- The Dogecoin Foundation, which was initially established in 2014, has re-launched
- The foundation will fund Dogecoin developers, protect the Dogecoin brand and support the Dogecoin ecosystem more broadly
- Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk are among the foundation’s advisors (Musk is being represented by Jared Birchall)
The Dogecoin Foundation is back, this time with some big-name advisors
2021 has arguably been the wildest year in Dogecoin’s history – thanks to the coin’s viral potential and promotion by Elon Musk, Dogecoin reached the mainstream and became a symbol of the rise of retail investing in both cryptocurrencies and stocks (GameStop, AMC, etc.).
Regardless of what “serious” cryptocurrency investors might think about the project, Dogecoin is now a top 10 cryptocurrency by market capitalization, and commands a valuation north of $40 billion by this metric. With this much value now at stake, Dogecoin community members have re-established the Dogecoin Foundation with the aim of supporting the Dogecoin ecosystem and promoting the project. The Dogecoin Foundation was initially launched in 2014, but the organization dissolved over time.
Now, the Dogecoin Foundation is officially back. In an official announcement, the organization said that they will be providing sponsorships to Dogecoin developers to help accelerate the pace of development. A section from the announcement reads:
“We believe Dogecoin deserves the attention of a team of full-time contributors who can help carry the burden of these more mundane tasks that keep the Dogecoin project alive. The Foundation has been preparing a budget and has received expressions of interest from a number of people who are able to contribute. We aim to build a group of annual sponsors who can cover Foundation activities and a modest development team.”
The Dogecoin Foundation is hoping to collect enough funds to have a three-year budget. In addition to supporting developers, the organization will also be making efforts to protect the Dogecoin brand, for example by combating attempts to trademark Dogecoin and related branding.
The Dogecoin Foundation has gathered an impressive list of advisors, with the most notable names being Ethereum co-founder Vitalik Buterin and Jared Birchall, who is representing Tesla and SpaceX CEO Elon Musk.
Dogecoin is a Proof-of-Work cryptocurrency that’s often merge-mined alongside Litecoin (both coins use the Scrypt hashing algorithm). It was created in late 2013 by Jackson Palmer and Billy Markus as a humorous take on Bitcoin and other cryptocurrencies. However, Dogecoin quickly took on a life of its own and attracted a dedicated community of users and fans, which has expanded significantly this year.