Dogecoin Foundation Announces Return With 'Renewed Focus' to Protect Brand, Community

Dogecoin Foundation said it’s not here to “take control” of Dogecoin Core Wallet project but to accelerate its development.

By Edited by Gadgets 360 Newsdesk | Updated: 20 August 2021 13:31 IST

Photo Credit: Unsplash/ Executium

Dogecoin's current market cap is Rs. 3,10,000 crores

Highlights

Dogeceoin Foundation was first formed in 2014
A representative of Elon Musk is on advisory board
Ethereum co-founder Vitalik Buterin also an advisor

Dogecoin Foundation, a nonprofit that aims to support the cryptocurrency with advocacy and trademark protection, has announced a reconstitution of its board. In its new form, the group will include Jared Birchall — as a representative of tech billionaire Elon Musk — and Ethereum co-founder Vitalik Buterin as advisors. The Foundation said the board has been re-established with “renewed focus” on supporting the ecosystem and community of the cryptocurrency and to promote the future of the Dogecoin blockchain.

Established in 2014, a year after Dogecoin was launched, the foundation was dissolved over time. The inclusion of Birchall is not surprising given the fact that Musk has been a vocal supporter of Dogecoin and has repeatedly promoted it on social media. Like this tweet, when he shared a meme that suggested Dogecoin will ultimately replace traditional currency.

And finally pic.twitter.com/TcgwMSyjAy
— Elon Musk (@elonmusk) July 25, 2021

Buterin had famously donated $1-billion worth cryptocurrency to a COVID-19 relief fund in India.

In its announcement, Dogecoin Foundatio that it's not here to “take control” of Dogecoin Core Wallet project. “We are here to accelerate the development effort by supporting current Dogecoin Core and future Dogecoin Developers to work on a full-time basis through sponsorship, as well as providing a welcome landing for new contributors hoping to help with the project.” It is hoping to raise a three-year budget to hire staff to look after its day-to-day activities.

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Others who are on the advisory board include Max Keller, a core developer for the project. He will serve as a technical adviser. "OG" founder Shibetoshi Nakamoto will be "Community & Memes Advisor."

The Foundation, however, did not say what prompted it to return at this time. But one possibility could be Dogecoin's credibility as a serious contender in the cryptocurrency market — since it was primarily launched as a joke and satirical critique of the 2013 crypto frenzy. At the moment, the market capitalisation of Dogecoin is Rs. 3,10,000 crores.

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