Dogecoin (DOGE) can rely on a foundation with prominent advisors in the future. After six years off the air, the Dogecoin Foundation has promised revival and wants to further develop DOGE.
Dogecoin (DOGE) has established itself among the ten most capitalized cryptocurrencies after rapid price gains in the spring. Its success was viewed with suspicion by many experts, as there was neither a coherent concept nor professional technological support behind Dogecoin. But nevertheless, DOGE gathers nearly $40 billion in capital. Therefore, DOGE investors should stop now: The Dogecoin Foundation, which has fallen into oblivion and been inactive for many years, has announced a new start via blog post. Helping with this, according to an update at the team, are Vitalik Buterin, the inventor of Ethereum (ETH), and Jared Birchall, financial and legal advisor to Tesla CEO Elon Musk, among others.
Elon Musk adorns himself with the unofficial title as “Dogefather” and has been promoting DOGE publicly for months. But his ideas for the further development of Dogecoin had been heavily criticized by Vitalik Buterin. Thus, the two personnel Buterin and Birchall already stand for the attempt to combine expertise from different sides at the Dogecoin Foundation. The other newly appointed advisors also fit in with this: Billy Markus aka Shibetoshi Nakamoto as one of the founders of Dogecoin and Max Keller as one of the best-known developers at Dogecoin are also involved.
Concrete goals of the Dogecoin Foundation
The first goal of the revived Dogecoin Foundation, according to its self-description, is to attract sponsors and set up a budget for the next three years. This is then to be used to hire developers and other experts on a permanent basis in order to tie a professional team firmly to DOGE. The first backers have probably already come forward and since Dogecoin has advocates from show business and the economy, the financing should be manageable. An incentive on the part of the Dogecoin Foundation: They want to take care of the protection of trademark rights at DOGE – and sooner or later generate income as a licensor.
Probably even more important for the crypto market: An ecosystem is to be created around Dogecoin, which will show application purposes for DOGE. This includes links to the financial and economic sectors as well as the use of Dogecoin in charity projects. Of course, the Dogecoin Foundation 2.0 also intends to make DOGE technologically future-proof. This should include scalability as well as concepts to position DOGE in a more environmentally friendly way.
Conclusion: Dogecoin is growing up
From insider circles, it is heard that the management level of the Dogecoin Foundation is already preparing a registration in Liechtenstein. The small European state is considered to be decidedly crypto-friendly. With an active Dogecoin Foundation as a central contact and rallying point for technological and economic development of DOGE, the still often ridiculed altcoin is coming of age. Almost all well-funded cryptocurrencies have chosen the construct of a foundation to organize sustainable progress. In part, these efforts meet with criticism from the communities, as they see danger here for the inherently decentralized principles of crypto. The Dogecoin Foundation is already trying to take the wind out of the sails of potential critics with its motto “Listen and Collaborate” and an inclusive manifesto. If the plans of the Dogecoin Foundation, which is prominently staffed at the relaunch, work out, the chances are good that DOGE will strike a balance between likeable memes and practical benefits in the future.
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