Science

5 million DOGE to grow – Dogecoin no longer wants to stay in a niche

Smiling Shiba rolls up his sleeves – Dogecoin (DOGE), originally conceived as a crypto joke parodying Bitcoin (BTC), has built a strong community around itself. So much so that even billionaire Elon Musk fell in love with this memcoin with the iconic dog logo (the smiling Shiba dog). Now, the developers of this blockchain network say they want to go beyond that pretty look and create a real utility around Dogecoin.

Another $360,000 to develop Dogecoin

The price of Dogecoin has fluctuated a lot (exceptionally?) in recent years depending on memes and other references by Elon Musk – the CEO of Tesla and Twitter – about it. But with the long crypto winter that the market for this new asset class has plunged into, the hype is no longer enough. It is the return of the concrete and the utilitarian.

It is in this context that the Dogecoin Foundation recently announced in a press release that it wants to resume funding for network development at Smiling Sheba. This new Dogecoin Core development fund received a total of 5 million DOGE. This is equivalent to about $360,000 at the current price of this crappy cryptocurrency.

“The DOGE held in this wallet will be used to reward Dogecoin Core developers for their work on all of their contributions, regardless of size. »

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A few million DOGE to make sense of the project?

The wallet of this development fund will be managed by the historical Dogecoin Core developers and members of the Dogecoin Foundation. There will be 5 of them in order to own part of the key of this multisig wallet (multisig), of which at least 3 will be required for operations with funds.

According to the press release, for each “major or minor upgrade” of Dogecoin, 500,000 DOGE (currently around $36,000) will be released from the fund and paid out to the developers of those upgrades. What are the financial in theory the next 10 updates of the blockchain network.

Address of the new Dogecoin development fund – Source: blockchair.com

Throughout 2022, various rumors and small tweets suggested that Dogecoin could be used to fight bots and spam on Twitter. But it is clear that the developers of this blockchain no longer want to base the future of the network solely on the claims of Elon Musk or the kind face of their dog talisman. A big test awaits them.

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