Dogecoin Announces New Ecosystem Fund
Dogecoin Foundation announced on Saturday exciting news for the meme cryptocurrency community.
The Foundation has created a new Dogecoin Core Development Fund to increase Dogecoin developer activity and benefit the overall ecosystem. The cryptocurrency community reacted positively and the price of DOGE saw a slight rise immediately after the announcement, although the asset began to decline shortly after.
Initially, the Dogecoin Foundation transferred 5,000,000 DOGE to the development fund (which at the time of writing is just over $340,000).
The DOGE team will ensure that 5 million DOGE will be allocated to the Dogecoin Core, as its development is critical and for the benefit of the Dogecoin ecosystem. In an effort to maintain transparency, the team will share blog posts on all spending and developments.
The new multisig wallet will be managed by the Dogecoin Core developers and members of the Dogecoin Foundation. DOGE held in the wallet will be efficiently distributed to Dogecoin Core developers. This requires three of the five trustees’ signatures.
The trustees include Chromatic (Dogecoin Core developer), Marshall Hayner (Dogecoin Foundation Board), Michi Lumine (Dogecoin Core developer, Dogecoin Foundation Board), Patrick Lauder (Dogecoin Core developer) and Ross Nicol (former Dogecoin Core developer). The trustees have no rights to the money held in the wallet.
Additionally, the Dogecoin Foundation added Marshall Hayner to the board of directors for his contributions to the development of Dogecoin.
At the time of writing, the price of DOGE is trading at $0.07042.