The Dogecoin Foundation has announced a new fund for Dogecoin Core developers in order to further promote the Dogecoin ecosystem in the coming year.

The foundation announced on December 31 that it is allocating 5 million Dogecoin, which is approximately $360,000 at the time of writing, to the new fund to support the development of the Dogecoin platform.

The fund, according to the Dogecoin foundation, will be held in a new multisignature wallet managed by its members and will require three of five signatures from Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. Apart from managing the release, these custodians will have no rights to the funds.

“The DOGE held in this wallet will disburse rewards to developers of Dogecoin Core for work on all contributions, no matter how big or small,” the team wrote.

For each Dogecoin Core release, 500,000 DOGE will be distributed to developers who contributed to the release. To ensure transparency, the team disclosed the wallet address where the funds are stored. The Dogecoin core team will also publish blog posts for all expenditures, which will be announced by the custodians via social media channels.

Meanwhile, Dogecoin developers recently denied rumors that the network would switch to a proof-of-stake (PoS) consensus mechanism right away. The developers clarified that they only intend to issue a proposal on the subject. One of the engineers, Lumin, chastised influencers who spread the rumor and stated that they do not have the “inside scoop” on Dogecoin.

On September 16, Dogecoin overtook Bitcoin as the second-largest proof-of-work (PoW) cryptocurrency. After the Ethereum network switched to PoS consensus, the update was released. Some believe that Bitcoin’s PoW consensus should be justified in light of the recent shift. Lachlan Feeney, CEO of Labrys, told Cointelegraph that “the pressure is on” Bitcoin to justify the PoW system in the long run.

(Adapted from CoiinTelegraph.com)

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