The Dogecoin Foundation Allocates 5 Million DOGE For Platform Development

The cryptocurrency Dogecoin received an important development throughout 2022. (Photo; Doc. NDTV)

JAKARTA The agency behind the development of cryptocurrency Dogecoin (DOGE), the Dogecoin Foundation recently announced the development of the Dogecoin ecosystem. The foundation reportedly allocated 5 million DOGE for Dogecoin Core.

Later, these development funds will be managed by core DOGE developers. According to a U.Today report, all payments will be tracked and reported on all social media platforms used by the Dogecoin Foundation during each release cycle.

Payments will be made in accordance with a weighted system based on the existing Dogecoin Core tip jar program. The funds were secured using a multi-signature wallet protected by three of the five signatures of the custodial chosen by the Foundation board.

It has been announced that 500,000 DOGEs will be disbursed to a credited contributor in each core release for any major or small update. If a custodian cannot be reached within three months or more, his successor must be unanimously approved by the remaining custodials following their own nomination process.

Dogecoin Development Throughout 2022

Throughout 2022, the DOGE development team will actively develop the Dogecoin ecosystem. They also successfully conducted trials of RadioDoge, GigaWallet, and a number of developments related to the Libdogocoin project.

In April 2022, the development team managed to send DOGE coins without using the internet, using only RadioDOGE signals. This is a historic moment in the development of meme coins.

The Dogecoin Foundation has a mission to make DOGE a global medium of exchange of goods and services. Crypto memes have the support of prominent figures including Tesla and SpaceX founder Elon Musk and NBA club owner Dallas Maverick Mark Cuban.

Tesla has accepted DOGE for merchandise payments and a subway called LOOP. At the time of writing, DOGE's price was trading at Rp1,119. The meme coin, which was originally intended as a joke for Bitcoin, managed to gain popularity in recent years.

Based on CoinMarketCap data, Dogecoin ranks 8th as the world's largest cryptocurrency by market cap worth IDR 148 trillion.