Robert Steinadler, 5 months ago
The Dogecoin Foundation is at it again and made a big announcement that could change a few things in the future. Elon Musk is supporting DOGE via Twitter, but that does not solve one of the biggest problems in crypto: funding. Most projects are open source and there is no profit involved that cover any expenses that occur when developing a cryptocurrency.
How is the Dogecoin Foundation refinancing DOGE developers, and why is this so important?
Most cryptocurrencies such as Bitcoin or Dogecoin are open source. Their development is carried by volunteers, and any person in the world could choose to become a contributor. However, too everybody is suitable for the job and even if a developer has the skills that are necessary, the task can be time-consuming.
Since Dogecoin is not running a business, there is nobody who could pay for full-time devs. Many developers are being supported by their respective communities and receive donations either in crypto or on platforms like Patreon.
Some Bitcoin developers are being supported by companies that are heavily involved in Bitcoin and like to see a certain aspect of the ecosystem to thrive. With Dogecoin things are a little bit different since it was meant as a joke when it was started. There was not much development going on until the Dogecoin Foundation got reactivated last year.
The Dogecoin Foundation was reactivated in 2021 with Jared Birchall and Vitalik Buterin as advisors. While the idea to work on Dogecoin as a currency seems to be a little bit goofy, the ambitions of the Dogecoin Foundation are sincere.
Birchall is Musk’s wingman and the Foundation already left a good impression with its work releasing Libdogecoin. According to the “Trailmap”, there will be a GigaWallet, a Dogecoin Keyring and even a point-of-sale system in the future. There is also a more boring part to Dogecoin that sounds less exciting, but is critical to the ecosystem: Dogecoin Core.
Dogecoin Core is the backbone of Dogecoin, very much like Bitcoin Core is for BTC. The Dogecoin Foundation pledges 5 million DOGE to the development of Core. With each minor and major release, a portion of 500,000 DOGE is released and distributed among contributors. All distributions will be publicly announced, and five custodians among the most prolific Core developers were selected to manage the funds. The custodians cannot access the funds for themselves. With a reward worth $35,000 in sight, it is to be expected that the development of Dogecoin will become more lively in the near future and that the biggest meme coin in history will prevail and thrive even in a bear market.
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