The Dogecoin Foundation, a non-profit organization that aims to support cryptocurrency with trademark defense and protection, has announced the reconstitution of its board. In its new form, the group will include Jared Birchall – as representative of tech billionaire Elon Musk – and Ethereum co-founder Vitalik Buterin as advisors. The Foundation said the board was reinstated with “renewed focus” on supporting the cryptocurrency ecosystem and community and promoting the future of the blockchain Dogecoin.
Founded in 2014, a year after Dogecoin was launched, the foundation dissolved over time. The inclusion of Birchall is not surprising, given the fact that Musk has always been a supporter of Dogecoin and has repeatedly promoted it on social media. Like in this tweet, when he shared a meme that suggested that Dogecoin would eventually replace traditional currency.
And finally pic.twitter.com/TcgwMSyjAy
– Elon Musk (@elonmusk) July 25, 2021
Buterin famously donated $1 billion in cryptocurrencies to a COVID-19 relief fund in India.
In its announcement, the Dogecoin Foundatio is not here to “take control” of the Dogecoin Core Wallet project. “We are here to accelerate the development effort, supporting the current Dogecoin Core and future Dogecoin developers to work full-time through sponsorship, as well as providing a welcome landing for new contributors who wish to help with the project.” He hopes to raise a three-year budget to hire staff to take care of his day-to-day activities.
Others on the advisory board include Max Keller, a central developer for the project. He will act as a technical consultant. The founder of the “OG”, Shibetoshi Nakamoto, will be the “Community and Memes Advisor”.
The Foundation, however, did not say what prompted her to return at this time. But one possibility could be Dogecoin’s credibility as a serious competitor in the cryptocurrency market – as it was primarily released as a joke and a satirical critique of the 2013 encryption frenzy. At the moment, Dogecoin’s market capitalization is Rs. . 3,10,000 crores.