A non-profit organization, The Dogecoin Foundation, has formed to further the growth of the meme currency, Dogecoin, through promoting development, governing, and trademark protection.
One of the major elements of the foundation’s structure is that it has a roster of prominent advisory board members and advisors, including Ethereum co-founder Vitalik Buterin, who serves as the foundation’s “blockchain and cryptocurrency adviser.”
Jared Birchall, who was chosen by Elon Musk to join as the legal and financial advisor for the Musk Organization, joins as the foundation’s technical adviser from Tesla perspective. Dogecoin co-founder, Shibetoshi Nakamoto (Billy Markus), will serve as an advisor to the community and as a voice for doge memes.
Some big news about the Dogecoin Foundation!
I also recommend checking out the board advisors page: https://t.co/GJxFUN1TmJ
A few folks you may have heard of in that group. https://t.co/0GrzUOJe4f
— Shibetoshi Nakamoto (@BillyM2k) August 17, 2021
The Re-Founding of the Dogecoin Foundation
Dogecoin Foundation member Jens Wiechers, dogecoin core blockchain developers Michi Lumin and Ross Nicoll, and core developers for the dogecoin network are all board members.
The Dogecoin Foundation was originally created in 2014, but ultimately fell into inactivity and disbanded.
To prepare for Dogecoin’s long-term growth, the foundation is seeking a three-year budget so that it may staff up and begin working on dogecoin full-time. The Foundation’s planned initiatives will help financial, social, and philanthropic organizations using Dogecoin integrate quicker and with less friction.
Musk and Cuban’s Support for Dogecoin
Elon Musk has advised the main development team since he was elected Dogecoin CEO in 2019. Their goal is nothing short of making the cryptocurrency, which began as a joke, a legitimate payment mechanism, one that can be used to purchase a cup of coffee regularly as Decrypt reported exclusively in May.
Cuban told CNBC Make It last week that DOGE could be the strongest medium of exchange in crypto. The bitcoin community on Twitter expressed their displeasure. During the weekend, Cuban said that he does not compare Dogecoin to bitcoin since “they are totally different.”
Cuban admitted that dogecoin may be hard to acquire, spend and trade, like other cryptocurrencies. However, he still appears optimistic about dogecoin and thinks that he has a unique situation of using other cryptocurrencies.
Cuban highlighted the success his NBA club, the Dallas Mavericks, has had in, for example, taking Dogecoin as a commodity payment. Many digital currencies are accepted, but 95% of the purchases are DOGE, Cuban tweeted Saturday. He stated that the organization’s payments are not converted into fiat currency.