As part of the Dogecoin Foundation’s plans to expand the reach of the Dogecoin ecosystem over the course of the next 12 months, a new fund has been introduced that will be used exclusively to provide financial assistance to developers working on the Dogecoin Core software.

The foundation made the announcement on December 31 that it will hand over 5 million Dogecoin, which was worth around $360,000 at the time this article was published, and would be contributed to a new fund that will further the expansion of the Dogecoin platform. .

According to the Dogecoin foundation, the money will be stored in a new multi-signature wallet, which will be managed by the members of the Dogecoin foundation. Additionally, the fund requires the signatures of three of the five developers working on the Dogecoin Core software. These particular developers are chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll. These custodians will not have any rights to the money, apart from the obligation to supervise its release.

The developers of the Dogecoin Core software will get a reward of 500,000 DOGE every time a new version of the software is released. This bounty will be distributed proportionally according to the amount of work each developer contributed to the release.

In an effort to preserve transparency, the group has revealed to the general public the address of the digital wallet that stores the money.

Meanwhile, developers working on the Dogecoin network have recently put to rest rumors that the network is moving to a consensus method known as proof-of-stake. Speculation had suggested that the network could soon move to proof-of-stake (PoS).

The developers have made it quite clear that their main goal is to publish a proposal on the situation, and this intention has been made known.

On September 16, Dogecoin surpassed Litecoin to become the second largest Proof-of-Work (PoW) cryptocurrency. He did it by increasing his hashing power. After the Ethereum network completed its migration to a PoS consensus, the update was made available to users.