benefit significantly from the Core’s development.
The team will write blog articles on all expenses and developments for transparency. Furthermore, the Foundation members and engineers of the Dogecoin Core will run the latest multi-signature wallet.
Also, it is a must that three of the five custodians must sign a document before the release of any amount of DOGE to the core development fund. Currently, the custodians are Chromatic, Michi Lumin, and Patrick Lodder — developers of the Dogecoin Core; Ross Nicoll (a former developer of Dogecoin Core); and Marshall Hayner — a member of the Foundation Board.
However, the funds in the wallet are not subject to the custodians’ rights. According to BitInfoCharts, the account presently has 4,999,999.90 DOGE worth over $342,000.
In addition, Marshall Hayner has been appointed to be on the board of directors by the Foundation in recognition of his efforts to develop Dogecoin Core.
Many have been motivated by his persistent dedication to the community and its growth. The Foundation benefits from Marshall’s executive & technical leadership experience. Also, he was crucial in establishing the fund.
Refuting A False Rumor
Meanwhile, the Dogecoin developers have refuted recent false truths that the network is about to transition to a PoS mechanism. The developers explained that a proposal is the first step before a possible switch.
Michi Lumin, one of Dogecoin’s core developers, posted on Twitter that the rumor was false on Thursday. Lumin explained that it’s only with the community’s consent that the network’s Foundation can revamp the network.
“No institution or person can convert Dogecoin into PoS,” he continued.