The Dogecoin Foundation, a not-for-profit organization, has established a new fund aimed at supporting the development of the Dogecoin ecosystem.
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According to a press release, the foundation has allocated 5 million DOGE (~$360,000) in a multi-sig wallet, secured with a three out of five signature threshold controlled by Dogecoin Core developers and members of the foundation.
The organization plans to distribute up to 500,000 DOGE with every release of Dogecoin Core. The coins will be sent out among all contributors "credited in the release notes since the previous major or minor release, exclusively."
"All distributions shall be publicly announced and distributed widely across social media channels to the best of the abilities of the custodians," the foundation said.
The announcement comes shortly after Dogecoin core developer, Michi Lumin, said in a tweet thread there are no plans to move the blockchain from Proof-of-Work to the Proof-of-Stake algorithm. He added that those who "claim they 'know' what's going on in this matter have failed to even educate themselves on the concept of blockchain consensus."
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