The Dogecoin (DOGE) Foundation is ratcheting up efforts to support the growth and development of the meme token ecosystem.
The foundation says that it is setting up a new Dogecoin Core development fund which will be managed by developers and the signatories on Dogecoin Foundation’s board.
The foundation has sent 5,000,000 DOGE to the Dogecoin Core development fund.
“This is a new, segregated multi-signature wallet, designed to transparently manage a sum of 5,000,000 DOGE. 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.”
Dogecoin is trading at $0.0720 at time of writing, putting the value of the grant at approximately $360,000.
The foundation says that developers who participate in a Dogecoin update will be rewarded once an update goes live.
“With every major or minor release of Dogecoin Core, 500,000 DOGE shall be distributed among all contributors credited in the release notes since the previous major or minor release, exclusively.
A release must meet a threshold of at least 25 non-whitespace/comment-only pull requests to qualify as a major or minor release.
These are the only permissible transfers out from this wallet.”
The launch of the Dogecoin development comes weeks after the foundation behind the meme coin organized the first hackathon as part of efforts to grow the ecosystem. The hackathon was held in Australia in mid-November.
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