New Funding Initiative for Dogecoin Development
The Dogecoin Foundation has officially announced a substantial funding initiative aimed at boosting the development of the Dogecoin ecosystem. On the last day of 2021, the foundation declared it will allocate 5 million Dogecoin (approximately $360,000) to support its platform’s growth and improvements in the upcoming year.
How the Fund Will Operate
This generous fund will be stored in a multisignature wallet, managed by five core Dogecoin developers: Chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. But don’t worry, these custodians won’t be going on a wild shopping spree with the funds; they merely have the responsibility to manage the release of these funds, requiring three out of five signatures for any disbursement. As the foundation stated, “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.”
Incentives for Developers
To incentivize hard work and contributions, for every release of Dogecoin Core, 500,000 DOGE will be allocated to developers who played a part in making it happen. It’s like a participation trophy, but for code! The foundation is keen on maintaining transparency, pledging to publish the wallet address where the funds are stored, along with blog posts detailing all expenditures. And yes, updates will also glide into users’ social media feeds.
Clarifying Proof-of-Stake Rumors
Amid the excitement, Dogecoin developers took a moment to address rumors swirling about a potential move to a proof-of-stake (PoS) consensus mechanism. Rumors are often as persistent as your neighbor’s lawn gnome, but the developers firmly quashed them, stating they only aim to release a proposal on the matter. Michi Lumin, one of the core developers, even called out influencers for spreading misinformation. So, if you hear someone claiming they have the “inside scoop” on Dogecoin, take it with a large grain of salt, possibly the size of a dog treat!
Bitcoin’s PoW Status in the Spotlight
The Dogecoin announcement comes at a time when the cryptocurrency landscape is undergoing significant changes. Following Ethereum’s switch to PoS, some industry players are now scrutinizing Bitcoin’s proof-of-work (PoW) system. Lachlan Feeney, the CEO of Labrys, expressed that “the pressure is on” Bitcoin to validate its PoW consensus in the long run. So will the Bitcoin community rise to the challenge, or will they simply rely on all those memes of Shiba Inus in sunglasses to back their choice?
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