A new development fund with a total of 5,000,000 DOGE has been established by the Dogecoin Foundation, a non-profit organization that promotes the creation of the original memecoin.
It is important to note that the developers improving the ecology of the token, will receive a portion of the capital.
The organization also disclosed that Marshall Hayner, one of the fund’s custodians, had been elected to the Board of Directors of the Dogecoin Foundation.
Five million DOGE, or about $360,000 at the time of writing, will be transferred to a “segregated multi-signature wallet.” The team made the wallet address public in order to ensure transparency regarding the location of the fund.
The organization will use the funds in order to reward key developers for improving and expanding the Dogecoin ecosystem. It states:
“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 wallet will be managed by Dogecoin Foundation members, and its security will be overseen by the five custodians: Marshall Hayner, chromatic (Dogecoin Core developer), Michi Lumin, Patrick Lodder, and Ross Nicoll.
Also, the group requires three of these five developers of Dogecoin Core to sign. Besides controlling the release, these custodians won’t have any other access to the money.
Welcoming Marshal Hayner to its Board of Directors of the Dogecoin Foundation, the body asserts:
“Marshall brings executive and technical leadership experience to the Dogecoin Foundation and has been instrumental in creating this Core development fund.”
What is the Dogecoin Foundation?
The Dogecoin Foundation processed its re-establishment of DOGE in 2021 in an effort to strengthen DOGE’s blockchain and bring the meme coin back to its former days’ glory. It established a council of advisors to accomplish this. Vitalik Buterin and Jared Birchall, an associate of Elon Musk, were two of those people.
The coin saw a significant rise soon after its debut. The inventor of Tesla, has supported Dogecoin on several occasions.
