Dogecoin (DOGE) Foundation Announces a New Fund for Core Developers

At the start of the new year, the Dogecoin foundation came forward with an announcement of a new fund. Such a fund is specifically for core developers and the main aim is to support the development of the Dogecoin platform throughout the year. On 31st December the previous year, the Dogecoin foundation announced the allotment of 5 million Dogecoin worth approximately $360,000. The foundation also mentioned that the fund would be an entirely new, segregated multi-signature wallet. It is specially designed to transparently manage the sum of the initial 5 million Dogecoin.

Furthermore, three out of five signatures are required from the Dogecoin Core developers. These custodians would have no rights to the sum apart from simply managing the release. However, all the coins in the fund would eventually distribute rewards to the developers of the Dogecoin core. No matter how big or small the effort is, a reward would be granted nonetheless. As long as individual releases of the cores are concerned, a total of 500,000 DOGE would be distributed between the developers responsible for their contribution.

Maximizing transparency can be classified as one of the aims of the Dogecoin foundation. Keeping that in mind, the team has made the wallet address of the funds, public. Furthermore, the Dogecoin core team also took up the task of creating and publishing blog posts. These would revolve around the announcement of all possible ways via social media channels by the custodians.


The Dogecoin Foundation Sets a Few Boundaries

Despite the Dogecoin foundation announcing a new fund, it has even specified criteria under which the wallet should operate. When it comes to releasing a core, each request must meet the criteria of holding at least 25 non-whitespace/comment-only pull requests. If these are satisfied, the release would only then be considered a major or minor release. These can be described as the only possible transfers from this wallet. The payout would vary based on the overall contribution. Such a step is necessary to take in an effort to prevent duplication of work.

As long as succession is concerned, a custodian is only limited to requesting succession for their slot instead of nominating a successor. The remaining custodians would publically nominate a successor and agree on the appointment. Similarly, if a custodian stays unreachable for over 3 months, the remaining custodians must initiate a succession process.