The Dogecoin Foundation moved 5 million DOGE to support the development of the Dogecoin ecosystem.
Dogecoin Foundation, a not-for-profit organization overlooking the Dogecoin development and its advocacy, has launched the Dogecoin Core development fund, dubbed Dogecoin CoreFund.
According to the announcement shared on December 31st, the new fund will be used by Dogecoin Core developers to promote the Dogecoin ecosystem.
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Dogecoin Foundation claims to have moved around 5,000,000 Dogecoin (DOGE), worth around $360,500, to fund the development of Dogecoin Core.
In the announcement, Dogecoin Foundation revealed that the fund will be managed by “existing core developers and Dogecoin Foundation board director signatories.”
The funds are located in the new multi-signature wallet, which requires signatures from three out of five Dogecoin Core developers and Dogecoin Foundation Board members. The list of Dogecoin Core developers and Dogecoin Foundation Board members include chromatic, Michi Lumin, Marshall Hayner, Ross Nicoll and Patrick Lodder.
Based on Dogecoin Foundation, the DOGE located in the fund will be distributed as a reward to Dogecoin Core developers “for work on all contributions, no matter how big or small.”
Nevertheless, in the wallet operation rules, Dogecoin Foundation highlighted that after a “major or minor release” on Dogecoin Core, 500,000 DOGE (around $36,000) should be distributed to all “contributors credited in the release notes.” On top of that, regarding the payouts Dogecoin Foundation added:
The height of the payout for each individual contributor will be weighed based on the process used for the Dogecoin Core tip jar, to minimize duplication of work, or based thereon if no functional Dogecoin Core tip jar exists at that time.
At the time of writing, Dogecoin (DOGE) retails for $0.0722, recording a 3.71% price increase in the last 24 hours.
